BSBLDR802 Lead the Strategic Planning Process for an Organisation
VerifiedAdded on 2023/04/22
|13
|3638
|186
AI Summary
This assessment task consists of written questions to test your knowledge about leading the strategic planning process for an organisation. The questions cover topics such as strategic management, strategic planning, SWOT analysis, key results areas, strategic decision making, steps in strategic planning and management, determining strategic position, and reviewing and revising a strategic plan. The assessment also provides a list of key principles for effective community and stakeholder engagement.
Contribute Materials
Your contribution can guide someone’s learning journey. Share your
documents today.
Assessment Task 1 BSBLDR802Lead the strategic
planning process for an
organisation
Knowledge test – Written task
Submission details
The assessment task is due on the date specified by your assessor. Any
variations to this arrangement must be approved in writing by your
assessor.
Submit this document with any required evidence attached. See
specifications below
for details.
Performance objective
The candidate will demonstrate the skills and knowledge required to lead
the development of high-level strategic plans that serve the vision and
mission of an organisation. They will also show their ability in analysing the
environment, identifying risks and opportunities, planning staffing
requirements, succession planning, and establishing and monitoring
financial and non-financial performance indicators.
Assessment description
This assessment task consists of written questions to test your knowledge
about leading the strategic planning process for an organisation. In
response to the questions asked, you need to provide answers in your own
words as far as practicable. You may provide examples either from own
experience or through your research. You need to mention the source in
reference for your research.
Procedure
1. Read the questions asked and provide answers in the given space.
You may consult with your trainer/assessor if you are not clear of the
questions being asked.
2. You may provide additional documents if required.
Choice Business College Page 1 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
planning process for an
organisation
Knowledge test – Written task
Submission details
The assessment task is due on the date specified by your assessor. Any
variations to this arrangement must be approved in writing by your
assessor.
Submit this document with any required evidence attached. See
specifications below
for details.
Performance objective
The candidate will demonstrate the skills and knowledge required to lead
the development of high-level strategic plans that serve the vision and
mission of an organisation. They will also show their ability in analysing the
environment, identifying risks and opportunities, planning staffing
requirements, succession planning, and establishing and monitoring
financial and non-financial performance indicators.
Assessment description
This assessment task consists of written questions to test your knowledge
about leading the strategic planning process for an organisation. In
response to the questions asked, you need to provide answers in your own
words as far as practicable. You may provide examples either from own
experience or through your research. You need to mention the source in
reference for your research.
Procedure
1. Read the questions asked and provide answers in the given space.
You may consult with your trainer/assessor if you are not clear of the
questions being asked.
2. You may provide additional documents if required.
Choice Business College Page 1 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Assessment Task 1 BSBLDR802Lead the strategic
planning process for an
organisation
3. Complete all the questions and submit all documents as required.
4. Ensure you keep a copy of all work submitted for your records.
Specifications
You must:
● meet with your assessor to clarify the questions if required
● provide suitable examples where necessary
● give reference to information you have gathered from any additional
sources
● submit your notes.
Your assessor will be looking for your ability to:
● facilitate processes to develop an organisation-wide strategic plan
including:
consulting with decision makers and other stakeholders
planning and budgeting for human, financial and capital resources
and implementing staff development and succession plans
identifying and analysing information about the organisation and
its environment including research about industry trends and
practices, an environmental and organisational scan, existing
organisational strategic planning documents, a strengths,
weaknesses, opportunities and threats (SWOT) analysis and
identifying risks to achieving the organisation's goals
aligning the strategic plan to the vision, mission and key goals of
the organisation
identifying performance indicators
communicating with and engaging stakeholders in the
development, sign off and implementation of the plan
● harness resources, staff and stakeholder commitment to ensure
implementation of the strategic plan by consulting and engaging with
them throughout the process
● implement and evaluate the strategic plan including developing
tactical or operational annual plans and refining the plan to respond
to changed conditions.
Adjustment for distance-based learners
● No variation of the task is required.
● Documentation can be submitted electronically or posted in the mail.
Choice Business College Page 2 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
planning process for an
organisation
3. Complete all the questions and submit all documents as required.
4. Ensure you keep a copy of all work submitted for your records.
Specifications
You must:
● meet with your assessor to clarify the questions if required
● provide suitable examples where necessary
● give reference to information you have gathered from any additional
sources
● submit your notes.
