This article throws light upon the eight steps in strategy formulation in management. The steps are: 1. Setting Basic Objectives 2. Identify Opportunities and Risks 3. Evaluating Alternative Resource 4. Formulating Alternative Strategies 5. Evaluating these Alternatives 6. Establishing Basic Strategy 7. Implementing Strategy 8. Evaluating Strategy. Step # 1. Setting Basic Objectives: The firm initially sets provisional objectives. The [...]
This article throws light upon the six main criteria’s for evaluating the effectiveness of planning in an organisation. The criteria’s are: 1. Usefulness 2. Accuracy and Objectivity 3. Scope 4. Cost-Effectiveness 5. Accountability 6. Timeliness. Criteria # 1. Usefulness: To be most useful to management in performing its other functions, a plan has to be flexible — yet stable – [...]
This article throws light upon the eleven ways for overcoming the barriers to planning in an organisation. The ways are: 1. Starting at the Top 2. Recognising the Limits to Planning 3. Communication 4. Participation 5. Revision and Updating 6. Contingency Planning 7. Discussion 8. Training 9. Explanation of Planning Objectives 10. Creation of a Planning Climate 11. Use of [...]