Rasmussen College Management Capstone Strategic Goal Controlling Paper

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Question Description

My Strategic Goal is to implement a rewards program for Customers (Sears)

Apa Format

As you've learned this week, the control process is essential to the achievement of goals. It allows a business to track their progress, make adjustments, and stay on schedule for what they're trying to achieve. Your chosen goal from the strategic management project needs these same types of controls. This course project assignment will task you with creating a detailed control process for that goal. Think through all of the departments that might be involved in the completion of the goals and how they'll need to be tracked. The course content from this week can be very useful in providing details on strategies and ideas for control processes. Some additional research will also prove useful. This assignment should be at least two pages in length and complete the following:

  • Identify four separate strategies that you will use to control your strategic goal.
  • For each strategy:
    • Identify which aspect or metric of the goal they're controlling.
    • Explain the reasoning and value behind the control choice.
    • Identify the control as feed forward, concurrent, or feedback.

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Running head: MAPPING STRATEGIC GOAL Mapping Strategic Goals: Sear Incentive Program 1 MAPPING STRATEGIC GOAL 2 Mapping Strategic Goals: Sear Incentive Program Any project has several tasks that must be carried out to achieve the goal. The collective tasks that need to be achieved are termed as the project. Every project begins with a plan, which is responsible for all other activities in the project within a given time. In this project, are several tasks that can allow Sear incentive Program to be achieved. Thus, this assignment determines the tasks involved, the duration, which we then use to create a Gantt chart and network diagram and the problem that are likely to be experienced when undertaking the project. Nine Tasks that can Achieve Rewards/Incentive Program and Duration Task A B C D E F G H I Description Strategy introduction Hiring Training and Development Team Allocation Designing Incentive program Schedule resources Implement the program Progress Monitoring Performance Review Duration 3 12 4 8 4 10 11 11 12 MAPPING STRATEGIC GOAL 3 Gantt chart for Performance Review Strategic Goal Description Start Date Duration Task A 1/1/2020 3 Task B 1/4/2020 12 Task C 1/16/2020 4 Task D 1/20/2020 18 Task E 1/24/2020 4 Task F 2/3/2020 Task G 2/14/2020 11 Task H 2/14/2020 11 Task I 2/24/2020 12 10 1/1/2020 1/8/20201/15/20201/22/20201/29/20202/5/20202/12/20202/19/20202/26/20203/4/20203/11/2020 Task A Task B Task C Task D Task E Task F Task G Task H Task I MAPPING STRATEGIC GOAL 4 Network Diagram using the Tasks Task Description Duration Predecessor A Strategy introduction 3 - B Hiring 12 A C Training and Development 4 A D Team Allocation 8 C E Design incentive program 4 B,C F Schedule resources 10 E, D G Implement Bonus program 11 F H Progress Monitoring 11 F I Performance Review 12 F, H MAPPING STRATEGIC GOAL 5 Network Diagram B E G 11 4 H 11 F 10 A I 12 D C 12 8 Gantt and Network Diagram Analysis The Gantt chart above demonstrates a sequence of activities that lead to Sears Holding Co. strategic goal. However, it does not show the relation to each exercise when it comes to durations and dominance. Therefore, if one estimates that the implementation MAPPING STRATEGIC GOAL 6 stage will take three months, then the chart does not show this duration with the strategic goal. The chart does not represent the duration or the amount of work involved. For instance, development may also involve training, but training may take less duration. The chart does not indicate this task or the amount of work involved in each task. Besides, the chart relies on the breakdown structure that one has assumed. The assumption, in this case, is based on the personal experience on the amount of task it will take to complete the task. Therefore, when there is a major task missing, then the chart does not indicate it or help determine how the task can be filled. In the network above, the node/circle represent an activity and it labeled with duration time. When constructing the network, the arrow demonstrates an activity from node to the other one or the activity that must be finished before the other activity proceeds. This network assumes that activities can take simultaneously; for instance, at the start of task F, task E is taking place. This means that there are certain activities that when delayed can affect the overall completion of the overall project. Task F, for instance, is dependent on task E and D, and task H is dependent on task F. This information allows one to understand what is important in this strategic goal (Wilson, 2014). The problem is that the network can be misinterpreted. It assumes that the schedule resources, which are not dependent on the performance review, however, the success of the reward programs after the performance review is dependent on the resource allocation. It assumes that resource allocation here is not a critical path, but a dummy while it may be one of the most important activities in this plan. MAPPING STRATEGIC GOAL 7 References Wilson, R. (2014). Mastering Project Management Strategy and Processes: Proven Methods to Meet Organizational Goals. FT Press. Running