BBA 3rd Year Corporate Planning Long Question Answer

6. Establish Objectives along the way for Achieving Goals: Objectives are selected to be timely and indicative of progress toward goals. At this phase, objectives are selected along with goals. This phase is basically an indication of progress towards the completion of objective within the time frame.

7. Associate Responsibilities and Timelines with Each Objective: Responsibilities are assigned, including for implementation of the plan and for achieving various goals and objectives. Ideally, deadlines are set for meeting each responsibility,

8. Write and Communicate a Plan Document: The above information is organised and written in a document which is distributed around the system.

9. Acknowledge Completion and Celebrate Success: This critical step is often ignored which can eventually undermine the success of many of your future planning efforts. The purpose of a plan is to address a current problem or pursue a development goal. It seems simplistic to asser that you should acknowledge if the problem was solved or the goal was met. However, this step the planning process is often ignored in lieu of moving on to the next problem or to the next goal pursue. Skipping this step can cultivate apathy and skepticism, even cynicism in your organisation Don’t skip this step.

Fig. Planning process.

Q.2. Discuss the various methods of composing and communicating a strategic plan.

Ans. The various methods of composing and communicating a strategic plan are given below: Composing Method

1. Have a small number of people write the first draft of the plan.

2. Don’t worry about having every last detail in the first draft.

3. The draft should be presented to the board of directors (if applicable) and upper management for review and approval. You may follow the below format for drafting your plan:

(a) Executive Summary: This is written to the scope and level of content that an ‘outsider

can read the summary and grasp the mission of the organisation, its overall major

issues and goals and key strategies to reach the goals.

(b) Authorisation: This page includes all of the necessary signatures from the board of

directors (if applicable) and other top management designating that they approve the

contents and support implements of the plan.

(c) Organisational Description: This section describes, for example, the beginnings

and history of the organisation, its major products and services, highlights and

accomplishments during the history of organisation etc.

(d) Mission, Vision and Value Statements: These statements describe the strategic

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