o Strategy can be defined as a series of correlated decisions at each point of time (or steps, choices = tactics) based on the information available at each point of time (= information set) to reduce the dispersion of eventualities (variance or standard deviation) about a particular future desired outcome (mean or median).
o Application of strategy to the field of commerce is referred to as business strategy
A series of correlated steps planned to attain a desired business outcome such as achieving cost minimization / internationalization / improved return on capital (note that these ones are desired outcomes or goals and NOT strategy --- Strategy describes the best possible way to move towards those target outcomes).
o Trackermap
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those in the strategic plan.
In Trackermap the above is referred to as the Implementation & Finance sections.
Link between Strategic Plan & Business Plan o Strategic plan decides what needs to be done / why it needs to be done to move towards desired (external) goals and objectives
o Business plan outlines how is it to be done / by whom & at what cost / and when?
o These two entities are correlated “to do the right thing” (Strategic Plan) AND “to do the thing right” (Business Plan). Together they form a Strategic Business Plan.
1.B.2.T2 – Q&A : Strategic Business Planning
• Q: Is the Vision the same Desired Outcome? If Vision is formed later (in Trackermap) how do I know what to aim for to begin my strategy plan?
• A: Vision embodies the desired outcome(s), resources required and uncertainties (risks). Vision is a picture / desired outcome(s) is (are) specific objectives within that picture. Vision is related to Strategic Plan (called Formulation in Trackermap). Mission is a map of the path to attain the desired outcomes. Mission is related to the Business Plan (called Implementation / Finance in Trackermap). Vision and Mission can only be properly and comprehensively articulated towards the end of Strategic Business Planning process.
Trackermap Strategic Business Planning =
Organisations with strategic plans have goals that are long term essentially five year plans that guides programs and functions of administration,
Strategy refers to the plan or action taken to achieve organizational goals. When Ellen took over Tufts-NEMC, the hospital was struggling with payroll and scale. Ellen had to focus on meeting payroll, a short-term strategy, and could not focus entirely on the longer term. She took some immediate measures to help cut cost
Six million people, who were all Jews from men and women to children and infants, suffered grievous oppression. Those were six million people who were innocently murdered. Not only that, but those six million people were the primary victims courtesy of a despotic Nazi assassination. This is the scenery of the Holocaust, a 4-year period of a systematically brutal decimation of Jews, Gypsies, homosexuals, and so on and so forth. The Jews fled from Germany clandestinely to make sure that. According to the evidence amassed with the sources given, the Holocaust started through unchecked patriotism.
Feletie was born of royal blood in the Choctaw Tribe in Madagascar. Nearly nineteen years of age, her tribe was flourishing, rich with culture as well as people. Her people were getting healed from the sickness that took out a great number of her people, including her parents. Young as she might be, she was ruling over her people well. “Sal alles goed wees,” she reassured her people. In her head she repeated, all will be well. At a young age her parents had taught her to speak English. Few Choctaw people spoke this language. They viewed it as demonic since it came from the white men. Never before had Feletie seen white men, only gut wrenching stories of the torment her ouers went through. She snarled at the sheer thought of what her people
A vision is basically the target goal for the company’s future. After reading the Mystic Monk Case, I came to the conclusion that the vision for the company is to earn enough profit to be able to purchase a Ranch called Irma Lake. In the case study, Father Daniel Mary states his vision, “We beg your prayers, your friendship and your support that this vision, our vision may come to be that Mount Carmel may be refounded in Wyoming’s Rockies for the glory of God”. In this statement, the Irma Lake Ranch is located in what he refers to as the Wyoming Rockies. The mission statement essentially is what is happening in the company at that time
According to Meyer, (2010), strategy is the action that company can take to achieve its desired goals. When it comes to a company, thinking can be said to be either long-term or short-term. When translated into action, it is what is called operations or projects. However there are differences between operations and
Strategic planning is "a disciplined effort to produce fundamental decision and actions that shape and guide what an organization (or other entity) is, what it does, and why it does it" (Herman, The Jossey-Bass Handbook of Nonprofit Leadership and Management, 155)
Another way that forensic science has impacted the judicial process is through appeals. With the increase in forensic science being used in the courtroom for trial, it has also increased in the use for appeals. The Innocence Project, created by Barry Scheck and Peter Neufeld who were the lawyers in the previously mentioned New York case, is an advocacy group that strives to exonerate wrongfully convictions individuals through DNA evidence and lead reform efforts to the criminal justice system. Since the Innocence Project began in 1992, they have exonerated almost 350 individuals through DNA testing with about 150 of the actual offenders being found.
Robin’s defines vision as a help guide to a preferred future; it’s similar to a mission that has no deadline attached. The goal for vision is achieving possibilities for the coming future. Mission is defined as the motivation aspect of the vision. It looks at the big picture to bring forth purpose and meaning for the “greater
According to study.com strategy describes how the objective of a plan can be achieved, it’s the action plan (2014) Strategy Implementation: Plan, Process & Examples. “Strategic planning involves preparing for the strategic planning session, analyzing internal and external information, formulating or refining the organizations strategic intent and goals, deciding on a course of action likely to lead to the organization’s realizing its strategic intent and achieving its goals and taking other actions during the strategic planning session to increase the likelihood of the resulting plan being successfully executed, and assessing progress and the overall success of execution to determine how to improve the next strategic planning cycle and further position the organization for optimal success”(2011) Strategic planning: A practical guide to strategy formulation and execution. This is important because to strategically plan is to understand the goal and to think through all the steps of the process this is always important to have a strategic plan. None of the steps in the plan can be
This basic process is often utilized by small companies who are simply too busy to engage in other kinds of strategic planning. It is also common with companies who have not engaged in this kind of planning previously. Basic strategic planning involves identifying a purpose, often referred to as a "mission statement," then identifying the goals that must be met in order to achieve this mission. Strategies are then put in place to achieve the goals, along with action plans that can be followed. The overall plan is monitored and updated as needed, until success is achieved.
Vision, mission and goals of an organization will determine the direction that will be addressed by the organization. Without the vision, mission and objectives of the organization's performance would go not in accordance with what is expected and less obvious and easily easily swayed by external circumstances.
The strategic planning allows the board to set clear goals and develop strategies for the direction of the organization by
Johnson, Wittington, Scholes, Angwin and Regnér (2014, p. 3) defines strategy as ‘the long-term direction of an organisation’.
Strategic planning involves making decisions about the organization’s long-term goals and strategies and how the organization decides to implement their goals (Bateman, Snell, Konopaske, pg. 113). Strategies help organizations to have a clear perspective on how to go about accomplishing the goals they have in place. All organizations have a clear vision of what their mission and purpose as a company is, they know how to fulfill the mission, vision, and purpose and they know how to ensure that they accomplish all their goals. However, the route the organization takes to define these things determines how effective they will be.