Head: STRATEGY IMPLEMENTATION Strategy implementation 1 STRATEGY IMPLEMENTATION 2 Strategy Implementation Sears Holding Co. has come up with various strategies that will increase its sales in the coming years. These are strengthening IT infrastructure, take advantage of its secure retail experience, minimizing the competition, improving the financial planning and employ a skilled workforce. However, to implement these strategies, various factors should be considered that affect both people and the organization. Strategy implementation illustrates what activities to be done, the person to perform the operations, time and way to be completed and the place to conduct them according to Chang, (2016). The following steps should be taken before implementation. Establish the value proposition. Before implementing the new strategies, one should consider the competitive advantage of the business. In Sears holding co, they have significant shares in the market compared to their competitors. However, as the company, we should know why they prefer our products from others. After evaluation of many reasons from the customers, the company should focus on products and services that they can offer best than others. Failure in this stage can lead to devaluation of the business. Identify the ideal customer. Sears holding company mostly deal with online customers who mostly do not have time for physical visits in their stores. Before implementation, the company should consider the effects of proposed strategies on their customers. Having reliable IT infrastructures customers will ensure that they can shop online very effectively and efficiently. Define the key indicators. The changes that the strategies will make should be measurable to make them useful. Identify the procedures that affect business growth and dedicate adequate time and money on them. Consider checking the progress now and then to see their impact. STRATEGY IMPLEMENTATION 3 Identify available revenue streams. Determine if there is a need for a new revenue stream to increase the profit of the business and their sustainability in the long term. However, some of the strategies may not require any revenue for their implementation thus need to differentiate. Consider the competitors. Consider investigating how the businesses in similar strategies have handled the implementation of their growth strategies. For example, the sear holding co can relate to Amazon's implementation of their approach and their experience. If need be, seek any advice that will help in implementation. Find out why the competitors used specific strategies and their influence on their growth. Focus on the company's strengths. Sears Holding Company is known for its unique products and reliability. They have reliable customer services and professionally train their employees. It's a one-stop shop where its customers get a variety of products at ago. Focusing on the strengths will help establish the strategies than focusing on weakness according to Wheelen et al. (2017). Rearrange the strategies to suit your strengths and use them to build the growth of the business. Invest in your employees. Employees are directly involved with the customers and therefore need to motivate and inspire them. To implement strategy it requires participation from all employees in the organization. Executing the strategies can be led by top management while others follow. The employees should have skills, competencies, and knowledge for the implementation of the policy. Factors to be considered for strategy implementation are people, resources, structure, systems, and culture. Implementing a strategy is not as easy as it may seem especially in market conditions that change daily. Also if a strategy worked for one company doesn't have to work for yours; thus we cannot measure the success of accompanying based on their plan according to Candido STRATEGY IMPLEMENTATION 4 & Santos, (2015) . Focus your strategies on the business and the customers, by doing this you will fulfill customers' satisfaction and improve the sales of the company. Sears holding company should consider the steps because it will positively affect the growth of the company. STRATEGY IMPLEMENTATION 5 References Cândido, C. J., & Santos, S. P. (2015). Strategy implementation: What is the failure rate?. Journal of Management & Organization, 21(2), 237-262. Chang, J. F. (2016). Business process management systems: strategy and implementation. Auerbach Publications. Wheelen, T. L., Hunger, J. D., Hoffman, A. N., & Bamford, C. E. (2017). Strategic management and business policy (p. 55). Boston: pearson. Running head: BUDGET ESTIMATES BUDGET ESTIMATES Goal choice 1 BUDGET ESTIMATES 2 All companies require goals, objectives, and targets to be successful or deliver the best services for their customers. Therefore, the goals for SEARS company include; improving customers lives by providing high-quality products, solutions, and services, Performance Review and Reward System and Improve resource allocation- minimize waste and save costs. Operating Budget Ideally, an operating budget is a necessity for any o the business, that is, both the profit and nonprofit organization (Loughran & McDonald, 2016). Owners and the managers use it to keep track of the progress, plan for growth and also, identify and adjust any processed and procedures when the thing in a company is not operating as expected Revenue Amount Corporate Donation $ 36,000 Fundraising $ 20, 000 Individual Contributions $ 11,000 