Determining the strategic plan for an organization The central finance department of sharjah
SHARJAH HIGHER COLLEGES OF TECHNOLOGY
Determining the strategic plan for an organization The central finance department of sharjah
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Contents
TOC o “1-3” h z u HYPERLINK l “_Toc381562790” Introduction PAGEREF _Toc381562790 h 2
HYPERLINK l “_Toc381562791” Study aims and objectives PAGEREF _Toc381562791 h 2
HYPERLINK l “_Toc381562792” Rationale PAGEREF _Toc381562792 h 2
HYPERLINK l “_Toc381562793” Research Design (10) PAGEREF _Toc381562793 h 3
HYPERLINK l “_Toc381562794” Data collection PAGEREF _Toc381562794 h 5
HYPERLINK l “_Toc381562795” Data Analysis PAGEREF _Toc381562795 h 5
HYPERLINK l “_Toc381562796” Potential problems PAGEREF _Toc381562796 h 6
HYPERLINK l “_Toc381562797” References in preparation for literature review PAGEREF _Toc381562797 h 8
Introduction
The importance of strategic plan in any organization can never be ignored as far as safeguarding the long-term and short-term sustainability and the organization is concerned. It has been acknowledged as one of the most fundamental pillars of any organization, involving the identification, as well as description of strategies that managers aim at using in order to enhance their profitability. Varied definitions of strategic management have been devised. Nevertheless, it mainly revolves around a collection of decisions and activities undertaken by managers and which have a bearing on the performance of the firm both in the long-term and the short-term. It demands that the managers have comprehensive knowledge, as well as analysis pertaining to competitive ad general organizational environment in order to make the appropriate decisions. The process of strategic management and planning is continuous involving the evaluation and control of the operations of the organization, the assessment of the competitors and setting strategies and goals that enhances competitiveness, as well as the regular reevaluation of the strategies to determine their implementation and effectiveness. This research aims to determine the effectiveness of strategic management strategies as applied in The central finance department of Sharjah.
Study aims and objectives
Among the study aims would be:
To determine the Initiatives Strategic Plan in The central finance department of sharjah
To determine the Strategic Plan for Management in The central finance department of sharjah
The summary Strategic Plan
The Strategic Plan of 2006-2010 ad its effectiveness to the organization
Legislative structure of the organization
The priority of Strategic Plan
RationaleFor one to achieve proper strategic management, one must come up with a strategy. Strategy refers to an organization’s plan of action. It is the way, or process in which the organization intends to achieve the objectives. Strategies are the outcomes of strategic thinking and thus its importance. Strategies can only be put to action or made operational through analytic planning. This is to mean that, once an individual has established the strategy and the strategies then one must come up with a way to implement them.
For there to be proper strategic plan, an analysis of the central finance department of sharjah’s strengths and weaknesses must be undertaken. This ensures that the organization’s plan comes up with strategies that try to deal with the weaknesses of the organization, and make the best out of the strengths. It is worth noting the strategic plan is not business organization, small or large, faces competition. Appropriate strategies; therefore enables a business to have a competitive advantage over its competitors. Strategic management has a number of components which include strategic intent, mission, vision, and the goals and objectives of the organization.
Research Design (10)Based on Babbie (2004) postulations, a number of research strategies can be applied in studying the roles played by strategic plan in the central finance department of sharjah. In this regard both exploratory and explanatory methodologies can be applied with considerable ease. For instance, he postulates that exploratory methodology can only be applied in a qualitative research scenario, explanatory method can be applied with significant success in either qualitative or quantitative scenarios.
Essentially, this study will utilize a qualitative research methodology. The decision to choose this methodology was based on the fact that it is very easy to form a strategic plan. As a matter of fact, a qualitative methodology ensures that all key issues that affect a particular phenomenon such as the salient strategic plan that enhance efficiency in the management of the central finance department of sharjah. Moreover, basing on Creswell (2003) postulations on interviews and case studies it is most probable that a qualitative research will offer the best results for the study given that the underlying research problem centers on essentials of strategic plan.
