Operating Parts
WAHID’S JUDGMENT – DIFFERENCE STRATEGIC PLAN AS OPPOSED TO AN OPERATIONAL PLAN
Author statement: Earlier through one of my personal finance article( WAHID’S VIEW) I have describe about the strategic plan and operational plan, how by this two plan a financial take an organization business decision also setting the organizational business plan, in this article” WAHID’S JUDGMENT ” I have present the difference of this two plan in details,
INTRODUCTION: Strategic planning and operational planning involve two different types of thinking. Strategic plans and operational (or operating) plans. The two will actually look reasonably different and be written in a different style, because they are intended to be read by different people for different reasons.
Strategic decisions are fundamental and directional, and over-arching. Operational decisions, on the other hand, primarily affect the day-to-day implementation of strategic decisions. While strategic decisions usually have longer-term implications, operational decisions usually have immediate (less than one year) implications.
I would like to explanation my judgment or definition about the Strategic planning and operational planning I believe that this definition will help to readers for clear understand my article,
PLANNING CONCEPTS
Business planning is a systematic and formalized approach to accomplishing the planning, coordinating, and control responsibilities of management. It involves the development and application of: long-range objectives for the project; specific goals to be attained; long-range profits plans stated in broad terms; adequate directions for formulating annual, detailed budgets, defining responsibility centers, and establishing control mechanisms; and evaluative methods and procedures for making changes when necessary.
Definition of strategic plan:
Strategic planning decides where an organization is going over the next year or more, how it’s going to get there and how it’ll know if it got there or not. The focal point of a strategic plan is usually on the entire organization, while the focal point of a business plan is usually on a particular product, service or program
Definition of operational plan
Operating plan A detailed description of what the company will do to pursue the objectives of its strategic plan for the next operating period, usually one year. It will contain enough detail that the operating managers of the company can use it to guide their daily and monthly activities.
Difference between strategic plan & Operational plan is below
strategic plan:
The scheduling for the strategic planning process depends on the nature and needs of the organization and the it’s immediate external environment.. For example, planning should be carried out frequently in an organization whose products and services are in an industry that is changing rapidly. On the other hand, if the organization has been around for many years and is in a fairly stable marketplace, then planning might be carried out once a year and only certain parts of the planning process, for example, actions planning (objectives, responsibilities, time lines, budgets, etc) are updated each year. Consider the following procedure:
01. The purpose of a strategic plan is to guide the overall direction of an organization, to define its grand purpose, what it ultimately wants to achieve, and the general strategies it will use to get there. This might include the definition of its market and its product categories and the ways in which it will change the lives of the buyers in its intended market. It will also define the long-range goals of the organization and provide to the shorter-term and more detailed activities that will be laid out in the operational plans
02. The strategic plan typically doesn’t contain a lot of details about implementation. Rather, it talks in global terms about the strategies the company will pursue, the benefits that will be achieved when the implementation has been completed, and how that will enable the company to move closer to achieving its fundamental purpose
03. Strategic planning should be done when an organization is just getting started. (The strategic plan is usually part of an overall business plan, along with a marketing plan, financial plan and operational/management plan.)
04. Strategic planning should also be done in preparation for a new major venture, for example, developing a new department, division, major new product or line of products, etc.
05. Strategic planning should also be conducted at least once a year in order to be ready for the coming fiscal year (the financial management of an organization is usually based on a year-to-year, or fiscal year, basis). In this case, strategic planning should be conducted in time to identify the organizational goals to be achieved at least over the coming monetary year,
06. Each year, action plans should be updated
07. During implementation of the plan, the progress of the implementation should be reviewed at least on a quarterly basis by the board. Again, the frequency of review depends on the extent of the rate of change in and around the organization.
operational plan:
The operational planning is a subset of strategic work plan. It describes short-term ways of achieving milestones and explains how, or what portion of, a strategic plan will be put into operation during a given operational period, in the case of commercial application, a fiscal year or another given budgetary term. An operational plan is the basis for, and justification of an annual operating budget request.
01. The operating plan, by difference, is mainly intended to be a short-term manual (usually one year) for the executive managers and staff who have the responsibility for carrying out the plan. It contains details they need to do their work, milestones, action steps, detailed budgets and timetables, and so on. .
02. The operating plan would make unexciting reading for the analyst, who is studying the company’s strategic direction, yet its contents are essential to the manager who is charged with delivering the assigned sales goal, upgrading the computer network to Windows XP, or finding out how much money is budgeted to build the new trade show booth or hire the new engineer.
03. The operational part of the enterprise, in which operational plans are translated into action. Despite its importance, analytical practice in this area often tends to be the least developed, because the pressure of daily activities foreshortens the time for reflective thinking about operational issues and trade-offs.
