Question

. Discuss briefly how would you obtain approval for your above operational plan? Explain in 200-300 word

Answer 1

In order to get the approval for any kind of operational plan there are number of points that need to be kept in mind. The approval of the top executives is important in order to implement the plan further and continue with what has been thought of. Following need to be done in order to get the approval for the plan:

• The proposer should understand the entire approval process and go step by step in order to get the approval.
• The request should be made to the top executives, either in written or oral, in order to make the management aware of the idea you are planning to work on.
• The plan should be made keeping in mind the business needs and should be achievable with the available resources.
• The project manager should be strong in the research about the key influencers in the project and that whether the financial condition of the business will support the project or not.
• Proper information should be given to the mangers related to the finances such as the Return on Investment (ROI), Payback Period and the Net Present Value(NPV).
• In order to get the approval the managers should be kept informed about the level of risks involved in accepting the plan and the returns so expected out of it in the near future.
• Finally the business plan should be presented along with the funds required, the resources needed for the completion, mapping the outcomes and the targets for the near future.
• By analyzing all the key points the executives will make a decision on whether to accept or reject the operational plan so presented.