Strategic Planning and Control - Coursework Example

Strategic Planning and Control al Affiliation Contents Contents 2 Strategic planning and control 3 Reflective Log 3 Action Plan for Future Development 10 Appendices 15 i.Week 1 reflective Log 15 Reference 26 Strategic planning and control Reflective Log The nine weeks of study have been of a significant contribution in the definition of my life as an accountant. Each week had a differing input with respect to the nurturing of my strategic planning and control approaches. A concrete reflection on the respective approaches needs to be addressed with respect to the input added by the each of the lessons. Apparently, the role of each of the lessons was synergized with additional input fetched from contributing activities such as playing business games. Such allowed for the simulation of the respective lessons in a manner that lead to the development of a stable anchorage of the considered information. Apparently, a reflection of the respective lessons entries and the related aspects of the synergized contributors allows for the visualization of the subsequent knowledge gathered throughout the entire course. The first lesson involved an introduction to the entire concept of strategic knowledge. Such was advised by the respective entities that defined the study of strategic planning and its input in the characterization of business. Apparently, the lesson remains best regarded as an introductory to the entire course work. Upon its commencement, an impression on the prospects of strategic planning was considered. I may consider the ideals of the instructors as being vested on the conceptualization of the entire topic. Additional interests were vested on placing it under timeframes, in an effort to ensure its eventual implementation. The knowledge gathered in the first lesson was critical in the shaping of the considered beliefs and the eventual development of a perception regarding the entities of the entire course (Kraten, 2010). At the termination of the first week, I had developed an insight on the entire program and the progressive models under consideration. I must admit that upon the termination of the program, I had developed interests on the possibilities that stood to be enlisted from the entire course. The contributions annexed to the respective evaluative roles associated to the lesson of the second week played a significant role in the description of strategic planning as perceived by the corporate world. Students were engaged in the various evaluative protocols that may be annexed to a business venture, including the PESTEL model. The model was presented as an ideal approach upon which the evaluation of a venture may be aspired. However, progressive aspects such as the implication that stood to be fetched from the respective models of evaluation remains vested on the content of the subsequent classes. Apparently, the possibility of having an insight on the practicability of the models was proposed via the intensity articulated by the instructor. However, the provided illustrations paved way for some slight reflection on the prospects that entail the entire course. It was apparent that there stood a significant number of applications that can benefit from the model. Apparently, the model considered the possibility of examining the detailed aspects of production, including the possibility of making adjustments in the promotion of revenue generation (Wilson & Gilligan, 2005). Arguably, the entire course was detailing on the contributions offered by strategic planning in respect to the improvement of the prospects of improving on revenue generation. The lessons of week three aimed at addressing the developed concerns regarding the applicability of the considered models. Its implementation remains critical towards the realization of the prospective ambitions of a business institution. Apparently, the lessons provided an opportunity to reflect on the extensive roles that may be considered from the uptake of extensive business ventures. The consideration of the challenges that may be associated with broader business ventures remains under the address of the various accounting experts. The course anticipated at generating the appropriate skills on the students that may allow for the address of the challenges experienced in the corporate world. Other models of analysis presented under the respective perceptions of strategic planning and control included the SWOT analysis model. Apparently, the role of each of the model was oriented at the prospect of testing the respective entities of business with the aim of strengthening its performance and further enforcing on its ambitions. The interests of the lessons in the week of reference were established to be critical in decision making at various aspects of simulations. It may be argued that indeed the prospect of exercising the fetched knowledge under the perception of practiced complications remained rather farfetched. Apparently, the course on strategic planning and management aspired to offer a detailed training in respect to the contributions it offered on the prospective aspects of a wholesome corporation. There existed a number of interests to be fetched with respect to the ability of the students in deducing the respective concerns that define the considered business challenges. There existed a detailed need in the conceptualizing the elements that comprise of a functional business (Drummond, 2001). Such information may be considered to accost the prospect of addressing the challenges associated with the