One of the most important components of any annual operating plan is the list of goals and personal standards of performance. These give the company the ability to measure performance against the plan. The financial effects of the annual plan will be reflected in the budget and controlled through the time-proven processes of budgetary control. This by itself will not ensure that the company is working to its plan, since budgets can be made to come right for the wrong reasons, and many essential actions cannot be measured through the budget.
Quantified goals and the assignment of tasks to particular people provide the company with a means of controlling all the aspects of the plan: a point which will be discussed in more detail later. One of the tasks of the planner in the scrutiny of the annual operating plan should be to ensure that managers have converted all generalised statements of strategy into specific action steps. It is also necessary to ensure that actions which must be committed next year in order to make possible the plan for future years are also correctly identified and listed.
In a practical situation it is very easy for key actions essential to the longrange plan to be ‘lost’, and for the company not to discover this until too late. The administrative task involved in preventing this is complex – but not difficult – and must be rated as an important part of the corporate planning process. All personal standards of performance should be grouped by organisational responsibilities so that control can be exercised through normal management reporting lines. It also follows that the person who is expected to perform the task must be properly informed about it: an obvious requirement but one that is often overlooked.
Strategic Management Related Interview Questions
|Marketing Strategy Interview Questions||Marketing Management Interview Questions|
|Strategic Brand Management Interview Questions||Corporate Governance and Business Ethics Interview Questions|
|Strategic Planning for Project Management Interview Questions||Quality Management Interview Questions|
|Corporate Social Responsibility Interview Questions||Business Development Interview Questions|
|Corporate Communication Interview Questions||Business Development Manager Interview Questions|
Strategic Management Related Practice Tests
|Marketing Strategy Practice Tests||Marketing Management Practice Tests|
|Corporate Governance and Business Ethics Practice Tests||Quality Management Practice Tests|
|Corporate Social Responsibility Practice Tests||Business Development Practice Tests|
|Corporate Communication Practice Tests|
Strategic Management Tutorial
From Planning To Strategic Management And Beyond
Strategic Management: Success Or Failure?
A Look At The Total Process
The Challenge Of The Future
The Environment: Assumptions In Planning
Techniques For Assessing The Environment
Business Philosophy (ethics And Morality) And Strategic Management
The Corporate Appraisal – Assessing Strengths And Weaknesses
Analysing The Industry And Competitors
Analysing The Uk Management Development And Training Industry: A Case History
The Search For Shareholder Value
Vision And Objectives
Strategic Portfolio Analysis
Portfolio Analysis In Practice
Strategic Planning – A Second Look At The Basic Options
Multinational And Global Strategy
Technology And Manufacturing
Strategic Planning For Human Resources
Relating To The External Environment
Evaluating A Business Plan
Project Planning And Appraisal
From Plans To Actions
Management Of Change
Introducing Strategic Management
Why Planning Sometimes Fails
Strategic Management To Strategic Change?
All rights reserved © 2018 Wisdom IT Services India Pvt. Ltd
Wisdomjobs.com is one of the best job search sites in India.