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. This profession demands individuals with knowledge of finance, human resource, and different regulatory laws. Understanding how to best allocate resources whilst keeping budgets under control is important.

Knowing how to develop and implement strategies that maximize profit or minimize risks can also help increase the efficiency of operations over time. A firm understanding of the decision-making process and being able recognize warning signs related to certain trends will also help those in this field create appropriate policies and procedures.

Strategic management is an important part of all organizations, including healthcare administrators. Developing a better understanding around these topics will help them to make the right decisions when necessary and ultimately lead to more success.