Your assessor will be looking for your ability to:
● facilitate processes to develop an organisation-wide strategic plan
including:
consulting with decision makers and other stakeholders
planning and budgeting for human, financial and capital resources
and implementing staff development and succession plans
identifying and analysing information about the organisation and
its environment including research about industry trends and
practices, an environmental and organisational scan, existing
organisational strategic planning documents, a strengths,
weaknesses, opportunities and threats (SWOT) analysis and
identifying risks to achieving the organisation's goals
aligning the strategic plan to the vision, mission and key goals of
the organisation
identifying performance indicators
communicating with and engaging stakeholders in the
development, sign off and implementation of the plan
● harness resources, staff and stakeholder commitment to ensure
implementation of the strategic plan by consulting and engaging with
them throughout the process
● implement and evaluate the strategic plan including developing
tactical or operational annual plans and refining the plan to respond
to changed conditions.
Adjustment for distance-based learners
● No variation of the task is required.
● Documentation can be submitted electronically or posted in the mail.
Choice Business College Page 2 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
Assessment Task 1 BSBLDR802Lead the strategic
planning process for an
organisation
Answer the questions in the space
provided
Answer all the questions. You may attach any additional documents if
required.
1. What is Strategic Management? What is Strategy Execution?
Strategic management and execution refers to processes and activities that are made
use of by an organization in a systematic manner to align and coordinate resources
with a vision, strategic and mission throughout an organization. Strategic
management and execution form a vital component of business activities that are
carried out by just about any organization or enterprise in any given part of the
world. Strategic execution of resources and manpower and the strategic
management of business activities are usually the responsibility of select individuals
who are appointment as the administrative heads of an organization. Such persons
constitute the top-level management of an organization and they are given the
responsibility of overseeing the entire process of strategic implementation of
activities and procedures that are directed towards achieving business goals and
objectives. Strategic executions form a part of the process of strategic management,
and must be carried out at every stage of the business.
2. Discuss the importance of having a strategic planning?
Choice Business College Page 3 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
planning process for an
organisation
Answer the questions in the space
provided
Answer all the questions. You may attach any additional documents if
required.
1. What is Strategic Management? What is Strategy Execution?
Strategic management and execution refers to processes and activities that are made
use of by an organization in a systematic manner to align and coordinate resources
with a vision, strategic and mission throughout an organization. Strategic
management and execution form a vital component of business activities that are
carried out by just about any organization or enterprise in any given part of the
world. Strategic execution of resources and manpower and the strategic
management of business activities are usually the responsibility of select individuals
who are appointment as the administrative heads of an organization. Such persons
constitute the top-level management of an organization and they are given the
responsibility of overseeing the entire process of strategic implementation of
activities and procedures that are directed towards achieving business goals and
objectives. Strategic executions form a part of the process of strategic management,
and must be carried out at every stage of the business.
2. Discuss the importance of having a strategic planning?
Choice Business College Page 3 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
Assessment Task 1 BSBLDR802Lead the strategic
planning process for an
organisation
Strategic planning is something that definitely needs to be carried out by a business
organization or enterprise as this is what provides the business with a clear sense of
direction and also outlines all the goals that can be easily measured. Day to day
activities and agenda of a business organization are those that are guided by the
process of strategic planning. When an organization decides to change its business
approach in order to move in forward direction rather than regress or stagnate or
when an organization decides to evaluate the success of its business measures, then
this is also the time when strategic planning comes in very handy. Strategic
planning is carried out prior to the stage of strategic management and execution.
The planning is done by taking the strengths and weaknesses of the organization
into consideration, in addition to the business goals and objectives of the
organization. Once the latter and the former have been finalized or determined
thoroughly, then only does strategic planning take place, followed by strategic
management and execution.
3. Provide a list of samples SWOT Analysis questions.
Choice Business College Page 4 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
planning process for an
organisation
Strategic planning is something that definitely needs to be carried out by a business
organization or enterprise as this is what provides the business with a clear sense of
direction and also outlines all the goals that can be easily measured. Day to day
activities and agenda of a business organization are those that are guided by the
process of strategic planning. When an organization decides to change its business
approach in order to move in forward direction rather than regress or stagnate or
when an organization decides to evaluate the success of its business measures, then
this is also the time when strategic planning comes in very handy. Strategic
planning is carried out prior to the stage of strategic management and execution.
