Access over 20 million homework & study documents

search

MGT 498 Week 1 DQ1

Type

Homework

Rating

Showing Page:
1/1
Week 1 DQ1
Why is strategic planning important to the organization? How does strategic planning help the
organization? What kind of strategic planning tools are you familiar with? Have you used
SWOT analysis in other classes? Do you know what the balanced scorecard is?
Strategic planning is important to the organization because it creates a tangible set of guidelines
for employees to follow. By developing a strategic plan organizations can run a smoother
operation that is less likely to incur costly mistakes. Lower level managers are integral parts in
this process because they are responsible for the implementation of the strategic plan.
Planning helps the organization to ensure more long-term stability. Strategic planning helps
organizations to recognize internal and external strengths and weaknesses. By identifying
strengths and weaknesses, organizations can adapt when necessary rather than being stagnant.
Choosing the right strategy can help companies to not only sustain, but also improve
performance.
One tool that I am familiar with is environmental sustainability. I work in the plastics industry
where recycling materials is an essential tool. Maximizing petroleum based products is key not
only to the environment, but also maximizing profitability.
SWOT is a concept that I am familiar with thanks to UOP. I have used this in my everyday job
as a retail store manager. Having a better understanding of this concept has allowed me to be
more proactive when talking to my superiors. I am also with the basics of the balanced scorecard.
From my understanding a balanced scorecard is a form of organizational evaluation that uses
financial and non-financial factors to reach a conclusion.

Sign up to view the full document!

lock_open Sign Up

Anonymous
Excellent! Definitely coming back for more study materials.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4