Question

Journal Entry #2 - Planning and Strategy Reflect on the lectures and discussions on Planning & Goal Setting and Strategy Formulation & Execution, and how these topics relate to one of your career goals. It can be a short-term or long-term career goal. Write a journal entry that explains: Your career goal (as a SMART goal) At least four strategies for reaching this goal How will you establish a competitive advantage

Answer 1

The strategic planning efficiency will helped to prepare budgets and annual plans for the future. An effective strategic plan will be the best course for the company to achieve organisational goals. Most of these organisational goals are long term in nature. There five most important steps in this strategic planning. They are development of a vision statement, defining the mission statement, evaluation of the competitive and operational environment, establish the goals and objectives of company and assigning accountability. The efficient adoption of the planning and the strategy will reflect in goal setting and the strategy formulation and its execution by the company. If I am going to do PhD in Economics, I should set the acquiring goals from my UG period. Make decisions and strategic plans like studying and reading should be based on my goal. This will helps to achieve my goal more efficiently and effectively.
SMART goal will help to set the guiding towards the efficient goals. SMART goals show Smart, Measureable, Achievable, Realistic and Timely. Adoption of these criteria will help to focus on the efforts and also increase the chances to achieve the goals. The goals should be well specified. It should be clear and ambiguous. The five major questions should be specifies here; who, what, where, when and why. The SMART goals having criterion for measuring progress. There is a measurement is important towards the accomplishment of the goals. The goals should be selected according to their achievable nature. It should be attained. The goals should also be realistic. The goals can be realistically achieved through available resources and time. It will realistic when we believe that it can be accomplished.