The planning is done by taking the strengths and weaknesses of the organization
into consideration, in addition to the business goals and objectives of the
organization. Once the latter and the former have been finalized or determined
thoroughly, then only does strategic planning take place, followed by strategic
management and execution.
3. Provide a list of samples SWOT Analysis questions.
Choice Business College Page 4 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Assessment Task 1 BSBLDR802Lead the strategic
planning process for an
organisation
Swot analysis is something that is carried out in order to analyze the internal
environment that a business is seen to be functioning in. The SWOT analysis is a
tool that is widely used in business processes especially when it comes to business
planning, strategic planning and strategic management and execution. A few of the
questions that are commonly asked when carrying out a SWOT analysis for an
organization include the strengths of an organization, an identification of the
possible weaknesses of the organization, an overview of the various opportunities
that exist for the expansion or growth of the organization and finally, an analysis of
the threats that are posed to the particular organization by competitors and rivals in
the market. The SWOT analysis must be carried out when drawing up a business
plan or a marketing plan for expansion of an organization. It provides a snapshot of
the key strengths and drawbacks of a business organization, giving administrators
an idea as to what are the areas of business that need to be worked upon, and which
are the areas that are doing well.
4. What are Key Results Areas?
Key results areas are the general outcomes or outputs for which the
role of a department is responsible. It is essentially a strategic factor
that can either be external or internal to an organization and where
very strong and positive results have got to be realized in order for the
strategic goals of the organization to be achieved. It is necessary for
each and every department of a business organization to identify key
results areas right at the outset of business activities in order for
administrators to have a clear idea as to what it is that is being aimed
for and what is not. Once the key results areas have been identified,
the department of a business organization, be it a human resources
department, a department for finances or an operations department,
will be in a position to organize its activities and processes in a way
that the goals and objectives of that particular department as well as
of the organization in general are readily achieved.
5. What is the difference between a Strategic Plan and a
Choice Business College Page 5 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
planning process for an
organisation
Swot analysis is something that is carried out in order to analyze the internal
environment that a business is seen to be functioning in. The SWOT analysis is a
tool that is widely used in business processes especially when it comes to business
planning, strategic planning and strategic management and execution. A few of the
questions that are commonly asked when carrying out a SWOT analysis for an
organization include the strengths of an organization, an identification of the
possible weaknesses of the organization, an overview of the various opportunities
that exist for the expansion or growth of the organization and finally, an analysis of
the threats that are posed to the particular organization by competitors and rivals in
the market. The SWOT analysis must be carried out when drawing up a business
plan or a marketing plan for expansion of an organization. It provides a snapshot of
the key strengths and drawbacks of a business organization, giving administrators
an idea as to what are the areas of business that need to be worked upon, and which
are the areas that are doing well.
4. What are Key Results Areas?
Key results areas are the general outcomes or outputs for which the
role of a department is responsible. It is essentially a strategic factor
that can either be external or internal to an organization and where
very strong and positive results have got to be realized in order for the
strategic goals of the organization to be achieved. It is necessary for
each and every department of a business organization to identify key
results areas right at the outset of business activities in order for
administrators to have a clear idea as to what it is that is being aimed
for and what is not. Once the key results areas have been identified,
the department of a business organization, be it a human resources
department, a department for finances or an operations department,
will be in a position to organize its activities and processes in a way
that the goals and objectives of that particular department as well as
of the organization in general are readily achieved.
5. What is the difference between a Strategic Plan and a
Choice Business College Page 5 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
Assessment Task 1 BSBLDR802Lead the strategic
planning process for an
organisation
Tactical Plan?
The strategic plan is a plan that envisions the long term goals of a business
organization. The goals of a business enterprise as stated in the company’s vision
and mission statement are those that form an integral part of a strategic plan. A
tactical plan on the other hand is also something that is used by business
organizations, but this is a plan that is directed or focused on the achievement of
short term goals. Tactical plans are deployed for execution of short term projects
that never last for more than a few months or so. The strategic plans on the other
hand are usually those that are aimed at achieving business goals and objectives
over a period of five years. At times a strategic plan can also be drawn up for a
period of ten years. A business enterprise that intends on thriving in the market for
the long term should have both tactical and strategic plans in place for
implementation.
