Assignment 3: Milestone Table/Timetable
** This is a 4 part assignment, READ ASSIGNMENT 1 & 2 BEFORE COMPLETING #3**
Provide a detailed timetable for your plan. This may be in the form of a PERT chart or other format such as a Gantt chart that specifies the goal, who is responsible and timing of the specific actions needed to implement your plan. Remember you are creating a five to ten year plan.
CREATE EACH OF THESE:
Milestone Table (MT) & Budget (B) & Balanced Scorecard (BS).
*Use balanced scorecard template in “SEL_Francois_2017” PDF Document
Please prepare the Milestone Table to make it specific to your project (not just theoretical), strategic changes, goals and objectives and include some detailed objectives from the functional strategies. Please remember next, to connect (update) the milestones with goals in the Balanced Scorecard. The best format is in excel (as recommended Gantt or PERT chart) to list milestones in the first column and to show time and completion in the corresponding row, as stretched (cumulative) over time. It should show also progressing completion (cumulative) over time (not just deadlines) as to focus efforts, resources and attention while addressing strategic problems. The Milestone Table, Budget and the Balanced Scorecard are all the control tools (audit instruments) for implementation. They need to be coherent and should reflect strategic problem resolution.
So you should always start with your strategy implementation design to translate those strategic actions into those three control instruments. For example, if you suggest growth through product differentiation, one of the strategic actions would be rebranding (showing in MT), incurring first costs and next revenues (in B), leading to sales growth (in both MT and BS), having effect on growing margins (ratio analysis of B, and showing in BS and MT). Please have in mind that I selected only this one isolated link to show interactions (interdependence of those documents), but other strategic actions, supporting differentiated growth and sales growth need to be included (for example: product redesign, sales force training, other marketing plans,…. It is like the role-play assignment in the strategic management at the executive level to transform the organization.
Please remember to consider from your implementation document: the imperatives of the corporate strategy, business-level strategy and ALL functional strategies. If you recommend specific strategic changes, for example: M&A, joint venture, foreign expansion, you need to plan for those from the perspective of the common challenges of those (please research accordingly) respectively: integration, conflict of interest, entry modes. Strategic actions just need to lead to goals achievement specified in the BS (reflecting the company strategic problems resolution). Just put them where they belong in the Milestone Table as well to double check the documents. The budget is a separate table, but it corresponds with costs and revenues streams time wise, as actions usually require cost but effects usually improve the performance (all are to be included in the Income Statement). Please work on the objectives of each stage for the timeline and for the budget. Start from the historical statements and see what extra costs you suggest and what extra revenues it will bring. Please use the Understanding Financial Statements Note to follow the goals in terms of financial ratios. You have to use estimates (preferably supported and substantiated) for your budget (rational, realistic).
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