Week 2 Discussion Questions DQ#1: How do you define strategic planning? What are some differences between strategic and financial planning? What financial problems might an organization encounter when implementing a strategic plan? I believe strategic planning is the process, which takes place to set organizational goals to meet the expectations of the mission and direction of the organization. Strategic planning focuses on the long-term goals of an organization, therefore it differs from financial planning.
Sample Format for the LIT1 Sample Format for the LIT1-Task One Task Instructions: Write a report (suggested length of 5–7 pages) about the forms of business organizations listed below. Your report should have a subheading for each business form with a brief description of the business form and a brief discussion of the key characteristics, advantages, and disadvantages of that form of organization. Differentiate among the following forms of business by explaining how at least six of the seven key characteristics listed in the introduction to this task apply to each of the following organizational forms: 1. Sole Proprietorship 2. General Partnership 3.
Strategy Implementation Paper Business strategy is the responsibility of the general manager of a business unit. The manager of the business must establish long-term objectives, and a strategy to the organization. In addition, the operational managers must set up a short- term objectives to contribute to business- level goals ( Pierce and Robinson ,2013). The document relates to the methods, which organizations use in creating as well as executing methods. Specifically this document would discuss the method of balanced scorecard or BSC method, which is extensively used by large as well as small companies.
Assessment 2 1. What are the strategic used in the organisation to monitor its key systems and processes? ( evaluation strategy) 2. Briefly discuss how the raw materials are brought to production unit and how finished goods are being delivered to the distributor or end consumers? ( supply chain) 3.
Covey claims that highly effective people have seven habits that make them successful. One of these habits is to begin with the end in mind. To be an effective leader, you need to be clear about the direction you want to take. Researching the many definitions of management and leadership it is quite clear that
Describe the competitive environment in which the firm operates, the distribution of market power, and the strategic behavior of the firm and its competitors. Apply your knowledge of the theory of this company’s market structure. How does the company make pricing and production decisions? Is your observation supported by the theoretical models? Refer to the financial reports for illustration.
Evaluations of this information provides insight regarding a company’s ability to productively useeconomic resources as well as providing a basis for further shareholder assessments of prospective risks and returns. Based on this, one may conclude it is an extraordinarily basic yet important element of financial infrastructure. These evaluations consist of three reports that provide a company options for communicating the state of the internal control structure. The options can be evaluated under established criteria commonly found in Committee of Sponsoring Organizations (COSO), Control Objectives for Information and related Technology (COBIT), and International Organization for Standardization (ISO) 17799/27002
The balance sheet connects to income statements, in turn also connected to cash flow statement. Occurrences or a change to the net cash activities of the cash flow statement affects the balance sheet. The balance sheet is useful when estimating the potential of the organization in order for them to achieve there long-term mission. However, cash flow statement displays the exchange of currency among an organization and external agents. For example, the cash flow can be affected when the company purchases products, and if the costs of the products are an outstanding amount in turn it will affect the assets on the balance sheet.
Return on Investment (ROI): It is the ratio of the net cash receipts of the project divided by the cash outlays of the project. b) Economic Feasibility: It identifies the financial benefits and costs associated with a development project. Legal and Contractual Feasibility: It assesses potential legal and contractual ramifications due to the construction of a system. Operational Feasibility: It assesses the degree to which a proposed system solves business problems or takes advantage of business opportunities. Political Feasibility: It evaluates how key stakeholders within the organization view the proposed system.
Seven steps for aligning HR to business strategy Professionally managed companies, such as Unilever, Citicorp, Hewlett Packard, AT&T and others use this basic framework to make sure their HR practices are fully and exactly aligned to create the organisational capabilities required to execute strategy in the most powerful way possible. Step 1 Identify the organisational unit for which a human resource strategy is being developed. This would be your SBU or business division. Step 2 Identify and prioritise the externally driven forces and trends in your business environment that are influencing your business unit Step 3 In the context of the externally driven forces determined in step 2, determine key sources of competitive advantage. Identify 3 to 5 measures of success for each source of competitive advantage Step 4 Identify the cultural and technical capabilities that you need to have to win in the market place.