6. Define Strategic Decision Making.
Choice Business College Page 6 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
planning process for an
organisation
Tactical Plan?
The strategic plan is a plan that envisions the long term goals of a business
organization. The goals of a business enterprise as stated in the company’s vision
and mission statement are those that form an integral part of a strategic plan. A
tactical plan on the other hand is also something that is used by business
organizations, but this is a plan that is directed or focused on the achievement of
short term goals. Tactical plans are deployed for execution of short term projects
that never last for more than a few months or so. The strategic plans on the other
hand are usually those that are aimed at achieving business goals and objectives
over a period of five years. At times a strategic plan can also be drawn up for a
period of ten years. A business enterprise that intends on thriving in the market for
the long term should have both tactical and strategic plans in place for
implementation.
6. Define Strategic Decision Making.
Choice Business College Page 6 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
Assessment Task 1 BSBLDR802Lead the strategic
planning process for an
organisation
Strategic decision making is a process by which a plan of action is
drawn up that is based on the long term growth and development of
the company rather than merely achieving short term objectives.
Strategic decision making is a very vital part of the process of doing
business. It can outline long term visions and plans for a company
even when it is going through a bad patch financially and does not see
any avenue for recovery. Strategic decision making is of course a
specialized task that is carried out by experts rather than by those
who invest in or are running the organization. Experts usually provide
strategic management reports or strategic plans of action that need to
be put in place immediately at the start of the financial year and which
need to be seen through diligently no matter how many hurdles it is
that the company might be faced with.
7. What Are the Steps in Strategic Planning and Management?
The process of strategic planning and management is one
that is characterized by as many as five different stages. The
first among these is goal setting. Clear cut goals need to be
set by the business organization for achievement over the
long term as well as the short term. The second important
step is analysis. The internal and external environment that
the business is operating in needs to be analyzed after which
the an analysis has to be made of the financial resources and
human resources that are made available the organization
and which it can use for furthering its business goals and
agendas. The third stage is strategy formation. This is when
the strategies for taking the business in forward direction are
formed and drawn up. The fourth stage entails the act of
strategy implementation. This is the stage when the strategy
that is drawn up or planned is executed. The final stage of
the strategic planning and management process is strategy
monitoring, where the existing strategy is monitored
carefully for success, and for strengths and weaknesses.
8. How would you determine your strategic position
Choice Business College Page 7 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
planning process for an
organisation
Strategic decision making is a process by which a plan of action is
drawn up that is based on the long term growth and development of
the company rather than merely achieving short term objectives.
Strategic decision making is a very vital part of the process of doing
business. It can outline long term visions and plans for a company
even when it is going through a bad patch financially and does not see
any avenue for recovery. Strategic decision making is of course a
specialized task that is carried out by experts rather than by those
who invest in or are running the organization. Experts usually provide
strategic management reports or strategic plans of action that need to
be put in place immediately at the start of the financial year and which
need to be seen through diligently no matter how many hurdles it is
that the company might be faced with.
7. What Are the Steps in Strategic Planning and Management?
The process of strategic planning and management is one
that is characterized by as many as five different stages. The
first among these is goal setting. Clear cut goals need to be
set by the business organization for achievement over the
long term as well as the short term. The second important
step is analysis. The internal and external environment that
the business is operating in needs to be analyzed after which
the an analysis has to be made of the financial resources and
human resources that are made available the organization
and which it can use for furthering its business goals and
agendas. The third stage is strategy formation. This is when
the strategies for taking the business in forward direction are
formed and drawn up. The fourth stage entails the act of
strategy implementation. This is the stage when the strategy
that is drawn up or planned is executed. The final stage of
the strategic planning and management process is strategy
monitoring, where the existing strategy is monitored
carefully for success, and for strengths and weaknesses.
8. How would you determine your strategic position
Choice Business College Page 7 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
Secure Best Marks with AI Grader
Need help grading? Try our AI Grader for instant feedback on your assignments.
Assessment Task 1 BSBLDR802Lead the strategic
planning process for an
organisation
The strategic position of a business or an organization is something
that is determined through internal and external analysis. External
analysis is an analysis of the external environment that the business
is carrying out its operations in, which is mainly the country that the
business is based in. Important components of an external analysis
include political factors, economic factors, social factors,
technological, legal and environmental factors that affect the running
of a business. The internal analysis of a business organization is
conducted using a tool known as SWOT analysis. Such a tool is aimed
at deriving and analyzing the strengths, weaknesses, opportunities
and threats that are faced by the particular business organization.