business world. Apparently, my interest in joining the class was founded on the application of strategic planning and management in the address of the challenges associated with the extensive business world. Arguably, there exist a number of challenges that may be deduced from the embrace of involving business decisions. Among such decisions include the prospect of having the business steered towards its growth and the eventual possibility of exercising the same concerns as a product of extensive hard work vested by the employees. Week five lessons were critical in addressing the challenges of the extensive business world. However, allowing the reflection of the settings in an ideal business situation was regarded as an entirely different concern. Apparently, the prospect of having the skills placed under implementation could only be implemented with a reflection on the perspective attributes it stood to add on the ideal business world. The possibility of embracing a simulation to aid in the realization of the entire process remained ideal as the lessons progressed. There existed a number of concerns that were emerging upon the progress of the class. The knowledge being dissemination was extensively valuable. However, the same could not be argued of additional aspects of the business, including the possibility of an immediate testing opportunity. The lessons were getting rather practical in respect to the context and the dynamics under embrace. Arguably, the instructor was preparing us for the subsequent roles that stood to be achieved from the prospective possibilities of employment or business establishment in the future. The values of aspects of aspects such as ethics and behavioural codes in the corporate world remained critical in the description of the content under study (Wheelen & Hunger, 2010). Week seven considered a reflection of the models along the prospective matrices that may be deduced from the lessons under presentation. The instructor packaged the lessons in a manner that was simplified and informing. I felt the model of preference with respect to information dispensation allowed for the prospective sense of ease in the subsequent phase of conceptualization. I considered the Cesim Global Challenge as an ideal game for simulating my learned knowledge. I love the game due to the contribution it offers in the promotion of decision-making and business management at a broad scale. I consider the game as being meaningful in the promotion of the virtues of strategic planning and management. Such was advised by the respective interests that I considered to be added by the game in respect to the prospective ability of exercising the respective sets of knowledge. There exist a number of concerns that stood to be captured from the implementation of the respective knowledge (Wolfe et.al, 2003). Among them was the role of teamwork in the addressing of the challenges that are associated with an ideal business. There were an increased number of abilities that were to be achieved, upon the decision of sharing the considered duties along the team of players under selection. Apparently, such efforts were considered as the delegation of duties and opportunities to the broad team of workmates (Bainbridge, 2010). I had honed the skills of teamworking through the prospective duties that were involved in class assignments. There existed a number of concerns that were considered to be addressed through the reflection of the subsequent parties playing in a firm. Apparently, the duty of management and strategic planning and control remain regarded to comprise of oversight roles. However, the prospect of having an amicable implementation attained remains vested on the decision made in retrospect to the selection of team to assist in the managerial roles. Cesim Global Challenge allows for the conceptualization of the various difficulties that are faced by an ideal business venture. The primary aspect of the game involves the making of various business decisions. Such interests aurgur with the teachings of strategic planning and control. The venture may be stretched under the description of the game upon numerous aspects. Apparently, the game offers over fifty (50) ventures that may be exercised by the considered tycoon (Wheelen & Hunger, 2010). The game allows for the establishment of a business venture that permits the inclusion of the prospective challenges that are associated with such an activity. Working with a team allows for the brainstorming of opinions and the delegation of duties. In such interest, there exists an increased number of merits that stand to be fetched from the inclusion of the respective aspects of decision making under the impression of a team working. Arguably, team members are associated with a singular line of specialization in service delivery. Such input implies that the team considered for the management of the concern of corporation guidance remains vested on the input placed by the respective persons that comprise of the team under selection. However, the prospective perception of managing the involved stakeholders remains the leading perception that shapes a progressive firm. The ability to harmonise the respective contribution offered by the members of the managing team allows for the steering of the firm towards the realization of the eventual interest of the firm (Bickerstaff, 2009). I may further suggest that the trip accorded to the health centre allowed an opportunity to visualize on the challenges associated with the considered corporate world. Embracing the input of such activities