Chapter 11.1, Problem 2CTQ

Program Plan Intro

Strategic planning:

• It denotes a process that helps managers identify desired outcomes as well as formulate plans to achieve objectives.
• It uses the capabilities and resources that are available.
• The changing nature of organization and surroundings should be considered.
• It provides a framework and a direction that is clearly defined for guiding decision making at all levels.
•  It ensures most effective usage by focusing resources based on priorities.
• It enables organization to be proactive and take advantage of opportunities as well as trends.
• It enables all units to work together towards common goal.
• It provides measures to evaluate performances.
• It improves communication among the organization.

Hypothetical objectives:

• The hypothetical objectives specific to finance organization are shown below:
  • Attract, engage, develop and retain are the world’s best financial people.
  • Enhancing social welfare by interest of employees, government and trade union.