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Explain why it is important to link operational budgets to strategic plans. Make sure that your...

Explain why it is important to link operational budgets to strategic plans. Make sure that your answer addresses the issues below in the space provided.

What is strategic planning?

Engineering   Civil-Engineering   
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Answer #1

1. Importance of linking operational budgets to strategic plans.

The primary financial link between a strategic plan and an operational plan is the establishment of a departmental budget. The strategic plan gives a budget estimate that is based on projected revenue. The operational plan gives a more accurate number that can be used to gauge the success of a strategic plan. If the operational budget is more than the strategic plan provides for, then the company needs to work to bring the two numbers more inline.

2. Strategic plan:

A strategic plan is used to outline company objectives and to identify the methods in which those objectives can be reached.

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