allowed for the reflection on the challenges aspired in the simulation game, as well as the potential advances that are annexed to the running of an efficient business venture. The exquisiteness of the trip was mainly vested in the prospective roles of the owner in the promotion of the ideal business virtues and the subsequent success. However, the prospect of the involved team facing the ideal challenges associated with the real world allowed for the conceptualization of the essence lessons faced during the entire course work (Pearce & Robinson, 2010). In conclusion, the lessons had a direct impact in the shaping of my business interests. The skills in offer allowed for the reflection of the role of strategic planning and control in the management of the a business venture. Strategic planning was presented to be ideal in the address of the various managerial challenges that stood to be realized under the different aspects of business. Apparently, the role of a manager in a business remains vested on the steering of the entire venture towards the realization of its dreams. Strategic management allows for the development of the respective goals and the subsequent deduction of the considered solutions. It remains apparent that the integration of strategic planning in the management of the respective ventures allows an inclusion of an increased sense of opportunities for the business. There exist various critical aspects of promotion that may be transuded as entities of embracing strategic planning and control. The lessons, thus, allowed an opportunity to conceptualize on the prospective entities that are to be fulfilled along the embrace of strategic planning and control. There existed an uniform consensus on the existences of challenges in the business world. Addressing such challenges allows for the respective meeting of the interests of the firm as perceived by the planning team. Pursuing the realization of such goals implies that the firm is annexed at excelling and enlarging past the limitation of managerial challenges. Action Plan for Future Development The strategic planning and control lessons were informing as far as the preparation of accountants is concerned. The detailed perspective of the subject and its comprehensiveness was crucial in providing a platform to develop our career at this level. In brief, the lesson provided a good foundation on how managers should formulate their prospective goals and the way they can initiate actions that will lead to these goals. However, it is worthwhile to note that the whole experience presented the learners with an opportunity to seek more knowledge and to continuously develop their management skills. The instructor presented this subject not as a means to the end by a part of the road map to career profiling. From my point of view, it still remains a challenge for all learners to develop an approach to develop the knowledge gained and build on this foundation. From a group perspective, a wide range of challenges emerged and there is need to streamline the way we do things in future to achieve overall efficiency. Therefore, it is crucial to point out important tactics for future development in this challenging field. From a close observation the subject presented a broad coverage of strategic planning and control. One key learning in this subject is that managers are always on the look to find new approaches of management that will match with the ever changing market situations. Principally, the contemporary business environment is always on motion and market characteristics are dynamic. The same way, managers need to be swift in detecting changes in the market and coining new strategies to counter these changes. Since the managers have a role to achieve the gaols they set at the beginning of each financial year, they bear the role of monitoring their business plans throughout the period of implementation to ensure that their strategic plans followed the predefined path. However, it is crucial to point out that managers have to anticipate changes in the market and changes that sometimes may be unforeseen. This illustrates that there is no specific approach to controlling the management plans due to presence of complex, unpredictable market changes. On this note, it becomes important managers to acquire the skills of critical thinking to ensure that they can handle business challenges as they arise along their course of project control. This is one of the areas that as a group found as a challenge to understand throughout the lesson. As we note, there is still room to develop control skills if we have to handle business plans in future as practitioners. As we anticipate working in busy organizations, we need to develop the right management skills that can assist us in pushing organizations to success. To resolve this problem, we intend to conduct more research on business plan control. One of the issues that are important is to understand how managers must respond when faced with unforeseen challenges. It is indisputable that all organizations operate in different business environments, both internal and external, that might influence the outcome of their management strategies. While the internal business environment is under the direct control of the management, the external environment is uncontrollable and organizations have to adjust to its changes no matter how fast this must happen. To develop our problem solving skills, we intend to conduct more library research on project control and learn how to handle problems that may arise during project implementation. As