Question

Ch. 6 CMC Strategic Planning Develop an IT strategic plan for CMC

Answer 1

Management is the process of planning enterprises financial, physical, human and information resources to achieve the organization's goals.

Managers are the people who plan, organize, lead and control the operations of an organization.

Planning is the process of determining the firm's goals and developing a strategy for achieving those goals   

(or)

Determining what a firmness to do and how best to accomplish

*Strategy is the broad set of organizational plans for implementing the decisions made for achieving organizational goals.

*Strategic management is the process of aligning the organization with its external environment how customers will act in the future.

*Strategy formulation involves three steps:

i)Setting strategic goals

ii)Analyzing the organization and its environment

iii)Matching the organization and its environment image

*Long term strategic goals derived directly from the firm's mission statement

*Analyzing the organization and its environment by SWOT analysis

-S-Strength

-W-Weakness

-O-opportunities

-T-Threats of an organization

*Strategic Planning Framework

-A strategic plan provides the foundation and framework for a business

-A critical review of the past performance by the owners and management of a business and the preparation of a plan beyond normal budgetary horizons require a certain attitude of mind and predisposition.

The planning process include :

#Relate to the medium or long term

#Be undertaken by owners and directors

#Focus on matters of strategic importance

#Be separated from day to day work

#Be realistically detached and critical

#Distinguish between cause and effect

#Be written down and reviewed periodically

*The elements of the strategic plan involves:

Once the SWOT analysis is complete we have to consider the strategic planning elements that include:

-Vision

-Mission

-Objectives

-Values

-Strategies

-Goals

-Programmes

Strategic Plan:

Mission statement  $\rightarrow$ vision statement  $\rightarrow$ strategic drivers $\rightarrow$ critical business issues $\rightarrow$ critical success factors $\rightarrow$ SWOT analysis  $\rightarrow$ Long term objectives  $\rightarrow$ Tactical Initiatives

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