04. Such seat-of-the-pants decision-making can become the ingrained way of doing things, unless the company has instilled a basic sense of decisional discipline and provided guidance through simple but useful decision rules and processes. The successful company will have an integrated set of metrics and criteria, and provide information that clearly supports intelligent decision-making.
05. Operational effectiveness should be a function of sound trade-offs, with careful cost management and close attention paid to the quality and efficiency of production or services rendered, and with constant vigilance in serving customers through sustainable pricing, credit, and support actions
07. An organizational climate, in which managers and all employees are encouraged, indeed challenged, to approach their jobs and the daily decisions they make with a rational trade-off mentality. Before making a decision, answers to questions such as “Is this really a necessary outlay and will it bring in more cash than I will spend?” Such thinking might run counter to a corporate culture which does not encourage employee initiative and “thinking outside the box,” but will be a natural consequence of the leadership of the economic manager we discussed earlier. It’s reinforced by a combination of training and specific decision support, and clearly communicated expectations at all levels
AT A GLANCE: DiFFERENCE BETWEEN strategic plan & Operational PLAN
Need:
1. Strategic: Develop the best talent strategies for longer-term success
1. Operational: Accurately forecast hiring and/or training needs
Timeline/ Planning Horizon
2. Strategic: Usually 3 years or longer matches the organizational strategic plan
3. Operational: Usually 12 months with a quarterly focus – matches the yearly business plan
Inputs
4. Strategic: Wide range of internal and external information including demographics, business strategies, global trends, etc.
4. Operational: Mostly internal data, some management decisions
Skills
5. Strategic: Strategic Capabilities analyzed and gathered at the group level
5. Operational: Competencies may be audited or gathered at an individual level
Performed By
6. Strategic: Business, facilitated by HR
6. Operational HR or staffing organization with input from the business
Aligns to
7. Strategic: Strategic Plan
7. Operational: Business Plan
Conclusion:
Strategic Planning improves the decision-making process from enterprise to regional/local levels, and enables organizations to craft inclusive, embattled talent management strategies. This degree of decision support and analysis also enables organizations to determinedly monitor and improve results as they anticipate their future workforce. Strategic planning should not be an afterthought or an add-on to existing HR deliverables. It should be a key part of the business strategy itself as globalization, skills shortages, educational Trends and other factors significantly alter the labor market.
About the Author
MHOHAMMAD WAHID ABDULLAH KHAN
S/O MOHAMMAD SAADULLAH KHAN
Dhaka, Bangladesh
Mr. Mohammad Wahid Abdullah Khan is the Project director of “Max Textiles Ltd”.Mr. Wahid has been in accounting field since 1999. Prior to that he had completed over ten (10) years in various fields of Business like – Accounts, Finance, Internal & External Audit, project budgeting and project costing related positions in some of the largest group companies & the join venture companies in Bangladesh.
He consults with small- medium business owners and services professionals, business consulting service and project process. He is most experience in Financial Risk Assessment, Financial analysis, Financial Advising and Project Cost Analysis. He has published more than 100 articles & case study in different international journals. Such as Business, finance, personal finance, international finance , auditing, Risk assessment topic and performance & industrial related, Mr. khan’s most popular articles is ”WAK” Model - The way of best solution for an organization internal audit process,( 1st,2nd,& 3rd part) “WAK” Model- for successful financial resource , “Wahid khan“- cost analysis, Wahid theory – the key of dynamic series for successful financial consulting, Wahid techniques – the Significance and dependability manner for Performance audit, Wahid’s Opinion - non-conformity among the performance audit and financial audit, Wahid’s view- The cogent task and the confront of financial/economic analysis in the modern business decision making. & PPBS Model, he has consulted with more than 25 service & product companies, in recent years Mr. khan has been spending most of his professional time for financial consulting , Mr. Wahid is the owner of “WAM” Associates and “WAK” business solutions;
Education:
• Master’s of commerce (Management)
• Master’s of business administration (MBA)
Proof of additional skill:
•Complete various certified & training courses in Finance, Financial risk management, Accounting, Auditing, & Project Management based,
Author’s Message
Dear Readers, Firstly, I am showing my gratitude to the publishers (articlesbase and others) who has published my articles. Also wish to thank all the readers and viewers who have encouraged me by votes, comments and directly thank massages through Emails. To be helpful for all the readers and learners, if any question arise in my readers mind you can directly contact at my E-mail address that is following. Due to a technical problem in the website I couldn’t answer all the questions been asked by the readers ; I apologize for that.
E-mail ID: wakbd2@gmail.com (Only for my readers and learners)
Thank you.
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