a group, each member will require to conduct a research on this area and share with other members. This will ensure that we acquire divergent scholarly opinions on how managers should handle emergent issues during plan implementation. Another point of development is one corporate social responsibility that has now sparked a lot of controversy within the public domain. It has become a point of attention for organizations to ensure that all stakeholders are satisfied by doing what is right for them. However, the lesson seems to have presented one side of the coin of the CSR. As noted, CSR helps organizations to give back to the society which in turn may have value to the loyalty that such recipients reciprocate to the organization. In our group research, we identified a great debate that has punctuated the CSR research as some authors come up with the idea that organizations have the CSR streamlined ton their personal development goals. In brief, companies do good not to benefit the public but only when such good has positive returns for the organization. On this ground, our imploration was inconclusive and a need arises in understanding the actual position of the organization in the CSR approach. As we prepare to be future business planners, we are obliged to understand all perspectives of corporate social responsibility and how we can implement it when holding management positions. On this problem, we intend to work hand in hand with the teachers in interpreting the various research information we have gathered. Notably, it would be crucial to seek clarification from the instructor on the issue. The week five study material appeared a bit unclear about the above issue. While we noted that CSR has indirect benefit within an organization in terms of creating corporate image and generating more profits, we feel that the ideas were in a great way inconclusive. As we need to understand the precise need for CSR, we seek the instructor’s intervention. To do this, we shall present the vast research that we have conducted on the topic and state clearly the dilemma that now exists in this topic. Working hand in hand with the instructor is an important way to leverage on their experience and skills that we need to embrace as we look forward to work in practical scenarios. The main goal of the group is to ensure that we can create a link between the theories we have studied and its practical application. This way, it will be possible to achieve our development needs in respect to our career objectives. From another angle, the lesson was inclusive and paid specific attention to the role of team behaviour and its impact in strategic planning. The strategic plan depends on the efficiency of team behaviour within the organization. Therefore, team formation is an important aspect of strategic planning as it resolves internal weaknesses and helps organizations to achieve their set goals. These same virtues apply in a great in our group and the way the team members behave during the learning process. The subject encouraged us to work as a group and to resolve the various challenges that come along within the group. In short, the class group formation has much similarity to the groups within practical work environment. Our learning goals depended on the way we organized our groups and how each member cooperated throughout the term cooperate. While our group was rated among the best groups at the end of the term, it was not without its share of challenges. To begin with, absenteeism was a major drawback for the group. One of the members failed to respond to ascent to the assigned duties and this led to a negative attitude and eventual lack of attendance. Consequently, the other team members had to handle his share of work which led to inefficiency in the team performance. In future, we intend to create a more cohesive group to ensure that we perform better in the next class. Our main focus will be to set new rules that will govern the members conduct and streamline group leadership. Rules are important to govern conduct as it limits members and provides clear guidelines on how people should relate. This is a lesson that we can borrow from organizations. Critically speaking, rules are binding in organizations and provide a basis for evaluating the performance of the employees at any time. We feel that such an action would be ideal in ensuring that all role players within the group remain cooperative and can contribute optimally to group performance. Solving the problem of absenteeism will not only an achievement in problem solution but also a step forward in ensuring the group achieves its goal to complete all tasks in time. Besides, we face a challenge in handling a few issues of conflict that emerged during the group interactions. Since we did not have a leader, we failed to reach a concession in a prompt manner leading to delay and time wastage. Therefore, we intend to appoint a leader to ensure that he guides the group and makes decisions while still considering the input of other members. This way, our group will save time and utilize it for learning. This way, it will be possible to improve our overall performance. In brief, our action plan is dedicated on the need to bridge the gaps that exist within the studies and to perfect our management skills. From linking theory with practical, we intend to prepare in the best way possible to suit our personal career profiles. While the subject was informative, we feel that it is our responsibility to fill in the gaps and to work on areas that we found rather confusing. Therefore, we