Question

1. What is the importance of having a Strategic Plan? How can one improve decision making? Is it possible to change the culture of an organization and how can that be achieved? Or is there something else of importance to you that you learned? 2. How do you envision taking what you learned and applying it directly to your life now or in the future?

Answer 1

Q1) Strategic Planning is an organization's strategic activity to establish a direction to the firm through strategic objectives, set priorities and assign resources to achieve the objectives.

Decision making can be improved by -

1. Considering the perspective of maximum stakeholder satisfaction from customers, employees, shareholders, government, public etc.

2. Considering least cost perspective.

3. Considering highest revenue generation perspective.

Organizational culture can be dynamic or static depending the type of organization and power centralization or decentralization.Organizations having a hierarchical organizational structure usually have static organizational culture as they have set rules and reporting structure which they cannot break.Organizations which keep changing based on the people's attitudes and behaviors, business demands/requirements, to achieve better performance etc. are dynamic in nature.

Q2) Below is how the learning can be envisioned to apply to my life in near future -

1. Understand how important is the strategic plan for a firm

2. Understand decision making process, any improvements and potential biases to overcome

3. Understand how my work at the firm impacts its strategic objectives.