Fairleigh Dickinson University, Vancouver Campus.. Mads

851 WordsMar 12, 20174 Pages
Fairleigh Dickinson University, Vancouver Campus MADS 6612 V5B – Seminar Strategic Management Taranjeet Kaur, MAS (Candidate) Student ID: 1732181 Instructor: Dr. Paulette Laubsch 11th March ,2017 1. Vision and mission statements provide information about the organization. They appear in strategic and operational plans. How do you define vision and mission statements? How should they be developed and used? Ans – Vision Statement of an organization can be defined as an inspirational description of what an organization would like to achieve or accomplish in the mid-term or long term future. It becomes basis of choosing current and future actions for an Organization. Mission Statement of an Organization – It is a written declaration…show more content…
What components should be included in the planning efforts and the final plan? How are operational plans defined, and what do they contain? Ans – Strategic plan of an organization is its strategy, provides a uniform direction to entire organization to pursue their goals and objectives. Components of Strategic Plan - 1. Mission and Vision Statement – Mission is a written declaration of the purpose of an organization and Vision is that business will accomplish in future years. 2.Competitive Advantage – It includes the best product of an Organization in the competitive market. 3. SWOT - A SWOT analysis is a summary of the present position of the strength, weakness, opportunities and threat of the organization. 4. Strategies – Strategies are the basic stage of reaching vision. 5. Score card – It reports the data of Key Performance Indicators and track performance against the monthly targets. An operational plan can be defined as a strategy planned by an organization that clearly defines action that it will take to support objectives of upper management. Operational plans includes following - 1. Single use plan – It address only the present state or specific problems. 2. Ongoing plan – It depends on future period and can be changed whenever needed. Beside this, It includes special plans for low level and day to day activities and processes supports the tactical plan. Operational plan is limited to only one part of the organization. 3. One
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