Reference no: EM132393020
Assignment: Develop a strategic action plan for yourself.
Note: Developing a strategic plan requires specific steps that need to be executed in a sequence. The assessments in this course are presented in order and should be completed in sequence.
By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies:
1. Competency 1: Create organizational value.
• Explain how a strategic plan reflects a mission statement.
2. Competency 2: Participate collaboratively and respectfully.
• Describe the resources needed to complete the steps of a strategic plan.
3. Competency 3: Communicate effectively.
• Explain how to measure the success of the steps needed to achieve long-term objectives.
• Write coherently to support a central idea in appropriate format with correct grammar, usage, and mechanics.
4. Competency 4: Plan strategically.
• Describe functional tactics used to achieve short-term objectives.
• Describe a plan for monitoring the progress of a strategic plan.
• Explain strategies for addressing roadblocks and obstacles to a strategic plan.
5. Competency 5: Employ high-performance business management techniques.
• Describe the steps and associated time frames needed to achieve long-term objectives.
6. Competency 7: Use appropriate financial models and principles.
• Explain the financial ramifications associated with a strategic plan.
Context:The final step in developing your strategic plan is to translate your strategy into action. A robust action plan contains four elements:
• Identification of specific actions to be undertaken in the next year or less.
• Establishment of a clear time frame for the completion of each action.
• Creation of accountability by identifying who is responsible for each action.
• Determination of one or more specific, immediate objectives that the action should achieve.
Functional tactics and monetary ramifications are the underlying details of your strategic action plan. Functional tactics are short-term, narrow-scoped plans that detail the activities you will use to achieve your short-term objectives. The monetary ramifications of your strategic plan will likely be expressed in both income and expenses, for example, the amount of increased income anticipated by climbing the corporate ladder and the amount of money you may need to spend on education or professional development.
Questions to consider
To deepen your understanding, you are encouraged to consider the questions below and discuss them with a fellow learner, a work associate, an interested friend, or a member of the business community.
• What does it take to advance in the corporate world?