Finance Homework Help

Finance Homework Help Question

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B1a.  It is necessary to monitor and control strategic plans because most strategic plans are based on assumptions of something in the future. This means that if the future items or assumptions change, the strategic plan needs to be able to adapt. To know if the future has changed, the strategic plan must be monitored and controlled. Managers at a minimum should be responsible for monitoring and controlling strategic plans. The reason for this is because they have insight on both sides of the plan. The managers see the future of the strategic plan and they also see what is being accomplished presently to accommodate the strategic plan. The pit falls of failing to monitor and control a strategic plan can be disastrous. The biggest disaster would come from a strategic plan that has been implemented to meet an objective or goals that is no longer relevant. There could be a huge waste of resources and manpower working towards an irrelevant goal. Because of this, it would be a snow balling chain of events. There would be personnel turnover, profit losses, and the list goes on. Depending on how big or important the irrelevant strategic goal or plan was would determine the catastrophic magnitude of not controlling or monitoring a strategic plan.

B1b.  It is necessary to monitor and control strategic plans when the market shifts.  A good example is the interest rate on loans. They are very low now! The event that was announced recently by Nancy Yellin the head of Federal Reserve, "stated rates will go up in 2015."  The management team, executives, and stakeholders should monitor and control strategic plans to the interest rate in this case.  The pitfalls of failing to monitor and control strategic plans the organization would find it difficult to handle risk. There could be a competitor who would buy you out or lower their prices and put you out of business.

B1c.  Any company should have a necessity when it comes to monitoring or controlling a strategic plan. The main reason is a strategic plan is based on what if's or what is predicted in the future. These means along will tell a company there is no guarantee on a strategic plan. The world today is fast moving and ever changing. A company should always monitor and control their strategic plans or they could be left behind or even worst have to file bankruptcy. A company monitoring the strategic plan will allow, the company the means to adapt to any changes in the industry, and make them changes into the strategic plan. The upper management or lower level management should be the employees in charge of monitoring and controlling the plan because of their everyday dealing with the company. These levels of management have a better feel of the day to day changes and operations in the industry. Having a strong management level will ensure the future of the company. The pitfalls can be many when it comes to not monitoring or controlling the strategic plans. The two main factors could be profit loss and employee turnover rate. If the plans are not changed to adapt with the times the company would show a loss in sales which in return have a company profit loss. The employees may not want to work for a company that is behind in the times and want to be with a up to date company.

B1d.  Strategic plans are just that, there are plans that are for the future goals that have been put in action but not yet completed. However, plans sometimes change and with the changes someone needs to have a watchful eye open to monitor and control that which need to adjust to the changes of the strategic plans, for to not to have someone to monitor or have some control on these plans can have a terrible ending to these plans. I believe anyone who is involved in the strategic planning stage should be the one who is monitoring and controlling the situation. At least they should have a team of managers that can be put into the position of keeping their eyes open for the changes that will occur causing the strategic plans to be revaluated. The pitfalls that a company can suffer for failing to monitor and control strategic plans is that because we are in a never ending changing world, and the way the strategic plans was planned two years ago might not fly today because of the changes in technology or whatever; and failing to keep an eye open and alert can cause a company to loose their control in the market or loose a great deal of revenue because of not monitoring and controlling strategics plans.


B2a. As an employee of my organization (the United States Army, aviation branch), I do not have direct input in the creation of the strategic plan but have a large part in implementing it. As far as the creation process goes, we have quarterly surveys that are used to help adapt the strategic plan as we progress so I guess you could say I have indirect input in the creation process. As far as implementation goes, my specific job (technical inspector) requires that I be very proficient and knowledgeable about my specific aircraft along with training younger guys in maintenance practices, maintaining the training program, maintaining all the forms and records for several aircraft, and being direct representatives of the commander to make on the spot decisions about the airworthiness of aircraft. So with all that my job entails, almost all of those things fall in line with our strategic plan so you could say that I have a pretty large role in implementing, monitoring, and controlling the strategic plan. The commander often comes to us to get a feel for how things are going with the troops. It is not an official way of creating the strategic plan but an unofficial way of helping the commander create it.

B2b. Each employee of the organization should have a role in the strategic planning process that corresponds to his or her position. For example sales agents should be acquainted with and assist with the strategic planning for sales growth. PR managers should help with the planning section on promotion, customer satisfaction. Each employee is responsible for implementing the strategic plan on their level of work. Those involved in administration and accounting with implement the budget section of the strategic plan, those involved in sales can implement the part of the strategic plan regarding increasing customer satisfaction through improved customer service and attention. All good employees who care for the good of the company should play an active role in monitoring and controlling the strategic plan even though they don't have decision making capacity. Their role would be informing their respective supervisor and/or the administration about any potential risks they identify, any opportunities they find that could aid in fulfilling the strategic plan, etc. They should also regularly report on the success and or failings and results of the specific points from the strategic plan they are responsible for implementing.

B2c. As an employee of my organization, I do not play a role in the strategy planning process of our organization. That privilege is only done by the higher, higher ups and probably those who are invited in to share ideals and/or give inputs of how things can be better in certain areas of our organization. As an employee, I do not have a role in the implementation process either, this is usually set up for the managers to do, and yet I was told by a manager of the organization, even they, as managers are kept in the dark about some things that was supposed to be implemented and it was not done, because they didn’t know about the planning. As an employee, I do not play a role in the monitoring and controlling process of the organization, this is done by the managers and supervisors of the organization. Although, there is an opportunity to become a supervisor for me so that I can be involved more in the implementation, monitoring, and controlling process, but I feel as a supervisor, they are not free to think on their own in some aspects of the job. As an employee of the organization, I am part of a process to help make sure that the goals of the organization is reached, once known by all.

B2d. As an employee of an organization the strategic planning process role simply corresponds to the employee’s position.  For example the marketing manager will look to promote sales and growth in the marketing space to result in profit. Likewise the outside sales manager will look to promote growth in sales. This applies to every division of the organization.

As an employee of an organization the strategic implementation process would require a series of steps, programs, investments, over extended period of time. Additionally each employee would execute their own work expertise or function at each level (Pearce & Robinson, Chapter Chapter 10,  2009).

Every employee has a responsibility of monitoring and controlling the strategic plan whether or not they have decision-making capacity.  This creates check and balances and keeps the strategic plan in action, protected, and in place. 




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    Finance Homework Help

    Submitted by PROFSTAN on April 26th, 2016 10:29

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