A Quote by Michael Porter
Operational effectiveness and strategy are both essential to superior performance.
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There's a fundamental distinction between strategy and operational effectiveness.
Because investors are not usually penalized for adhering to conventional practices, doing so is the less professionally risky strategy, even though it virtually guarantees against superior performance.
To make HP a great company once again, we need more than competitive costs and operational efficiency. We're in the process of assessing and refining our growth strategy, and the same concepts that were behind our operational changes will be at work here: simplicity, focus, alignment, and execution.
A good strategy is not always successful, but even an "inappropriate" strategy may be an actual strategy. A "bad strategy" is one that doesn't even try to address an important challenge. Instead, it speaks of aspirations, visions of the future, lays out performance goals, or simply lists a bunch of unconnected actions.
The single most damaging misconception about strategy is that it is a set of financial performance goals. The so-called "strategies" created by many managements are nothing more than three-to-five year financial performance forecasts. They are then labeled "strategy" and shipped off to the board of directors which goes through the motions of discussing how big the numbers are. Strategy is not your aspirations. Strategy is concerned with how you will arrange your actions and resources to punch through the challenges you face.
Both renunciation of action and the performance of action lead to Nirvana (Liberation); but these performance of action is superior to renunciation of action. The action of today becomes the destiny of tomorrow.
The debate can be put in the form of the question: Resolved, that the best of money managers cannot be demonstrated to be able to deliver the goods of superior portfolio-selection performance. Any jury that reviews the evidence, and there is a great deal of relevant evidence, must at least come out with the Scottish verdict: Superior investment performance is unproved.
Over the long run, superior performance depends on superior learning.
Operational risk is the risk of loss resulting from bank operational failures, such as rogue traders, fraudulent sales practices, and cyber risks. Operational risk capital is money or assets that banks have to hold to shield the economy from the consequences of these kinds of failures.
Every superior personality, and every superior performance, has, for the average of mankind, something mysterious.
The more usual reason for adopting a strategy of limited aim is that of awaiting a change in the balance of force ... The essential condition of such a strategy is that the drain on him should be disproportionately greater than on oneself.
While looking ahead, we know challenges remain, but we are encouraged by the strategies we have in place to improve our operational efficiencies and performance.
And then fourth, we have that essential group of people who track programs and budgets to ensure that they align with the needs of preparation and warning, counterintelligence and support to the operational war fighter.
A good strategy focuses efforts on a target, and that focus can only be achieved by not diffusing energy in other directions - that is the meaning of Michael Porter's dictum of "choosing what not to do." At the same time, a good strategy chooses the right target to focus on, not wasting the focus of energy on a target that cannot be affected or that is unimportant - that is the meaning of Drucker's distinction between efficiency and effectiveness.
Leaders win through logistics. Vision, sure. Strategy, yes. But when you go to war, you need to have both toilet paper and bullets at the right place at the right time. In other words, you must win through superior logistics.
Obviously what I think Senator [John] Kerry was pointing to, which is absolutely correct, which is the essential part of the strategy or a key component or a leg on the stool, is an Afghan partner that is ready to take control of both the security situation in Afghanistan, and the civilian side of that.
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