| Abstract: | Strategic management is the comprehensive collection of ongoing activities and processes that
organizations use to systematically coordinate and align resources and actions with mission,
vision and strategy throughout an organization. A strategy management has three stages named
strategy formulation, strategy implementation and strategy evaluation and control. Strategic
management is important for the organizations because it can make a difference in how well an
organization performs, help to achieve organizational goals and objectives and help to cope with
this uncertainty Thus, this paper has been conducted to assess the strategic management practice
of Nib International Bank. Therefore, it articulates the existing strategic planning, formulation,
implementation and monitoring and evaluation practices of the organization. Both primary and
secondary data were collected using questionnaires, interview and written materials. Simple
random sampling is used to collect primary information and accordingly descriptive statistics
was used to analyze the data gathered. Based on this, the finding of the study revealed that NIB’s
practice of communicating the strategy plan is poor and thorough participation of stakeholders
is not realized. In addition, the Bank’s weak use of SWOT analysis results, misalignment or
linking strategic plan with work unites and individual tasks are observed. When it comes to the
performance measures, the strategic plan lacks comprehensive performance measurements. Work
unit and individuals’ performance measurements are not effective; if performance management is
not linked with strategic management. Hence, it is suggested that the bank should work on its
strategic plan communication, alleviate its weakness of utilizing its analysis, shall balance its
performance measures and link those measures with work unit and individual performances. |
