Strategic monitoring-system
Download as PPT, PDF2 likes12,675 views
The document discusses strategic monitoring systems. It defines strategic as relating to plans to achieve major goals and monitoring as observing progress over time. A strategic monitoring system is an interconnected set of processes to regularly measure a project's progress by observing and recording activities and providing feedback. It helps ensure plans are on track by identifying key variables to track, monitoring strategies and the environment, and reassessing strategies based on changes. Benefits include taking corrective actions early and linking written plans to operations.
Strategic monitoring-system
- 1. Made By: Anita Sharma Deepali Jain Sakshi Arora
- 2. • Definition • Purpose of Strategic Monitoring System • Aspects of Strategic Monitoring System • Identify key variables • Tracking and Monitoring • Strategy reassessment • Benefits of Strategic Monitoring System
- 3. • Strategic: A plan of action or policy designed to achieve a major or overall aim. • Monitoring: Observe and check the progress or quality of (something) over a period of time; keep under systematic review. • System: A set of things working together as parts of a mechanism or an interconnecting network.
- 4. • Strategic Monitoring System is a system to measure progress in regular intervals. • It is the process of regular observing and recording of activities that takes place in a project. • It also involves giving feedback about the progress of the project.
- 5. • It helps to assure that you're actually performing the action, according to plan. That you're "on track." • Got to be sure on the results achieve whether they align with objectives intended to accomplish. • It helps to take corrective action, not only on Strategies but also on Planning. • It provides the essential link between the written plan and the day-to-day operation of your business.
- 6. • What changes in the environment have negatively affected the current strategy (e.g. interest rates, govt. controls, or price changes in substitute products)? • What changes have major competitors made in their objectives & strategies? • What changes have occurred in the industry in such attributes as capacity, entry barriers, substitute products? • What new opportunities or threats have derived from changes in the environment, competitors strategies, or the nature of the industry? • What changes have occurred in the industry’s key success factors? • To what extent is the firms current strategy consistent with the preceding changes?
- 7. • Identify key variable • Tracking and Monitoring • Strategy reassessment
- 8. The key variables are of 2 types: 1.Those concerned with external forces. 2.Those concerned with the effects of certain action taken by the firm to implement the strategy.
- 9. • The next step is to identify what information or measures are needed on each of the key Variables to determine whether the implementation of strategic plan is on schedule-and If not, why not. • The firm can use the plan as an early warning system as well as diagnostic tool. • In any event the firm must closely examine the relevancy, accuracy, and cost of obtaining the needed measures.
- 10. • This can take place at periodic intervals- for example, quarterly and annually when the firm evaluates its performance to date along with major changes in the external environment.
- 11. • It helps to check that actions were implemented as planned. • It helps to check whether assumptions made during identification of the problem and its context were correct. • It helps to check whether the actions have resulted in risk reductions.
- 12. THANK YOU