In this article we will discuss about:- 1. Meaning of Situation Audit 2. Process of Situation Audit 3. Fundamental Purposes 4. Description of Contents. Meaning of Situation Audit: Strategic planning is the process of making current risk-taking decision with the best possible knowledge of the future consequences and situations. It thus requires sensing of expectations and needs, creating awareness throughout [...]
The strategy audit programme is conducted in three stages in succession as following: 1. Diagnosis 2. Focused Analysis 3. Recommendations. Stage # 1. Diagnosis: It includes the following: (i) Reviewing key documents, such as: Strategic plan, Business or Operational plan, Organisational details, Major policies affecting matters, such as resources allocation and performance measurement. (ii) Reviewing performance against yardsticks (strategically determined) [...]
The following fourteen key elements that vitally affect the master strategy of a firm need redefinition and/or redesign:- 1. New Markets or Services 2. Predicting Future Demand 3. Supply Related to Demand 4. Climate of Industry 5. Crucial Factors 6. Position in Market 7. Service Abilities 8. Finance and Management 9. Combination of Services 10. Adding to Capabilities 11. Vertical [...]