Some who study business may not become chief executive officers (CEOs) or work in upper management, so it is important to understand why strategic management matters to all members and layers of an organization. Considering this, why might strategic management be important to your field of study or chosen profession?

Strategic management is important to my field of study – healthcare administration – due to the need for organizational teams that are capable of making informed decisions for their respective institutions. Because this field requires people who are knowledgeable in financial, human resources and other regulatory laws, it is important to know how to use resources effectively while keeping your budget under control.

Knowing how to effectively plan ahead, and developing strategies that can minimize risks or maximize profit is a key factor in increasing operational efficiency. When creating policies and procedures, it is important to have a solid understanding of decision-making process as well as being able recognize warning signs that may be associated with particular trends.

As strategic management is an essential part of any organization, even those in the healthcare administration field, gaining a better understanding about these subjects allows them to make informed decisions and ultimately lead to more success.