Once both the internal and external analysis have been carried out
for the concerned business, it will be easy to understand where the
business is positioned in the market strategically and how, and what
it needs to do to grow and expand in the best way possible.
9. Outline a method to Review and revise a strategic plan
Choice Business College Page 8 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
planning process for an
organisation
The strategic position of a business or an organization is something
that is determined through internal and external analysis. External
analysis is an analysis of the external environment that the business
is carrying out its operations in, which is mainly the country that the
business is based in. Important components of an external analysis
include political factors, economic factors, social factors,
technological, legal and environmental factors that affect the running
of a business. The internal analysis of a business organization is
conducted using a tool known as SWOT analysis. Such a tool is aimed
at deriving and analyzing the strengths, weaknesses, opportunities
and threats that are faced by the particular business organization.
Once both the internal and external analysis have been carried out
for the concerned business, it will be easy to understand where the
business is positioned in the market strategically and how, and what
it needs to do to grow and expand in the best way possible.
9. Outline a method to Review and revise a strategic plan
Choice Business College Page 8 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
Assessment Task 1 BSBLDR802Lead the strategic
planning process for an
organisation
The best way to review and to revise a strategic plan for a
business organization is of course to review both the internal
and external environments in which the business is being
done. For instance, the political factors or legislative
measures introduced by the ruling party in the state or
country where the business is based is something that can
heavily influence business outcomes in the short term or long
term. Reviewing and revising a strategic plan will entail
conducting an analysis or review of the external environment
as a whole followed by an in-depth review of the firm’s
internal environment. The latter will reveal the threats that
the business is faced with, the opportunities that exist in the
present market for it to grow and expand, the strengths of
the business that it can use in order to overcome its various
challenges and the weaknesses or limitations that it needs to
be mindful of.
10. Provide a list of key principles for effective community and
stakeholder engagement
Stakeholder management and stakeholder engagement are
two of the most important activities that need to be carried
out in order to ensure that business projects and agendas are
implemented in the most successful way possible. Some of
the key principles that need to be adhered to in order to
engage with community and stakeholders in the most
effective way are to communicate as often as possible and to
consult stakeholders early on in the process rather than at a
later stage. It is imperative to remember that stakeholders
are human beings and that they are also vulnerable to
negative business outcomes as are those who are entrusted
with the management of the business. Planning and
organization are also important principles that need to be
adhered to for effective community and stakeholder
engagement. It is crucial finally to identify as well as build
relationships with stakeholders over the long term, if their
patronage is being sought for a considerable number of years
rather than simply for the short term.
Choice Business College Page 9 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
planning process for an
organisation
The best way to review and to revise a strategic plan for a
business organization is of course to review both the internal
and external environments in which the business is being
done. For instance, the political factors or legislative
measures introduced by the ruling party in the state or
country where the business is based is something that can
heavily influence business outcomes in the short term or long
term. Reviewing and revising a strategic plan will entail
conducting an analysis or review of the external environment
as a whole followed by an in-depth review of the firm’s
internal environment. The latter will reveal the threats that
the business is faced with, the opportunities that exist in the
present market for it to grow and expand, the strengths of
the business that it can use in order to overcome its various
challenges and the weaknesses or limitations that it needs to
be mindful of.
10. Provide a list of key principles for effective community and
stakeholder engagement
Stakeholder management and stakeholder engagement are
two of the most important activities that need to be carried
out in order to ensure that business projects and agendas are
implemented in the most successful way possible. Some of
the key principles that need to be adhered to in order to
engage with community and stakeholders in the most
effective way are to communicate as often as possible and to
consult stakeholders early on in the process rather than at a
later stage. It is imperative to remember that stakeholders
are human beings and that they are also vulnerable to
negative business outcomes as are those who are entrusted
with the management of the business. Planning and
organization are also important principles that need to be
adhered to for effective community and stakeholder
engagement. It is crucial finally to identify as well as build
relationships with stakeholders over the long term, if their
patronage is being sought for a considerable number of years
rather than simply for the short term.
