15. Types of Planning. The reasoning behind the various types of related plans is explained here (Bartol, Tein, Matthews, Sharma and Scott-Ladd, 2011, pg 157 - 158):
Strategic planning. The reason for this high-level planning is to identify or confirm the organisation’s core values, mission or purpose, longer-term strategic goals and priorities for the organisation’s growth, productivity and profitability, and key strategies for their obtainment. Some 30 years ago organisations attempted to look at least 30 to 40 years into the future. However, today’s environmental uncertainties mean that the strategic planning horizon is about ten years only and the resultant vision of the organisation’s future now needs to be reviewed at least annually
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Once a strategic plan is confirmed, shorter-range tactical planning, which is narrower in scope than strategic planning, can proceed, which mainly involves determining how strategies will be implemented in the next year. Thus, tactical planning breaks down the strategic plan into shorter-term plans. The reason for tactical planning is to translate strategic plans into actions needed in the various functional areas of an organisation – such as marketing, manufacturing, operations, and finances (Koontz & Weihrich, 1990). While strategic goals were couched in general terms without financial projections, tactical goals have a shorter timeframe, are more precise expressed and likely to conform to SMART criteria, but no necessarily detailed in content. Tactical goals enable tactical planning to proceed. Tactical planning focuses on a single area of the business and traditionally produced at middle-management level (Riskope, …show more content…
Measure performance. During project execution it is important to measure actual progress. Such measurement often involves tools and techniques such as risk log, issues log, change log, accident register, progress reports, status reports, exception reports, site visits, variance reports, milestone slip charts, questionnaires, sampling and testing, reviews and audits, prototypes and trials, structured walk through, demonstrations, simulations, benchmarking, peer reviews, and earned value analysis. Jim tells me there is often a trade-off between cost to monitor and the value of the resultant information. Project control should be cost-effective. Thus, the need to monitor performance may be influenced by considerations such as (Young,
The strategic plan is planned those who influence resources and understand how a set of tactics work together, it is identifying and setting a vision. On the other hand tactical planning utilizes the resources to achieve the goals and support the vision. Those doing this type of planning face having to plan the usage of limited resources into actions to achieve a set of goals. I don’t think the two can really be separated, but rather they go hand in hand (Owyang).
Companies utilize various strategies to maintain their relevancy and profitability in a competitive marketplace. However, the initial strategies are crucial for businesses seeking success and longevity by allowing the company to create the framework for what the company looks to achieve. The desired outcome or company’s vision is only one aspect of planning, which requires coordination through other means such as missions, goals, and objectives to allow for the best probability of achieving the company’s apparitions.
Strategic planning is defined as "an organization's process of defining its strategy, or direction, and making decisions on allocating its resour...
The management will be residing in the country and can relate with better response of needs for the company in that region. A tactical plan created will specify how the company will use resources, budgets and to employees to accomplish the specific goals towards the Groupon’s strategic plans and objectives. A technique used to carry out the technique is “Management by objective (MBO) this is a four-step process in which managers and their employees: 1. Discuss possible goals 2. Collectively select goals that are challenging, attainable, and consistent with the company’s overall goals.
A strategic plan is a tool that delivers guidance in achieving a mission or goal with maximum proficiency and control for an organization. Strategic planning is used to transform and revitalize organizations. The plan helps provide an inclusive understanding of opportunities and challenges both internally and externally for the organization. The plan delivers an assessment of the strengths and limitations that are realistic within the company. A well-developed strategic plan will offer a comprehensive approach and empowerment for the stakeholders involved. It is an opportunity for learning and understanding priorities that will drive the business to succeed. Jones (2010), describes how in health care organizations, strategic plans characteristically concentrate on operational and organizational goals such as when to obtain new technology, how to meet competitive challenges, and what staffing, tools, or facilities are needed to ensure organizational survival. The mission and value statements are significant in determining the quality of a strategic initiative. Forcing the organization to look toward the future creates proactive objectives in which both short-term and long-terms plans and goals are necessary in order to succeed.
New businesses will take longer to thrive with the United States falling economy. The faltering job market and the deepening slump in housing threaten to hurt consumer spending. Consumers are becoming more conscious of their spending and therefore using cash to pay for smaller necessary purchases. The cost of entertainment and other presumed luxuries may be pushed to the background by most families, when having to choose whether to pay for a bill or treat the family out. Thriving businesses will understand the need to provide a service or product at affordable prices.
INTRODUCTION Tactical planning is a methodical approach and scheduling of the short-term events required in achieving the objectives of strategic planning. These planning comprise what is to be completed, in what mandate, using which devices and workforces. You may use a number of ideas and involve different departments and people in this effort to achieve the project.
There are different types of strategic planning that are currently in use, since this is a widely debated area of management. However, it is concluded that there are two main schools of thought, the prescriptive approach or the emergent approach (Lynch, 2012). As defined by Lynch, (2012) prescriptive strategic planning is the term given to a strategy whereby the objective of the strategy is defined in advance and the main elements are designed and develop...
Once plans have been developed, an organization must address how management will be accomplishing be those plans. This involves operational plans that must flow from strategy; specify resource, time issues, and commitment of human resources. Operational plans at the lower - levels of the organization, have a shorter time horizon, and are narrower in scope (Bateman, Snell 2003 p.113). A good example of this is Wal-Mart's main strategic goal. It is to provide quality merchandise at an affordable low cost to consumers. Its operational goals focus on efficient logistics requiring technology and inventory management systems to help reduce costs so it can be passed on to the customer. Operational plans are derived from a tactical plan and are aimed at achieving one or more operational goals (Bateman, Snell 2003 p.113).
If asked what strategic planning is one could interpret it as simply a road map that can guide the organization in the right direction. It is very unlikely that an organization would know which direction to take without a sense of direction. Managers are faced every day with decisions that have a major impact on the direction the organization must take, therefore, strategic planning can play an important role in guiding managers in the right direction. In other words strategic planning is a tool that management can use to give them a sense of direction that will guide them in doing a better job and to ensure that all the members of the organization are working toward the same goals
Strategic planning has a focus on stabilizing the current environment, and it also support the organization's business plans and goals. Strategic planning helps to implement new projects, new technology, consolidation of data centers, data warehouses, exponential data growth, cost of ownership, and resources available in an organization to assess the future requirements. Strategic planning analyzes the business plan, potential blockage or other issues in the current architecture, processes and their implementation in new initiatives, and processes. Strategic planning helps to formulate the ideas about the key factors that are affecting the present and future development of the organization and the opportunities offered by the environment and the competence of the organization.
Tactical plans have shorter time frames and narrower scopes than strategic plans. Tactical planning provides the specific ideas for implementing the strategic plan. Operational plans support tactical plans and are the tools for executing daily, weekly, and monthly activities. They include policies, procedures, methods, and rules. GE has essentially grown in size and benefits since 1980’s. GE centralized financial management and strategic planning control, and practiced strategic planning management.
Strategic planning is an organizational process in which it looks towards developing and sustaining success or balance in its ever changing environment.
Strategic Planning is looking at where you are now, knowing where you want to be in the future and planning the steps to get you there.
Within an organization, different types of planning are necessary to help establish the visions and goals a company has. Strategic and operational planning is essential for the success of a business. For example, Sports Authority has recently filed for bankruptcy, which is likely due to a lack of planning skills. With the addition of strategic and operational planning, the risk of going bankrupt could be significantly reduced. The many planning steps and strategies involved in these types of planning are what eventually produce the most success.