Question

1. Select an organization review their long-range plan and annual plan and discuss the differences between the two.

2. Meet with or talk to the person in charge of inventory and find out what steps are involved when budgeting for inventory.

3. Meet with or talk to the controller of a company and discuss the role that they play when assisting management in the plan development phases.

Answer 1

Ans 1- Difference between long range planning and annual plan

Long Range Planning

The term Long range planning refers to 'Vision setting'. It is generally a ten year future planning process to broadly define the vision for the future. It does not generally include specific planning objectives; however, long range plans define the broad goals of the conservatin district for the future.

Long range planning is a process used by a conservation district to create a vision for the future, document those plans, and adopt a plan of action allowing planned movement to more concenrete strategic plans that include evaluation of success.

Long range planning focus on a vision for the future, cntain broad goals and outcomes, and provide clear philosophy statements that create the foundation of all strategic and annual planning processes.

Long range planning in and of itself, cannot address all the planning needs of a conservation district must complete in order to operate efficiently and effectively.

Annual Plan

The term annual plan refers to a tool of success of stategic plan. In simple terms annual plan control is one of the four types of marketing control system. Annual plan contro is essential in order to deternime whether all the marketing efforts undertaken by the oirganisation has been really worthwhile or not. It aims to achieve sales volume, profits and all those objectives which have been set up in the beginning of the year.In an organisation, the top management and middle level management are responsible for the annual plan control. They have to keep a check on the activities undertaken to implement the plans.

Benefits of strategic and annual palnning

In some instances, companies are very good at articulating or designing a strategic plan but fail to execute an annual plan which comprises the toolkit required to achieve the strategic plan. Likewise, having annual plan whithout a long term strategy results in a lack of direction or focus as to the corporate vision and values of the company. By combining these two planning componests, a company is able to set a general path based on company values, goals and objectives while having the ability to adapt to changing environements.

Ans 2- Steps involved in budgeting for inventory

It is mainly classified into two one is budgeting for perpetual inventory and the other one is budgeting for periodic inventory

BUDGETING FOR PERPETUAL INVENTORY

There are three steps for budgeting perpetual inventory

Step 1: Budget for sales

Step 2: Budget for cost of sales

Step 3: Budget for invenotry movement(Purchases - Cost of slaes)

BUDGETING FOR PERIODIC INVENTORY

Step 1: Budget for sales

Step 2: Budget for Purchases

Step 3: Budget for invenotry Movement

Ans 3- Role when assesting management in the Plan development phases

Step 1: Identify critical positions

Critical positions are the focus of succession planning efforts. Without these roles, the department or agency would be unable to effectively meet its business objectives.

Step 2: Identify competencies

A clear understanding of capabilities needed for successful performance in key areas and critical positions is essentail for guiding learning and development plans, setting clear performance expectations, and for assessing performance.

Step 3: Identfy succession management strategies

Now that critical positions have been identified and have been profiled for competencies, the next step is to choose from a menu of several human resource stratefies, including developing internal talent pools, onboarding and recruitment to address succession planning.

Step 4: Document and implement succession plans

Once strategies have been identified, the next step is to document the strategies in an action plan. The succession planning Action plan provides a mechanism for clearly defining timelines and roles and responsibilities.

Step 5: Evaluate Effectiveness

To ensure that the department or agency's succession planning efforts are successful, it is important to systematically monitor workforce data, evaluate activities and make necessary adjustments.