Interacting with Org Environment Flashcards
What features should a vision statement have
- Clarity
- Description of bright future
- Memorable and engaging
- Realisitc and achievable
- Consistency with Org values and culture
What are the features and benefits of a mission statement
Features
- Communicate with stakeholders
- Broad outline of some of the main objectives
- Describe purpose and values of Org
- What the Org wants to be in (Market and Products)
Benefits
- Promote goal congruence
- Focal point for new strategies
- Communicate core values to stakeholders
Who falls into the various categories of Mendelow’s Matrix for stakeholders
Minimal effort - casual labour
Keep Informed - Local suppliers and Core employees
Keep Satisfied - Gov, Customers
Key Player - Suppliers, Managers
Explain local incrementalism
- No clar plan
- Small, incremental steps
Explain Freewheeling
- Determine goals
- Resist the urge to
- Grab Oppurtunites
- Strategic cabability - To compete and survive
- Tangible resources
- Intangible resources
- Competencies - Needed to compete in market
- Threshold Competence and Resources - to meet customer needs
- Unique C & R - underpin competitiveness
What is the main difference between Forecasting and Foresight
Forecasting tries to predict the future.
Foresight gives a range of possible outcomes based on curent trends
What foresights options are there?
- Delphi - Anonymously polling a panel of experts
- Visioning - vision desired state and strategy built around that
- Role Playing - Delphi but without experts
Explain Advocacy & Self Interest in terms of threats to ethics
Adv - promotion of client or business to the extent that the accountants objectivity is compromised
SI - if a financial or another matter influences the accountants behaviour
When looking at business activites explain what should happen in each level of a business apex (Corp, SBU, Operational)
Corporate = What business should we be in
SBU - How we should approach a market
Operationsl - decisions of stragetic importance such as investment in P&M and Personnel
What are the advantages of a formal planning process
- Identifies Risk
- Forces managers to think (creativity and innovation)
- Forces decision-making
- Better control over taregts
- Consistency at all levels
What are the uses and criticisms of PLC
Adv:
Identify strategies for products
Identify need for successor
Profit and cash balance with Org product portfolio
DisAdv
Real life is more complex
Forecasting is not possible with this
Stages are different in length industry to industry
When it comes to PVC in service industry what method is used and what are the primary activites called
Knows as the Value Shop
Problem acquisiton and diagnosis
Finding solutions
Choice of solutions
Solution implementation
Control and feedback
