In a situation where an organization has more objectives to achieve, describe the best way to prioritize objectives
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In a situation where an organization has more objectives to achieve, describe the best way to prioritize objectives
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- Implementation of a company’s strategic plan often begins by determining management’s basic expectations about future economic, competitive, and technological conditions, and their effects on anticipated goals, both long-term and short-term. Many firms at this stage conduct a situational analysis that involves examining their strengths and weaknesses and the external opportunities available and the threats that they might face from competitors. After performing the situational analysis, the organization identifies potential strategies that could enable achievement of its goals. Part of this process involves business managers creating budgets to plan for future operations, create benchmarks to measure progress, and maintain necessary accounting controls. The majority of literature that has used examples to describe a master budget have been limited to manufacturing companies. These companies tend to have comprehensive operating budgets and therefore serve as a good starting point in…3) Identify the major difference between traditional objective setting and management by objectives.Some of the major decisions management must take concern the behavior of sales, costs and profits under varying conditions. For effective planning and control it is important that management should be aware of any relationship which exists between sales, costs and profits for changing levels of activity. Management makes use of the information provided by the accounting system to plan and control future operations. The information, to be meaningful, must be provided and presented in such a way that it will appeal to management. Break even analysis and Cost-Volume- profit-Analysis are some of the ways in which information concerning sales, costs and profits relationship is presented to management in a clear and appealing form Required: a). Discuss how break even analysis can aid management in decision making b). Discuss the practical difficulties associated with the…
- Describe what the problem is you are focussing on (current situation) and the final goal is that you want to achieve (purpose - desired outcome).Describe the role of scenario planning in long-term strategic decision-making for businesses, and provide examples of companies that have successfully utilized this approach.Planning is a cognitive process that involves the formulation, evaluation, and selection of a set of actions or strategies to achieve a particular goal. It is a fundamental aspect of human cognition and decision-making, extending across various domains such as business, education, personal development, and more. Effective planning requires a systematic approach, encompassing the identification of goals, the consideration of available resources, the anticipation of potential obstacles, and the development of a step-by-step roadmap to guide the implementation of actions. In organizational settings, planning is a crucial management function that contributes to the achievement of objectives, resource optimization, and overall success. Whether it's a project plan, financial plan, or strategic plan, the process involves careful analysis and decision-making to ensure that actions align with the desired outcomes. In personal contexts, planning can enhance productivity, time management, and…
- How does the presence of uncertainty affect the usefulness of the model?Suppose you are a manager in some leading firm / organization. The owner of the firm wants you to uplift the profit of the firm by introducing some new commodity in the market. Explain all decision making process relating to successfully introducing your commodity in the market.Read and analyze the following case:The sales manager complains that his sales reps are not meeting monthly sales quotas. He is convinced that the reps need more sales training to handle the situation and solve the problem. Therefore, he asks you to design a strategy to address this situation. Iincludes the means that will be used and the resources that will be needed to carry out the program.How will the training be evaluated? How will your profitability (return on investment) be evaluated?
- Effective planning is a cornerstone of success in any endeavor, be it personal or professional. It involves the systematic process of setting goals, identifying resources, allocating tasks, and establishing timelines to achieve desired outcomes efficiently. One key aspect of effective planning is clarity of purpose; defining clear and specific objectives provides a roadmap for action and helps in aligning efforts towards a common goal. Additionally, thorough research and analysis play a crucial role in planning, as they enable decision-makers to anticipate challenges, identify opportunities, and make informed choices. Flexibility is another essential element of effective planning; plans should be adaptable to changing circumstances and unforeseen events to remain relevant and effective. Moreover, communication and collaboration are vital for successful planning, as they foster alignment, accountability, and synergy among team members. Regular monitoring and evaluation are also integral…Sales Planning is the process of organizing activities that are mandatory to achieve business goals. The process includes the written execution of the seven steps or Stages in the Planning Process cycle that starts with situation analysis to evaluation and control. As marketing manager, discuss the various elements that you will consider during the situational analysis stage of the sales management planning process for a pharmaceutical company in GhanaMargaret Quinn, the president of Eastern Electric Corporation, one of the large electric utilities operating in the eastern United States, had long been convinced that effective planning in the company was absolutely essential to success. For more than 10 years she had tried to get a company planning program installed without seeing much result. Over this time, she had consecutively appointed three vice presidents in charge of planning and, although each had seemed to work hard at the job, she noticed that individual department heads kept going their own ways. They made decisions on problems as they came up, and they prided themselves on doing an effective job of "fighting fires." But the company seemed to be drifting, and individual decisions of department heads did not always tally with each other. The executive in charge of regulatory matters was always pressing state commissions to allow higher electric rates without having very much luck, since the commissions felt that costs,…