0
Explain the nature of management planning and control system relevant to strategy implementation?
Few managers realize that a company plan must provide the framework for the company control system. If missions, goals, strategies, objectives, and plans change, then controls should change. Unfortunately, they seldom do. Although this error occurs at the top, repercussions are felt at all levels.
Often, too, the standards of the control systems are derived from previous years budgets rather than from current objectives of company plans The result is that employees at lower levels are simply given "numbers to make" based on factors of which they have little knowledge and over which they have practically no influence.
The above schematic shows the important interrelationships between planning and control. As you can see, the control process does not begin after the entire planning process ends, as most managers believe.
After objectives are set in the first step of the planning process, appropriate standards should be developed for them. Standards are units of measurement established to serve as a reference base and are useful in determining time lines, sequences of activities, scheduling, and allocation of resources.
For example, if objectives are set and work is planned for 18 people on an assembly line, standards or reasonable expectations of performance from each person then need to be clearly established.
Sujeet- PTU
What else can I help you with?
What are the elements of strategic management process?
Strategic management process has four key elements. These elements include,1) environmental scanning, 2) strategy formulation, 3) strategy implementation, 4) strategy evaluation.
What are the five differences between the strategy formulation and strategy implementation?
The five differences between strategy formulation and strategy implementation are: 1. Strategy formulation is about making the right choices; strategy implementation is about taking the right actions. 2. We move from the theory to practice and from the conceptual to the physical which then translates it into tangible and measurable actions. 3. Strategy formulation is deciding what will give you a competitive advantage. Having a strategy is about knowing when to say "yes" and when to say "no". Its implementation guides your discussions, decisions and actions. 4. Strategy formulation is static. Strategy implementation is in motion. 5. And finally whatever you formulate in planning will never be executed as planned as "the best laid plans of mice and men never go according to plan."
Is there a diffirence between planning and strategic management?
Yes, a strategy is an overarching vision. Detailed plans are required to realise the strategy.
What are strategy implementation?
How can a firm implement this Strategy.
Strategy implementation considered most difficult stage in strategic management process why?
Strategy implementation is considered the most difficult state in strategic management because it involves change In order to implement, it is essential that all support given by managers and the workforce when this happens, only then can implementation be possible. Hence, as long as the change is not receptive, implementation cannot take place. Therefore, more time is needed to induce the idea of change and this makes it as the most difficult aspects of Strategic Management. (by Ritz).
What types of skills are especially critical for successful information strategy implementation?
Critical skills for successful information strategy implementation include data analysis, project management, communication, and strategic planning. Additionally, having a strong understanding of technology, information systems, and data governance principles is essential. Collaboration and the ability to align information strategy with organizational goals are also key skills for successful implementation.
Stages of the strategic management process?
There are five basic stages of the strategic management process. They are foal setting, analysis, strategy formation, strategy implementation, and evaluation or control.
Which time management strategy is a form of mentoring?
The time management strategy that is also a form of mentoring is called t effective time management planning. This strategy is used in a lot of businesses and companies.
What are the elements of strategic management process?
Strategic management process has four key elements. These elements include,1) environmental scanning, 2) strategy formulation, 3) strategy implementation, 4) strategy evaluation.
Which three words describe audit strategy?
planning , management , control
What are some published guides with performance management strategies?
Integrated Performance Management: A Guide to Strategy Implementation, Performance Management: A Pocket Guide for Employee Development, Integrated Performance Management: A Guide to Strategy Implementation and Performance Management: Key Strategies and Practical Guidelines are a few of the published guides and books you could get to help you. You can get most, if not all of these on Amazon.com or Barnes and Noble.com.
Which three words best describe audit strategy?
planning , management , control
What are the functions of wealth management?
Wealth management equals to Wealth Review and Investment Strategy, Financial Planning, Goal Driven Investing, Risk Management & insurance Planning, Property Purchase & Financing Wealth Planning etc.
Why is it necessary to control a marketing strategy by using targets?
It is important to set targets in marketing strategy. It enables the management to analyse the progress after implementation. If the targets are not been met, management will need to investigate the cause.
What are the five differences between the strategy formulation and strategy implementation?
The five differences between strategy formulation and strategy implementation are: 1. Strategy formulation is about making the right choices; strategy implementation is about taking the right actions. 2. We move from the theory to practice and from the conceptual to the physical which then translates it into tangible and measurable actions. 3. Strategy formulation is deciding what will give you a competitive advantage. Having a strategy is about knowing when to say "yes" and when to say "no". Its implementation guides your discussions, decisions and actions. 4. Strategy formulation is static. Strategy implementation is in motion. 5. And finally whatever you formulate in planning will never be executed as planned as "the best laid plans of mice and men never go according to plan."
Is there a diffirence between planning and strategic management?
Yes, a strategy is an overarching vision. Detailed plans are required to realise the strategy.
What are strategy implementation?
How can a firm implement this Strategy.
