Assessment on "Developing Strategic Plans for Success"

Assessment 2 pages (2514 words) Sources: 1+

[EXCERPT] . . . .

Despite them contributing towards similar purposes, the improvement of the firm's capabilities will be governed by the accounting rules in treating each item differently. The investment will focus on increasing net assets on balance sheets, and other annual expenses against depreciation indices for profit and loss statements. Increments in the working capital enlarge net assets, but without annual cost repercussions (Wittmann & Reuter, 2008). Development expenses, in this case, will be charged as expenses within current year income statements and the additions to assets. The considerations point to dysfunctional behavior resulting in business managers having the unwillingness to commit themselves towards significant strategic expenses. This is a trend observed whenever there is a need to reward appropriately and monitor myopic management control systems (Steiner, 2010).

Assessment 2: ORAL/WRITTEN QUESTIONS

1. Legislation that may impact on the organization

There are different legislations that will affect Telstra's processes of production and service delivery. To identify these relevant legislations, Telstra needs to consider two imperative segments, the organizational customer relations, and the organizational-government relations (Wittmann & Reuter, 2008). The legislations identified are:

The Employment Equity Act legislation

Human Rights Act

Fair Work Commission Rules

The organization exists within a law-protected market and hence it needs to acquaint itself with the basics of the local legislations (Camillus, 2006). Telstra has to accommodate such necessary legislations for it to succeed in the current market. For instance, the legislation that covers trade and market equity comes from the regional grounds. Moreover, the customer needs and the needs of the organization will have to be considered. The legislation selected should protect the interests of Telstra and those of its customers, human resource, among others (Wittmann & Reuter, 2008). In such a case, Telstra will solicit for legislations like those of Human Rights Act.

2. Strategic Planning Methodologies

One of the viable methodologies is organic strategic planning. This conventional model is considered confining and linear in its application (Camillus, 2006). In such case, organizations are dynamic and robust systems that are changing. The plans produce conventional planning with quick obsolescence.

The model includes phases such as:

a. Articulate long-term vision and values to work to the vision of people gathered from the generation or community.

b. Persons leave that vision with a selection of realistic actions that are taken towards the prior vision meeting again.

c. People can regularly meet in reporting actions that take learning from them. The vision is further clarified through the meetings.

d. Occasionally, the lists and the vision of intended and accomplished actions are included in the Strategic Plan.

The second approach includes Issues-based strategic planning. The model works best for the firm had very limited resources, several major and current issues to address, minimal success with attaining ambitious goals, and little buy-ins to a strategic planning (Steiner, 2010). The model includes the phases such as:

a. Identify six of the important current issues that organizations faces.

b. Suggest action plans aimed at addressing issues over the next eight months.

c. Include information on the Strategic Plan.

3. Knowledge of competitors

It is critical to appreciate the existing activities and progress of the competition. If competitors are in service businesses, it is important to know whether they have changed their offerings or created new combined services (Camillus, 2006). Such information includes going into partnerships with related companies of diversifying their offerings to accommodate innovation. The retail businesses benefit from knowing whether competitors have slashed prices, sourced alternative product types, changed ownership, rebranded, or started marketing themselves in different ways. These aspects are important in an impacting change in the manner that people run businesses. A critical source of information about competitors is customers. Talking to them about immediate perceptions of business and other elements of the sector is important (Kelly, 2006). The mystery shopping trends, sending friends along to competitor's shop, and giving them calls to find out what they offer is a way of handling customer information. Even though one may require making some visits to form an accurate picture, consumers are continually shopping around for bargains and prices are becoming big concerns. It is important to know what competitors offer regarding discounts.

4. Due to Diligence and Risk Management

Due to diligence is defined as the care taken by reasonable persons before engaging in a transaction. Due to diligence is carried out within financial risk assessments of acquisitions or investments. Such guidance provides room for vast practices in ensuring effective compliance programs, ethics and internal measures or controls for purposes of detecting and preventing foreign bribery and pilferage (Wittmann & Reuter, 2008). Periodic reviews of compliance and ethics measures or programs designed to improve and evaluate the effectiveness in detecting and preventing foreign malpractice. This will include consideration relevant developments within the field, and evolution of the industry and international standards (Steiner, 2010).

5. Risk Analysis and Cost/benefit analysis

Risk analysis facilitates in the valuation of risk. The analysis models have an extended function assumed to share risks that are explicitly represented about numerical impacts and probabilities. Therefore, risk analysis discusses purely technical risks. All risks have the probability of high occurrence, impacts if the occurrence could be based on high-risk or low-risk considerations (Kelly, 2006). The analysis also has arbitrary scales that have a qualitative representation of facts. In such case, risks do not represent the adjectives but actual numbers. The case offers standardization of how the risk factors are communicated and calculated.

Cost/benefits analysis promotes clear risk communication. Once risks are quantified, and common languages are used in easing the created aspects. The valuation process in the projects avails mitigation strategies and clear metrics for decision criteria against the established decision processes (Camillus, 2006). The metrics have a common application of traditional decision processes availed in the metrics range and other single numbers. The analysis provides alternative new risk-based metrics that foster the understanding of business outcomes (Kelly, 2006).

References

Camillus, J. C. (2006). Strategic Planning and Management Control: Systems for Survival and Success.… READ MORE

How to Reference "Developing Strategic Plans for Success" Assessment in a Bibliography

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