Choice Business College Page 9 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
Assessment Task 1 BSBLDR802Lead the strategic
planning process for an
organisation
11. Outline the characteristics of meaningful stakeholder
engagement
Some of the characteristics of meaningful stakeholder
engagement are to be understanding of the needs and
requirements of stakeholders as far as possible. Interplay is
also something that needs to be recognized in order for
stakeholder engagement to take place in the desired fashion.
This is because interplay has a role to play in influencing
organizational behavior and leadership. The culture of an
organization often has a role to play in how meaningful
stakeholder engagement turns out to be. Culture needs to be
assessed in order for barriers and for enablers to be
identified, so that stakeholder engagement takes place along
meaningful lines. Finally, if stakeholder engagement is to be
done in a meaningful way, then it is necessary for the gender
question to be addressed in the process. Gender issues and
how to overcome the challenges that women and members of
the third gender are faced with at the workplace need to
form a part of the entire process of engaging with
stakeholders whether on a one to one or collective basis.
12. Provide some examples of KPIs for strategy.
Choice Business College Page 10 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
planning process for an
organisation
11. Outline the characteristics of meaningful stakeholder
engagement
Some of the characteristics of meaningful stakeholder
engagement are to be understanding of the needs and
requirements of stakeholders as far as possible. Interplay is
also something that needs to be recognized in order for
stakeholder engagement to take place in the desired fashion.
This is because interplay has a role to play in influencing
organizational behavior and leadership. The culture of an
organization often has a role to play in how meaningful
stakeholder engagement turns out to be. Culture needs to be
assessed in order for barriers and for enablers to be
identified, so that stakeholder engagement takes place along
meaningful lines. Finally, if stakeholder engagement is to be
done in a meaningful way, then it is necessary for the gender
question to be addressed in the process. Gender issues and
how to overcome the challenges that women and members of
the third gender are faced with at the workplace need to
form a part of the entire process of engaging with
stakeholders whether on a one to one or collective basis.
12. Provide some examples of KPIs for strategy.
Choice Business College Page 10 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
Paraphrase This Document
Need a fresh take? Get an instant paraphrase of this document with our AI Paraphraser
Assessment Task 1 BSBLDR802Lead the strategic
planning process for an
organisation
Key performance indicators or KPI’s as these are commonly known are
used for measuring the strategic position of a business organization or
enterprise. It helps a business enterprise where it stands currently and
then compare this to where it sees itself to be in the near or distant
future. Growth in revenue, growth profit margin, net profit margin and
operational cash flow are some of the key performance indicators that
are used in the domain of finance. The hours of the resources that are
spent on following up on sales processes, the average time that is
needed for conversion, number of brand new contracts which happen
to be signed in every period are a few of the key performance
indicators for strategy as seen in the domain of sales and marketing
activities. Examples of KPI’s that are related to customer service
include the number of customers that a business has managed to
retain, net promoter score and market share percentage among
others.
13. What is the role of key performance indicators in strategic
planning
Key performance indicators play a crucial role in the process
of strategic planning as these inform a business or a
company about the various areas of its operations where it is
seen to be doing well and where it is not doing so well. The
performance indicators will give the owners of the business
an idea of the areas of business that require immediate
improvement and areas of business that are doing well
already and which need to be cashed upon for further growth
and development. The strategic planning process is the stage
at which business goals and objectives are properly outlined
for long term growth. Hence key performance indicators have
a role to play in creating and drawing up a strategic plan of
action for the business that is to be implemented over the
long term. It identifies the difference areas of revenue
generation that can be developed further for more profit in
the future.
Choice Business College Page 11 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
planning process for an
organisation
Key performance indicators or KPI’s as these are commonly known are
used for measuring the strategic position of a business organization or
enterprise. It helps a business enterprise where it stands currently and
then compare this to where it sees itself to be in the near or distant
future. Growth in revenue, growth profit margin, net profit margin and
operational cash flow are some of the key performance indicators that
are used in the domain of finance. The hours of the resources that are
spent on following up on sales processes, the average time that is
needed for conversion, number of brand new contracts which happen
to be signed in every period are a few of the key performance
indicators for strategy as seen in the domain of sales and marketing
activities. Examples of KPI’s that are related to customer service
include the number of customers that a business has managed to
retain, net promoter score and market share percentage among
others.
