After a Strategic Plan has been developed, approved and implemented, it\'s progr

Question

After a Strategic Plan has been developed, approved and implemented, it's progress should be monitored, reviewed and evaluated to determine if the specific strategic objectives are being met.

1.Describe, in detail, the process of developing a strategic review process for an existing strategic plan a company may already have in place. In your discussion be sure to identify some of the quantitative business metrics that might be evaluated and what they mean.

2.Provide an example of "one hypothetical strategy" and how a strategic review process might be conducted to monitor and review that strategy. Please focus your responses on the various tools and methods discussed in this course as well as other courses you have taken in the Business program. Be sure to use specific examples in your discussion, and reference specific course work that you used.

Explanation / Answer

1. Strategic review process for an existing strategic plan is same as checking the signposts along a road when we are trying to complete a journey. Once the strategic plan has been formulated, the management committee would need to arrive at intermittent milestones (milestones to be reached at subsequent intervals) and desired end state that should be achieved.

Now these milestones should be objective in nature to ensure that the validation of arriving at milestones is more defined and quantitative. Additional points that may be considered to come up with the review process are detailed below:

a. The review committee should ensure that the activities are confined within the parameters of the desired end state, which is the strategic aim.

b. The review committee should also ensure that the activities are consistent with the firm's mission, vision and values

c. The review committee should also note the the internal and external changes, which would need to change or adjust the strategic plan for the firm. In some of the cases, the such changes may also affect the ability to achieve the strategic aim/objectives.

d. The review committee should also be able to define any KPIs that would lead to objectify the strategic goal, and hence allow tracking to be quantitative.

2. An example of a hypothetical strategy can be an European heavy goods firm trying to enter the Asian market. The strategic plan needs to formulated, along with the milestones and deadlines to reach those milestones. The entire plan needs to broken down into smaller tangible steps, and all these steps should converge towards the desired end state. The strategic review process can scoped out, as mentioned below:

a. Review of target markets using tools such as PESTEL analysis.

b. Review of all the set milestones, to see if we are on track towards reaching our desired end state. Review of the progress till date.

c. Discussion and resolution of major roadblocks if any

d. Current state review, and taking cognizance of any changes, which might lead to changes or adjustments in plan. Adapt the plans to cover any chanes that might happen to the environment for the strategic goals.

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