Strategy and Governance - Mission, vision and values

Question 1

What is the overall objective and the difference between for-profit and non-profit

Answer 1

Overall objective - something specific tangible & measurable of the milestone the organization. Its goals with mission and vision

For-profit - Assume to be to maximize owners’ wealth
Non-for profit - Focuses on sustainable value

Question 2

What is the difference between financial and non-financial goals and objectives?

Answer 2

Financial objectives - are quantifiable and economic & give a competitive comparison of financial data that is typically available
Non-financial objective - Cover a broader range of activities.
Ex. achieving new product design, improving reputation, public awareness

Financial objective: Advan - Easiest to measure & monitor
Disadvan - Relying too much on the financial goals. Such accepting accounting method over another

Question 3

What is the SMART acronym and the biggest challenge using SMART

Answer 3

S - Specific - Acitivty that is directly related to the success of the organizational strategy
M - Measurable - Ability to quantify
A - Attainable - Target is achievable
R - Relevant - Provides information that is useful for gauging performance
T - Timely - reported on a timely basis so that result can be acted on

The biggest challenge - is SMART, for non-financial objectives & goals. It is to determine if they are relevant
Ex. reputation, customer loyalty

Question 4

How do mission, vision, and objective relate to the overall objective

Answer 4

Mission, vision, and values define tasks by which objective uses SMART for the milestone for the organizational path
Ex. Open restaurant - OB1 - complete detail business plan
OB2 - Secure suitable location and equipment
OB3 - Secure adequate funding
OB 4 - Hire experienced employees

Question 5

What is considered when mapping out the mission, vision, and values

Answer 5

The required consideration that is needed - internal and external stakeholders, employee contribution
- Consider customer, supplier and society, environmental sustainability, CSR
- Values in which the approach strives to reach its mission and vision

Question 6

What are some questions to address the vision statement?

Answer 6

The ultimate goal, add value, the ideal state
- What would the world look like if the organization was successful?
- What is the organization’s ultimate goal, and how does the organization add value?
Communicate to an internal audience

Question 7

What are some questions to address the mission statement?

Answer 7

What is the primary purpose of the company? Why does the company exist?
- Concise and communicate the message and the appropriate message
- Expectations of people and all living things are accessible to all
What does it provide to its stakeholders?

Question 8

What are some questions to address the value statement?

Answer 8

To support the mission, vision statement - core belief, principles, culture

Ex. Integrity - doing the right thing
Security - protecting our customers, diversity, and celebrating difference.
Fairness - Equitability
Value statement - working together

Question 9

How is the CPA was used for evaluating the mission, vision, and values

Answer 9

1. Assess the situation
   - Mission, vision, and value should be identified
   - Ex. capital budget - misalignment between investment project and corporate mission
2. Analysis of major issues
   - Can be a constraint or limit pursuit of the project
   - That can be profitable but does not fit the organization’s value
   Perform - WIR - mission, vision values - inspires guidance to employees
3. Recommendation and communication
   - Solution could be rejected a course of action because it does not align with organization objective
   - Develop a conclusion that is useful and realistic