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Word Count: 972
The Wallace Group is in need of a Board of Directors for their corporation The board of directors has an obligation to approve all decision that might affect the long run performance of the corporation Harold Wallace has acted as a one man board of director making all final decisions for the Wallace Group The board of directors responsibilities is setting corporate strategy overall direction mission or vision Hiring and firing the CEO and top management Controlling monitoring or supervising top management Reviewing and approving the use of resources and caring for shareholder interests Wheelen Hunger The next important problem that the Wallace Group is facing is the fact that they have never created or implemented a strategic management The role of the board of directors in strategic management is to carry out three basic tasks The first if to monitor by acting through its committees and to pay attention to developments inside and outside the corporation and bringing these to the attention of management The next would be to evaluate and influence management proposal decisions and actions give advice and offer suggestions The final is to initiate and determine a board can delineate a corporations mission and specific strategy Strategic management is a technique you can use to create a favorable future and help your organization to prosper To create this favorable future you must involve your organizations stakeholders anyone with a vested interest in achieving your organizations goal in envisioning the most desirable future and then in working together to make this vision a reality The key to strategic management is to understand that people communicating and working together will create this future not some words written down on paper Strategic management does not replace
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