shall engage in deeper research and work hand in hand with the instructors to create our leadership potential. Apart from this, we need to streamline our groups by understanding the weaknesses that negatively impacted our subject performance. Building a stronger group will be a huge milestone in ensuring that we benefit optimally in the future. Appendices i. Week 1 reflective Log The first week comprised of an introduction of strategic planning and control. The instructor took a good part of the lecture to define the topic. Although we found it a bit complicated at the beginning, it became a bit clear when the we discussed it within the group. From our discussion, we understood strategic planning and control as the process through which organizations establishes their business goals and ways of achieving them. While we found this definition adequate, it was a little bit more complex to understand the possible way of implementing the organizational plans. We fill that the control process is a greater tast for organizations. This is an area that we found more complex and had to do more research on. We also feel that this would become clearer as we proceed with the coming classes. ii. Week 2 Reflective Log In the second week, the intructors introduced important models of business analysis that are important in the process of strategic planning. The PESTEL model was introduced in a rather interesting way and captured the attention of many. The PESTEL model helps in the analysis of important market factors that influence the path that a business follows. It helps to analyse the political, economical, social and technological factors that prevail within the business environment. From our group reflection, we felt that these factors were important for any business managers who intends to launch products into the market. Our discussion paid more attention to the technology as we felt that technology has experienced the fastest changes today and cannot be ignored. However, we found it complex to understand the role of political factors within the business arena. We scheduled a meeting in which we would request the presence of the instructor to expound on the issue. iii. Porters 5 Forces Model In the second week, we also had a chance to learn about the porter five force model that seemed a whole new topic to our class. We were pleased to learn how the market forces automatically adjust prices and and quality. We learnt that the value that a product has in the market is dependent on competition, whether there are new entrants into the business and the existence of products that are utilized in the same way. As the model shows, the supplier power is lowest when the customer power is highest. This model was well understood and we found it even more interesting when we discussed it as a group. iv. Swot Analysis, Model for Self Evaluation In the third week, the SWOT analysis model was an important area of discussion. We found it much easy as we had learnt it in previous lessons. The key learning in this model is that it helps to analyse both the internal and external business environment. From this angle, the third week was a week of achievement when we did not have problems with understand the topic. v. Week 5; Organizational Stakeholders In the fifth week, we learnt the difference between shareholders and stakeholders. The two terms have been a big problem for many of us during our learning experience. I was particurly impressed to learn that both stakeholders and shareholders have a lot of value for the organization. However, worthy to note an element of disharmony among stakeholders as they desire different things. The instructor used a good example to illustrate this concept; while customers wish for full time services, the employees need their leaves. This makes it a complex role of managers in handling different needs of stakeholders. It is possible to argue that it is impossible to satisfy all stakeholders unless managers strike a balance in their demands. We felt that the instructor failed to explain clearly how managers solve the problem of conflicting interests among stakeholders. vi. Week 5 reflective Log The second class of the week foccussed on the way to map stakeholder value within an organization. The Mendelow Matrix was an important tool for analysing stakeholder value. While we understood that the lesson showed clearly that some stakeholders are more important than others in an organization, the Mendelow model was hard to comprehend. This is one of the areas that need improvement. Furthermore, our group failed to meet and discuss since some members had other issues to attend. This omission made us lag behind and we skipped this topic. As a result, this areas needs more polishing for comprehension. Vii.Week 7 reflective log In this week, the lecture paid particular attention to the TOWS matrix that is crucial in analysing other aspects of business that may impact strategic planning. In our discussion with found a big relationship between the SWOT analysis approach and the Tows Matrix; both form an approach in which companies can evalauated their strengths, weaknesses, opportunities and threats that may affect business within its immediate market. We used the web to research on a number of SWOT analysis that are available for different organizations as a way to support our understanding. TOWS Matrix Viii. Ansoffs Matrix Reference Bainbridge, W. S. 2010. Online multiplayer games. San Rafael, Calif.: Morgan & Claypool Publishers. Bickerstaff, J. 2009. 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