bus 475 wk 5 questions

· Question 1 Strategic Management Chapter 13 Monitor control Why is it necessary to monitor and control strategic plans? Who should be responsible for monitoring and controlling strategic plans? Why? What are the pitfalls of failing to monitor and control strategic plans?

· Question 2 Crafting and Executing Strategy, Ch. 11 strategic palnning and your role As an employee of an organization, what role do you play in the strategic planning process? What role do you play in the implementation process? What role do you play in the monitoring and controlling process?

· Question 3 Keeping control of cash out of cash While cash management may appear to be a rather simple concept, it is critically important.  At my organization Days Cash on Hand is a strategic metric, with established targets.  We take it so seriously, that we post our progress toward goal monthly in staff lounges for all to see.  Essentially Days Cash on Hand is equivalent to how many days you can stay in business if your revenue stream ended.  In other words, how many days you could still pay your bills, which, of course, does not take into consideration disasters, assuming one would have insurance coverage, etc. Deciding on what the target is for Days Cash on Hand is subject to interpretation and varies by industry.  Keeping too much cash on hand may make one ripe for a take-over; it may also lead stakeholders to question whether one is investing enough in equipment, research and development, infrastructure, etc.Class, if you were in charge, what target would you select for Days Cash on Hand?  Please explain.

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question 4 Monitor Your Business Environment and Anticipate Change

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· plan b Anticipating change and being prepared for potential risks is a very necessary part of business planning.  Even with contingency planning (Plan B?), events such as the recent recession, I believe, took many by surprise, leaving little time to effectively regroup. At my organization, we monitor strategic initiatives with monthly (high level) review.  For example, each item has measurable targets, which are monitored.  If we fall behind, a counter-measure is required to address the shortcoming. The counter-measure is a specific action which is also monitored, to make sure it has the desired effect (e.g., get back on track). If the counter-measure is not successful, it gives us a chance to develop a different counter-measure.  The process is not perfect, but it does ensure initiatives get attention. Class, do you have examples of techniques organizations use to address strategic objectives that are not being achieved?