13. What is the role of key performance indicators in strategic
planning
Key performance indicators play a crucial role in the process
of strategic planning as these inform a business or a
company about the various areas of its operations where it is
seen to be doing well and where it is not doing so well. The
performance indicators will give the owners of the business
an idea of the areas of business that require immediate
improvement and areas of business that are doing well
already and which need to be cashed upon for further growth
and development. The strategic planning process is the stage
at which business goals and objectives are properly outlined
for long term growth. Hence key performance indicators have
a role to play in creating and drawing up a strategic plan of
action for the business that is to be implemented over the
long term. It identifies the difference areas of revenue
generation that can be developed further for more profit in
the future.
Choice Business College Page 11 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
Assessment Task 1 BSBLDR802Lead the strategic
planning process for an
organisation
14. How can you forecast HR requirements?
Forecasting in HR refers to the process of projecting labor
needs and the way such needs are to be utilized for achieving
the business goals and objectives of an organization.
Forecasting essentially refers to a plan of action or an
agenda that is undertaken on the part of the human resource
management of an organization to gain an understanding of
how many employees are needed by a business organization
to achieve objectives and goals, how many of such employees
are likely to be faithful and stay on in the organization and
how many are likely to leave the organization at a moment’s
notice. Forecasting is therefore quite a crucial part of the HR
process and can help to meet the staffing requirements of an
organization while avoiding long term problems such as the
problem of employee turnover, the latter being an issue that
can have a severely negative impact on the productivity of
the organization.
15. Describe how to communicate a new strategic plan to
Employees
Choice Business College Page 12 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
planning process for an
organisation
14. How can you forecast HR requirements?
Forecasting in HR refers to the process of projecting labor
needs and the way such needs are to be utilized for achieving
the business goals and objectives of an organization.
Forecasting essentially refers to a plan of action or an
agenda that is undertaken on the part of the human resource
management of an organization to gain an understanding of
how many employees are needed by a business organization
to achieve objectives and goals, how many of such employees
are likely to be faithful and stay on in the organization and
how many are likely to leave the organization at a moment’s
notice. Forecasting is therefore quite a crucial part of the HR
process and can help to meet the staffing requirements of an
organization while avoiding long term problems such as the
problem of employee turnover, the latter being an issue that
can have a severely negative impact on the productivity of
the organization.
15. Describe how to communicate a new strategic plan to
Employees
Choice Business College Page 12 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
Assessment Task 1 BSBLDR802Lead the strategic
planning process for an
organisation
A new strategic plan can be communicated effectively to employees in
a number of different ways. The presentation of the new strategic plan
is something that needs to be kept creative as far as possible. There
are many employees who get bored of serious presentations that are
carried out in the form of workshops and seminars, especially if the
strategic plan is read out in the form of a report. A power point
presentation or a youtube.com video reflecting the essential elements
of the plan can make for better communication. It is also important to
make sure the communication of the new strategic plan is a two way
process, with both administrators and employees having enough say.
The vision of the workforce needs to be tapped at the time of
communicating the new strategic plan to employees. The goals and
visions of the employees for the organization must be in tune to the
elements of the new strategic plan and the manner in which it is
conveyed to employees.
Choice Business College Page 13 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
planning process for an
organisation
A new strategic plan can be communicated effectively to employees in
a number of different ways. The presentation of the new strategic plan
is something that needs to be kept creative as far as possible. There
are many employees who get bored of serious presentations that are
carried out in the form of workshops and seminars, especially if the
strategic plan is read out in the form of a report. A power point
presentation or a youtube.com video reflecting the essential elements
of the plan can make for better communication. It is also important to
make sure the communication of the new strategic plan is a two way
process, with both administrators and employees having enough say.
The vision of the workforce needs to be tapped at the time of
communicating the new strategic plan to employees. The goals and
visions of the employees for the organization must be in tune to the
elements of the new strategic plan and the manner in which it is
conveyed to employees.
Choice Business College Page 13 of 13
RTO 41297 | CRICOS 03444C
Jan 2018version: 2.0
1 out of 13
Related Documents
Your All-in-One AI-Powered Toolkit for Academic Success.
+13062052269
info@desklib.com
Available 24*7 on WhatsApp / Email
Unlock your academic potential
© 2024 | Zucol Services PVT LTD | All rights reserved.