D073 WGU Lesson 4: Strategic DecisionMaking & Operational Planning Already Passed

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D073 WGU Lesson 4: Strategic DecisionMaking & Operational Planning Already Passed Objectives short, measurable actions, are usually written to provide more detail. The objectives should state what... will be accomplished, when it will be done by, and how much will be done. Strategy action plan for a company defines its competitive advantage and delineates how it will achieve economic, social, and environmental performance objectives; in essence, it helps bridge the gap between the long-term vision and the short-term decisions. Strategic Objectives and Analysis An evaluation called a SWOT analysis is commonly used to perform both a thorough internal investigation of an organization to assess its strengths (S) and weaknesses (W) and an appraisal of the external competitive environment looking for any opportunities (O) or threats (T). A useful acronym, PESTLE, can be used to evaluate political, economic, social, technological, environmental, and legal factors that may affect an organization's strategy. Strategic Formulation Goals and objectives are written based on the information obtained from the PESTLE and SWOT analyses. Goals are broad, primary outcomes the organization is hoping to achieve. Objectives are measurable, quantitative statements a manager can use to evaluate an organization's, department's, or employees' progress toward meeting their goals. Strategic Implementation Sometimes referred to as strategic execution, this stage is when the planning stops, and the action begins. Strategic Evaluation and Control Because internal and external conditions are always changing, this stage is crucial. Operational Strategies can be classified into the following categories: developing a well-integrated company using corporate strategies, producing products and services with a focus on customer satisfactio [Show More]

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