Strategic planning: It denotes a process that helps managers identify desired outcomes as well as formulate plans to achieve objectives. It uses the capabilities and resources that are available. The changing nature of organization and surroundings should be considered. It provides a framework and a direction that is clearly defined for guiding decision making at all levels. It ensures most effective usage by focusing resources based on priorities. It enables organization to be proactive and take advantage of opportunities as well as trends. It enables all units to work together towards common goal. It provides measures to evaluate performances. It improves communication among the organization.

Question

Want to see the full answer?

Answer 1

Question

Chapter 11.1, Problem 1CTQ

Program Plan Intro

Strategic planning:

It denotes a process that helps managers identify desired outcomes as well as formulate plans to achieve objectives.

It uses the capabilities and resources that are available.

The changing nature of organization and surroundings should be considered.

It provides a framework and a direction that is clearly defined for guiding decision making at all levels.

It ensures most effective usage by focusing resources based on priorities.

It enables organization to be proactive and take advantage of opportunities as well as trends.

It enables all units to work together towards common goal.

It provides measures to evaluate performances.

It improves communication among the organization.

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

Scenario One: Assume you are put in charge of launching a new website for a local nonprofit organization. What costs would you need to account for? Make a list of expected costs and benefits for the project. You don’t need to list values, just sources of expense. Consider both one-time and recurring costs. Consider the situation you addressed in the previous question. Create numeric cost estimates for each of the costs you listed. Calculate the net present value and return on investment. Include a break-even analysis. Assume a 10 percent discount rate and a five-year time horizon. Scenario Two: Assuming monetary benefits of an information system at $85,000 per year, one-time costs of $75,000, recurring costs of $35,000 per year, a discount rate of 12 percent, and a five-year time horizon, calculate the net present value of these costs and benefits of an information system. Also calculate the overall return on investment of the project and then present a break-even analysis. At what…

A manager of operations was quoted stating, "My boss doesn't care about my opinions; all he wants me to do is keep the peace. There is a severe lack of available capital, which prevents me from making necessary upgrades to my firm."Does the firm have a strategy for how it will run its day-to-day business?b) What should be done in this situation?

Formulate a plan for evaluating your deliverables with the relevant stakeholders based on the information you have collected so far. Which stakeholders do you need to meet with in order to achieve success? Could you tell me what information you'd want to bring to our meeting? Would you like to do the reviews individually or all at the same time? You've created logical and physical schemas, but you're not sure who should approve them before moving on to the next step of the project.