Components of the strategic planning process, management, Management Theories

Components of the strategic planning process, management, Management Theories

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1. Briefly explain the monitoring, measuring, and adjusting components of the strategic planning process.
The strategic plan are designed based on the predictions and assumptions, about on the predictions and assumptions about the future. Though the most realistic predictions and proper analysis data are done, there are chances of future differing from the predictions and plans become unrealistic during execution. Hence it is essential to monitor, measure the performance and make necessary adjustment in the plan.
Monitoring:Monitor continuously the assignments, schedules and the time frame to make sure everything works as per the strategic plan.
Measuring:Once the plans are executed compare and measure the actual performance with the planned performance.
Adjusting: Based on the results of monitoring and measuring make necessary adjustment in the plans and the activities to attain the organizational objectives.

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