Interest $ 20 Program Fees $ 30, 000 Grants $ 140, 000 Total Revenue 237,020 General Operations Processing $ 20,000 Staffing $ 11,000 Location $ 5,000 Equipment & Tecnology $ 36,000 HR Interviewing $ 12,000 Expenses Admin. Supplies and services $ 9,000 BUDGET ESTIMATES Building Expenses: insurance 3 $2,000 Miscellaneous $ 3,000 Utilities $ 4,500 Loan Payments $ 16,000 Salaries and Benefits Administrative $ 13,000 Benefits $ 7,000 Executive Director $ 61,200 Developmental Director $ 34,200 FICA & Taxes $ 10,000 Health Insurance $ 4,000 Total Expenses $ 230, 900 The Capital Budget Capital budgeting is the processing in which the business or investor determines and evaluates potential significant expenses or investments (Loughran & McDonald, 2016). The costs and expenditures that the business owners decide to include projects such as the new plant or investing in a long term venture. Therefore, management utilizes the capital budgeting to determine the profitable projects will yield the most return over an applicable period . some of the methods of capital budgeting are throughput analysis, net present value, internal rate of return, discounted cashflow and the payback period. Long term assets are the investment within a company that will be of great benefit with an extended period. They include fixed assets such as property, plant and equity, and other assets such as long term investments or patents. Therefore, the company can incorporate the patents as long term assets to protects its commodities. Licenses will enable the company to produce BUDGET ESTIMATES 4 differentspecialties, and also it will be protected from the production of the counterfeit products by other companies. Sears HR strategies may consider incorporating the modernized plant and machinery. In the modern and competitive world, companies can only face a competitive environment by combining advanced equipment in their organizations. Conclusion SEARs company can achieve the goals and the objectives set aside by following the operation budget and also using the capital budget to determine the profitable projects. Use of the capital budgeting methods requires skills and expertise to ensure they make appropriate decisions. BUDGET ESTIMATES 5 References Loughran, T., & McDonald, B. (2016). Textual analysis in accounting and finance: A survey. Journal of Accounting Research, 54(4), 1187-1230. Module 03 Course Project – Budget Estimates Total Points Possible 100 Chosen goal is clearly identified (20 Max Point Value) Operating budget is realistic and considers all major expenses for the chosen goal. (30 Max Point Value) Two long term assets are identified, fit the chosen goal, and their impact is explained. (30 Max Point Value) The budget is mathematically sound (20 Max Point Value) Insufficient/No t Evident Progressing Competent Exemplary Earned Points (0-9pts.) Content was not included or incomplete, and/or extremely inaccurate (0-14pts.) Content was not included or incomplete, and/or extremely inaccurate (10-13pts.) Content shows a basic understanding of key ideas, yet includes some inaccuracies. (15-20pts.) Content shows a basic understanding of key ideas, yet includes some inaccuracies. (14-17pts.) Content meets criteria with minimal errors, is accurate and shows a clear understanding through appropriate examples and explanations. (21-25pts.) Content meets criteria with minimal errors, is accurate and shows a clear understanding through appropriate examples and explanations. (18-20 pts.) Content meets or exceeds criteria, is accurate and shows an extraordinary understanding through rich examples and explanations. (26-30 pts.) Content meets or exceeds criteria, is accurate and shows an extraordinary understanding through rich examples and explanations. (0-14pts.) Content was not included or incomplete, and/or extremely inaccurate (15-20pts.) Content shows a basic understanding of key ideas, yet includes some inaccuracies. (21-25pts.) Content meets criteria with minimal errors, is accurate and shows a clear understanding through appropriate examples and explanations. (26-30 pts.) Content meets or exceeds criteria, is accurate and shows an extraordinary understanding through rich examples and explanations. (0-9pts.) Content was not included or incomplete, and/or extremely inaccurate (10-13pts.) Content shows a basic understanding of key ideas, yet includes some inaccuracies. (14-17pts.) Content meets criteria with minimal errors, is accurate and shows a clear understanding through appropriate examples and explanations. (18-20 pts.) Content meets or exceeds criteria, is accurate and shows an extraordinary understanding through rich examples and explanations. Total Where is the time component of your goal (It needs a time limit to be SMART). Why would you want to make your goals SMART goals? When would you want to use SMART goals? You made a very nice table. Please save your documents in Word 2003 format, in the future. 16 Why didn’t you use SMART goals? 27 You had a realistic budget that considere d all the major expenses. 27 Two assets were chosen and explained well. 20 Your budget balances beautifully . 