Strategic planning and decision making

What is strategic planning?

having a clear and well-defined plan (essential for any business)

What does a strategic plan set the pathway for?

an organization's development and success

What does a strategic plan contain?

organization's future aims and aspirations

What are characteristics of strategic planning?

- dynamic, evolving, continuous process (plan for 3-5 yr)

- should advance the org

- viable and dynamic requires buy in

- considers mission and vision

What is a SWOT analysis?

thoughtful analysis of an organization's internal and external environment consisting of SWOT:

- strengths

- weaknesses

- opportunities

- threats

What does PESTEL analysis evaluate?

Political, Economic, Social, Technological, Environmental, and Legal factors affecting a business.

In what ways should we evaluate potential scenarios?

• Ask what if questions to generate potential scenarios

• Visualize potential desired and undesired future results

• Debate the merits of a variety of a scenarios

• Select the scenario(s) that maximize growth and minimize risk

What are strategic goals?

measurable statements indicating what the organization intends to achieve over a 3-5-year period

What are objectives?

specific, measurable, achievable, relevant, and time-bound (SMART) targets that support your goals.

What are the different developing strategies?

- cost leadership

- differentiation

- focus

What is the primary difference between the developing strategies?

criteria for the success of goals

What is cost leadership strategy?

focuses on being the most efficient producer

What is differentiation strategy?

aims to create unique products/services

What is focus strategy?

targets a specific market segment

Implementation of developing strategies requires the help of who?

stakeholders

What is the relevance of decision making in management?

it is an integral part of management and decisions are made each day

Decision making in management should be based on...?

data

What are the different types of decisions managers make?

Operational decisions

Budget decisions - purchase decisions

Staffing decisions

Process decision s

Marketing decisions

Productivity decisions

Contingency based decisions

What needs to be considered for data driven decision making?

- what do you want to know from the data to make decisions

- what data would provide that info

- do you have reliable systems in place to collect that data

- how much data is enough to decide

What are the different data collection plans?

- interview, survey, poll, ongoing data collection

- adding a parameter to existing data

- timeline

- data review plan

Your data source should be ___ and ___.

reliable and up to date

How do you report data informed decisions?

- present to relevant stakeholders

- solicit required unput

- create and maintain a dashboard