Tuesday, May 5, 2020

Develop and Implement Strategic Plans -Free-Samples for Students

Questions: 1.Outline the requirements of the following legislation and regulations in relation to the Organisations Strategic Plan: 2.Gives three examples of risks in relation to strategic planning. 3.Explain risk Management Strategies when developing and Implementing Strategic Plans. 4.Describe the PEST (political, economic, social and technological) analysis and SWOT (strengths, weaknesses, opportunities and threats) analysis. 5.Identify Internal and External sources of Information relevant to the Organisations Market, Competitors, Customer Base, Vision, Values and Capabilities. 6.Outline techniques for developing Organisational values. Answers: Work Health and Safety regulation 1.The Work Health and Safety regulation focuses on the process to prevent and minimize risk in organization. It incorporates the element of safety management system and managing risk in organizations through control measures, dissemination of safety information and training and instruction to working staffs. It also clearly mentions the responsibilities of employers, supervisor and employee to maintain health and safety in work place (Lerssi-Uskelin et al. 2014). Hence, maintaining health and safety helps an organization to facilitate smooth work process and remain on track with the strategic goals of business Environmental/sustainable regulation The environment/sustainable regulation focuses on explaining environmental management practices to contribute to sustainable outcome in organization. Such environmental sustainable practices is an important element for corporate strategy and marketplace success. Following the regulation standards can help organizations to maintain competitive edge and promote advantage in cost-benefit areas too. Viewing the organizations strategy through environmental sustainability lens can help to reduce risk in organization, reduce cost, increased revenue and enhance the value of intangible assets in companies (Kim 2015). Industrial relations legislation Industrial relations legislation like Fair Work Act is needed for organizations to manage work related obligations and entitlements of employers and employees. It provides employees the right to fair wages and dispute resolution. Complying with such standards enhance motivation level of employees and helps in fulfilment of organizations strategy (Harvey and Turnbull, 2016). Anti-discrimination legislation Anti-discrimination legislation provides the right to people to be treated equally in workplace. For example, the Anti-discrimination Act 1977 prohibits unlawful racial, sexual and other discrimination and provides equal opportunity to all people. Such legislation is related to organization strategic plan because it helps to maintain diversity at work and utilize skills of diverse individuals to maintain organizational excellence (Hebl et al., 2016). Privacy Privacy law deals with regulating the process of storing and using personal information of individuals to maintain individuals privacy right. Presence of adequate protection framework ensures compliance with the privacy law and prevents events of conflict in organizations. Information protection strategy helps to promote inclusiveness and adequately manage risk in workplace 2.When engaging in strategic planning process, business leaders can experience the following three risks: Firstly, uncertainties in business environment creates risk in strategic planning process because it is difficult for managers to predict the impact of events and anticipate the future of events without effective market analysis. Secondly less involvement of staffs in a project creates risk in strategic planning process Thirdly, lack of funds affects the strategic planning process (Bromiley et al. 2015) 3.While integrating strategic planning and execution process in organizations, risk management strategies increases the chance to meet strategic objectives. Effective risk management strategies includes clearly defining the business strategy and objectives and establishing key performance indicators to evaluate the outcome of strategic plan. It also involved establishing key risk indicators to identify risk factors that can affect the result. Secondly, continuous reporting and monitoring of risk on a regular basis is needed to mitigate risk (Hopkin 2017). Such actions increased the probability of success during strategic implementation process. 4.PEST analysis is necessary for business managers to evaluate the macro-environmental factors of business. This strategic tool helps to identify business position and characteristics of business. The PEST analysis includes four factors: Political factors to determine how governments or political system affects a business Economic factors such as economic growth and inflation rate in a county and its impact on business operations Social factors like cultural aspects of a business environment such as attitudes of workers Technological factors to identify the impact of technology on business cost. Quality and innovation. Another process called SWOT analysis enables an individual to understand the key strength and weakness of an organization and determine the opportunities and threats facing them (Hollensen 2015). 5.The internal source of information related to organizations market, values and capabilities includes performance of employees, quality of products or services, key strategic vision and business process in organization and the process present to manage risk and uncertainties in business. It also includes sales data, financial data and business operations data. External source of information for the same includes data on consumers preference, profile, brand image, feedback regarding quality of product, buying intention data and market survey reports (Sekaran and Bougie 2016). 6.The organizational values are developed by the following techniques: The first step is to define the core values of organization and define organizations visions accordingly The next step is to plan actions in alignment with the organizational vision In addition, taking inputs form staffs and employees regarding values helps to support the vision This is followed by finalizing the final actions according to the values and direct the staff to refine behaviors according to that behaviour Once desired behaviour is launched, the key performances measures and business operations is embedded in organization to permanently establish the organizational values (Gehman, Trevino and Garud, 2013) References Bromiley, P., McShane, M., Nair, A. and Rustambekov, E., 2015. Enterprise risk management: Review, critique, and research directions.Long range planning,48(4), pp.265-276. Gehman, J., Trevino, L.K. and Garud, R., 2013. Values work: A process study of the emergence and performance of organizational values practices.Academy of Management Journal,56(1), pp.84-112. Harvey, G. and Turnbull, P., 2016. Human resource management and industrial relations.Air Transport Management: An International Perspective, p.307. Hebl, M., Hebl, M., Barron, L., Barron, L., Cox, C.B., Cox, C.B., Corrington, A.R. and Corrington, A.R., 2016. The efficacy of sexual orientation anti-discrimination legislation.Equality, Diversity and Inclusion: An International Journal,35(7/8), pp.449-466. Hollensen, S., 2015.Marketing management: A relationship approach. Pearson Education. Hopkin, P., 2017.Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers. Kim, Y., 2015. Environmental, sustainable behaviors and innovation of firms during the financial crisis.Business Strategy and the Environment,24(1), pp.58-72. Lerssi-Uskelin, J., Hopsu, L. and Salmi, A., 2014. What is Workplace Health Promotion (WHP).African Newsletter, p.46. Sekaran, U. and Bougie, R., 2016.Research methods for business: A skill building approach. John Wiley Sons.

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