Question

1.) How do critical milestones contribute to successful implementation of strategic initiatives of an organization?

2.) Describe why social responsibility and policy are key issues in strategic planning and how you will integrate them in your proposed business?

Answer 1

Critical milestones are most important for implementation of strategic initiatives because it sets the plan into practical by considering the strategic needs for the business and these milestones may include; concrete terms for business, budgets and financing, deadlines, management responsibilities, shareholders, and business specific program which require to begin a business. Milestones set helps to enable planners to understand the requirements for strategic initiatives and allow them to learn about business initiative viability so that they can make adjust in prepared strategy and goals as per requirements, “Strategic Initiative Management.”

Critical milestone approach assists management to measure the performance and effectively modify the plans in order to respond to strategic initiatives. Milestones planning also help to determine the requirement of testing and project feasibility so that to ensure that initiatives are in right direction and working toward the successful completion of the strategic initiatives those have taken by organization. Milestone planning contribute to strategic initiative success as it avoids costly mistiming errors, helps to evaluate the possible predictive results, and allow re-planning or modification in case of any need so that to accomplish the task of successful implementation of strategic initiatives, “Strategic Initiative Management.”.

For instance, if an organization starts its new venture then it sets milestone for the new venture initiative which include; new business plan, concept and product evaluation, financing, market penetration, customer demand, and competitive reaction.