What is defined as the art and science of formulating, implementing and evaluating cross-functional decisions that enable an organization to achieve its objectives?

The concept described in the question pertains to the comprehensive approach that an organization takes to ensure its objectives are met through various integrated processes. Strategic management encompasses not only the formulation of plans but also their implementation and evaluation across different functional areas within the organization. This holistic view is critical, as it aligns all parts of the organization, from marketing to operations, towards common goals.

Strategic management emphasizes the importance of considering external and internal environments, making informed decisions based on analysis, and adapting to changing circumstances in order to sustain competitive advantage. This aligns with the need for cross-functional coordination, ensuring that all departments work in harmony to achieve organizational objectives efficiently and effectively.

In contrast, operational management primarily focuses on the day-to-day operations of the organization, tactical management deals with short-term actions and methods to implement strategy, and project management is concerned with the planning and execution of specific projects. Each of these areas plays important roles but does not encompass the broader, more integrative process described in the question.