90 /100 Running head: [SHORTENED TITLE UP TO 50 CHARACTERS] SEARS- HR Strategies 1 [SHORTENED TITLE UP TO 50 CHARACTERS] 2 SEARS- HR Strategies Now that we have analyzed and researched different goals, strategies, and setbacks Sears has and will face. We can move forward and come up with solutions and possible strategies to move SEARS into a positive, more lucrative position. Let’s begin by highlighting some goals we had last week, how we will develop those goals and retain success. Goal Choice Initially, in our external analysis from last week, we were to come up with three goals that we would like to improve on or even implement into SEARS’ new aesthetic. Those three goals were: 1. Improve customers lives by providing high quality products, solutions, and services 2. Performance Review and Reward System 3. Improve resource allocation- minimize waste and save costs Out of these three examples, I would like to focus on “Performance Review and Reward System.” I think this is a great first goal to focus on because we need to garner some excitement again around the brand SEARS. We need to implement a program in which we get people shopping, and intrigued by incentives and new ideas. Hiring- Attraction In order to make any promotion, sale, company successful you have to start with the right team. If I had to choose three traits in order to make this goal successful, I would choose diversity, good communication skills and leadership qualities. Diversity because everyone is unique and everyone has their own unique vision of something whether that be based on culture, upbringing, experience. You need different perspectives to throw out different ideas, ideas that [SHORTENED TITLE UP TO 50 CHARACTERS] 3 might be outside of the box to you or someone else. Communication skills are also a must. Not just talking either, you equally have to be a good listener. If a group or a person is not able to communicate well goals will not be achieved, time lines can be botched and projects even go unfinished. Leadership qualities are important because you need employees that are trustworthy and garner respect. “This individual essentially works as the glue holding the team together and should be responsible for setting the pace, offers encouragement and motivation and keeps all members of the team updated, (Deering, 2019).” Hiring strategies, the other side of the coin, can be equally important as hiring employees. As the employer you want someone who is confident, loyal, and takes their job seriously. What strategies can SEARS use in order to attract a better candidate for hire? First off treat candidates like customers. “Whether it’s a phone screening or an in-person interview, a candidate’s first impression of your company is critical. It’s important you make them feel you’re as excited about getting to know them as they are about being considered for the role. One of the best recruiting techniques is to treat interviewees the same way you treat your customers, (10 recruiting strategies).” Be respectful of their time, be courteous, polite and outgoing. Secondly, include some seasoned, valued employees on the interview process. They know what the job entails and have been doing it for years so why not go straight to the source (or include the source) and have them sit on the interview. After the interview you can hear some of the invaluable feedback. By using these methods, it will ensure that our work force stays diverse thru inclusion and by being open and honest. By hiring the right people and having enthusiasm it will help us reach our goals successfully. The foundation, the team is what’s going to make or break our goals and our outcomes. [SHORTENED TITLE UP TO 50 CHARACTERS] 4 Development Training is one of the biggest benefits that we have. So often people are thrown into roles without proper training and lack of knowledge. We will be doing most of our training face to face. We do want to establish a more prominent online platform but SEARS is a retail store. Customer service is key and by training our recruits face to face, this gives us a more hand on experience and I believe a greater chance for problem solving success. Two areas for training new employees that need to be covered are obviously customer service skills (answering phones, knowledge of store and products, etc.) and problem-solving skills (answering customer questions, dealing with disgruntled customers). Existing employees always need a refresher course so we will retrain customer service skills and also knowledge. We want all our employees to stay up to date on new products/services, how they work and how they can benefit each customer in a new and unique way. Our training will include group exercises especially when it comes to problem solving issues. This will highlight the way diversity can be an asset, some people might approach an issue a certai ...
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Running head: STRATEGIC GOAL CONTROLLING

Strategic Goal Controlling
Student’s Name

Institution

Date

1

STRATEGIC GOAL CONTROLLING

2

Strategic control can be defined as the process by which organizations and companies
control how strategic goals and plans are formed and executed (Wheelen et al., 2017). It is a way
of managing strategic goal execution. It handles ambiguity and unknowns as it tracks the
implementation of a plan or goal and the subsequent results. The primary concern of strategic
control is to find and to help adapt to external and internal factors that affect the goal, whether
included in the strategy initially or not. Once a company comes up with a strategic goal or plan,
it is important to monitor and control it because it enables the company management to measure
the strategies’ effectiveness for the atta...

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awesome work thanks

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