Description
Part 9 GE
Course Project - Executive Summary
Before you submit the final version of your Strategic Management Plan, the last piece you need to create is an Executive Summary. This should be the first page in the final version of your plan. It's meant to be something that an executive could quickly read in order to get a basic understanding of the overall strategic management plan. Due to its purpose, the executive summary should be a thorough and concise summary clearly depicting the content of the plan. Give an overview of the goal you're trying to accomplish, any major findings in your research, the reasoning behind the goal, and any major obstacles you foresee. It should be treated as a document ready to be turned into an executive director, board of advisors, investor, etc. Therefore, format and style (presentation) is very important.
Part 10 GE
Course Project - Strategic Goal Controlling
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.
As an example, if my goal is to "decrease the amount of defective parts made on my assembly line by 5%", I could control it through regular maintenance checks (feed forward), thorough employee training on the machines (feed forward), and a software system that monitors production while it's happening and can print off detailed reports after work is completed (concurrent and feedback). You will need to go into much more detail on the structure, process, and purpose of your control methods, but this should give you a good idea of how to complete this assignment. Really think through how you'll keep up to speed with company progress on your strategic management goal.
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Running head: STRATEGIC MANAGEMENT PLAN
Executive Summary
Student’s Name
Professor’s Name
Course Title
Date
STRATEGIC MANAGEMENT PLAN
2
Executive Summary
Strategic planning is all about the definition of an organization’s strategy and decisionmaking on how resources are to be allocated towards the achievement of the set objectives and
goals. It may also involve the control mechanisms to guide the strategy implementation process.
This strategic management plan relates to the General Electric Company (GE), which is among
the most successful corporations globally. It aims at identifying the best strategy GE can use in
order to not only grow its revenues but also increase its presence in the areas it has not been
established. In this plan, I review the company’s code of ethics, propose a revised mission
statement which is ‘To usher in the next industrial era and to build, move, power, and cure the
world by providing high-quality products and services while at the same time remaining socially
responsible’. To achieve this mission, GE has to strategize on what business segment they are to
improve or work on even better. After a thorough review, the plan settles on focusing on the best
performing and largest business segment among the various business segments in order to raise
more revenue for running the other business segments. This is the strategy that has been
discussed throughout the plan. Internal and external market analysis is conducted in regard to the
chosen segment which is the ...