Week 4 Assignment - Activity: Schedule and Budgeting Exercise for Project Scenario Overview

Running Head: STRATEGIC PLANNING 2

STRATEGIC PLANNING 2

Title: STRATEGIC PLANNING

Lucy Rowell

7/25/21

For the success of the company to be achieved, strategic planning should be carried out. The strategic planning will important roles in the reduction of the extra incurred costs in the company. The effective use of the strategic planning in the management of the company will ensure that priorities are set, resources utilized effectively and the employees and the other stakeholders encouraged to work towards a common goal. The organization’s operations should therefore be adjusted through the use of the strategic planning steps hence bringing in place different changes in the business (Morrison, 2021).

However, the five strategic planning steps which need to be utilized for the company to operate effectively include;

· Determining your strategic position

· Putting priority on the objectives

· Developing a strategic plan

· Execution and the management of the plan

· Reviewing and revising the plan

The success of the strategic planning carried out in the company will be achieved by ensuring that the strategic position of the business is determined. This will guide the company in different operations hence contributing to the satisfaction of the customers. When the strategic position of the company is determined, the unnecessary obstacles to the success of the strategic planning are addressed in an effective way.

When carrying out strategic planning, priorities should be put on the objectives. However, this will make it easy for the company to come up with mechanisms of ensuring that the objectives are achieved in the stipulated time. When the objectives of the company are prioritized, the performance of the employees is improved therefore contributing to effective decision making processes.

For the strategic planning to be effective, a strategic plan should be developed. Through that, the activities carried out by the employees will be guided and controlled in ways which reduce the extra incurred costs in the company. Moreover, the development of the strategic plan will reduce the threats and the risks experienced by the company. Again, the development of the strategic plan will improve the efficiency of the operations carried out hence contributing to effective strategic planning process.

When the strategic plan is developed, its execution and manage should be carried out accordingly. The execution and the management of the strategic plan will reduce the issues likely to affect the company’s operations negatively. During the execution and the management of the strategic plan, the objectives of the company should be considered effectively.

The final step of strategic planning is reviewing and revision of the strategic plan. When the review and the revisions are carried out, the errors experienced are addressed and the strategic plan made effective for the use in the company. During the review and the revision, an effective analysis of the strategic plan should be carried out as that will play a role in ensuring that corrections are made.

The overall importance of the steps of strategic planning is to ensure that the company is enabled to remain proactive rather than reactive. This will make it easy for the company to improve its performance for its sustainability to be enhanced. When the steps to the strategic planning are utilized, the operational efficiency of the company ends up improving therefore contributing to the satisfaction of the customers in the market. The operational efficiency facilitated by the steps of strategic planning is important as it helps in the building of the trust and the confidence of the customers in the market.

On the other hand, the steps of strategic planning play significant roles in the improvement of the market share of the company as well as profitability. When these are achieved, the morale of the employees is boosted hence enabling them to work for the growth and the development of the business.

A project charter is an important document which plays important roles in ensuring that the objectives, stakeholders, risks, purposes and dependencies of a project are laid especially during the planning of the project. For the success of a project to be achieved, a project charter is required due to the fact that it ensures that clarification are made on the objectives of the project. It is through that whereby the project team is enabled to remain focused in working for the success of the project. When the objectives of a project are clarified, the stakeholders are encouraged to put more efforts in achieving the set objectives.

On the other hand, the project charter helps in ensuring that the objectives of the project are aligned to those of the organization. However, this is of importance to the company because the stakeholders are encouraged to collaborate so as to achieve both the project’s objectives and those of the organization. Moreover, this makes it easy for the organization to achieve the set goals and objectives in the stipulated time.

A project charter can again be used as marketing tool for an organization. This attracts large numbers of the customers in the company hence ensuring that the set goals and objectives are achieved. When the marketing of the company is carried out by the project charter, the reputation of the company ends up improving and large numbers of the customers attracted to the business.

For a project charter to be effective, different elements should be utilized effectively. Some of the project charter elements that I think are of importance to my organization include; clearly defined scope, roles and responsibilities and understanding the risks. A clearly defined scope is of importance to an organization because of the fact that it enables the employees to stay on track therefore performing effectively. When the employees are enabled to stay on track, the errors likely to be experienced are reduced and the extra incurred costs in the organization reduced (Thomas, 2021).

The clearly defined scope is again important as it makes it easy for the deadlines to be followed. This benefits the organization in a way that the set goals and objectives are achieved in the stipulated time. The clearly defined scope can again be used in the reduction of the common issues experienced in a project. I think this element is important due to its ability to address the issues experienced in a project. The other element of an effective project charter is roles and responsibilities. Clearly defined roles and responsibilities are important in the reduction of the cases of misunderstanding in an organization. Each of the stakeholders should play their roles effectively for the objectives of the project and the organization to be achieved.

This element is therefore important in the reduction of cases of conflicts amongst the stakeholders. The understanding of risks is important in an organization because it reduce the unnecessary costs experienced in an organization. In a situation whereby the risks are understood effective, the threats and the obstacles to the success of the company are reduced. This element is again important in that it facilitates and effective utilization of the resources in the organization. This improves the sustainability of the company hence motivating the employees to perform their tasks accordingly.

Based on the information from the previous sections, a project charter should be effectively understood for the purposes of ensuring that the success of the organization and the project are achieved. When the project charter is effectively understood, the project team will be guided on the manner in which it should carry out different tasks for the success of the company to be achieved. Moreover, the elements of an effective project charter should be clearly analyzed so as to ensure that the employees are encouraged to remain on track hence improving their performances. This is an important aspect which when effectively considered contributes to the success and the development of the organization by reducing the unnecessary costs incurred by the company.

The other importance of the sections above is to ensure that strategic planning is understood and carried out in ways which contribute to the success of the company. As a result of the effective strategic planning, the direction to be taken by the company is set. However, this controls the activities carried out by the employees hence making it easy for the goals and objectives of the company to be achieved. Different people should be encouraged to carry out the strategic planning for the durability of the company to be improved. This is made effective because the losses likely to be experienced in the company are reduced. Finally, the strategic planning carried out in the company should be utilized for the operational efficiency of the organization to be improved (Tarigan, 2021).

References

Morrison, K. A., & Misener, K. E. (2021). Exploring the conditions for strategic planning in nonprofit community sport. Sport Management Review, 1-23.

Thomas, R. K. (2021). Strategic planning. In Health services Planning (pp. 215-245). Springer, New York, NY.

Tarigan, Z., & Siagian, H. (2021). The effects of strategic planning, purchasing strategy and strategic partnership on operational performance. Uncertain Supply Chain Management, 9(2), 363-372.