So as to enhance flexibility and the probability of the narrowed down company employees to agree to take part in the study the participants were selected on a voluntary-cum random basis. This selection criterion was also crucial as it helped to reduce eventualities for participants’ withdrawal during the course of the study. Most importantly, this criterion helped to debunk any potential ill feelings of coercion and interference with the participants’ normal work schedules. In this regard, it was the participants who made the final decisions on whether to take part in the study or not as opposed to the tradition where the researcher makes the decision.
Basically, the study sampling criteria only required participants with a fair knowledge of company’s strategic plans. In this regard experts from strategic plan were considered as the most appropriate. Request letters were sent to fifty experts and departments to seek their mutual consent to participate in the study.
To enhance participation, the selected participants were assured that their views would be treated with utmost anonymity and that only the information they were willing to divulge would be used in the study. After all, the researchers were only interested with information relevant to the research topic. Ideally, this strategy was indeed a necessary one as it helped to eliminate any potential cases of mortality (withdrawal) on the part of the sampled participants during the study.
Data collectionThe process of gathering data for this study will involve two levels as advanced by Babbie (2004);- structured questionnaires as well as direct scrutiny of the company’s official website and a range of other authentic sources such as journal articles, textbooks, newspaper articles, and magazine articles. The questionnaires will be structured in simple and straight forward language to elicit easy understanding as per Kvale and Britmann (2008) postulations.
The first level will be involved in dispatching the structured questionnaires to the participants in the central finance department of sharjah. Each participant will be required to fill one such questionnaire. To enhance accuracy and validity the participants will be given a period of two weeks to study the questionnaires and fill them accordingly. Then the returned questionnaires will be studied, checked for validity errors, interpreted, transcribed, coded and analyzed as per the selected data analysis methodology.
The second level of the data collection process and perhaps the most impartial, will involve the gathering of information from both primary and secondary sources regarding the salient features of the company’s strategic plans. To this end, the use of primary information from the company websites as well as secondary information from unbiased online sources will serve to mitigate such eventualities.
Data AnalysisDue to the intensive nature of the proposed research problem, empirical information collected through the structured questionnaires and interviews as well as the information extracted directly from the three companies’ websites and other online sources will be analyzed using a qualitative data analysis continuous method of memorizing and coding as described by Kvale (1996) and Trochim (2006).
The first step in this process will involve a purposeful scrutiny of the empirical information with a view of evaluating its accuracy and succinctness. The data then will be closely studied and all important information (main points) pertaining to the research topic was indentified and jotted down in a memo in form of short notes. These short notes will then be transcribed using Microsoft word processing program with view of making them simpler and hence easy for further analysis.
Secondly, the transcribed data will then subjected to further scrutiny, with the results codified into more meaningful units easy for further analysis and interpretation. Next, the coded information will be subjected to an ad hoc approach that will involve the use of comparative tables where coded data was entered into labeled columns and rows and graphs. Finally, the data was used to construct graphs to facilitate easy conceptualization of the study findings (Maxfield & Babbie, 1998; Kvale, 1996).
Potential problemsSome of the problems that might be encountered during this study included selection-mortality threat during the study demographic sampling process. Not all the experts and other company employees might earmarked for selection were willing to commit themselves to the entire process of the study. Again, not all the selected participants will be willing to avail critical information about their departments as well as allowing their juniors to participate in filling the questionnaires.
Again this trend will be visible during the actual process of data collection where some participants delayed with returning the distributed questionnaires and or agreeing to avail themselves during interview-appointment dates without giving good reasons for such failures. Such delays will occasion significant disruptions to other study activities. On a positive note, the whole process will be accomplished within the set timeframe despite these glaring time management snags.
Being a qualitative research, this study might also be prone to a barrage of social interaction threats such as compensatory rivalry, resentful demoralization, compensation equalization threat, and imitation (Trochim, 2006). For instance, some of the answers given during the interviews and questionnaires may have been artificial, in that, participants may have been tempted to give answers that would give the impression that their companies had the most competitive strategic plans. Again, basing on the natural desire to withhold key secrets, participants might be tempted to avoid giving correct information regarding the central finance department of sharjah’s strategic plans for fear that their rivals would act on such information to initiate undue competition in future. Nevertheless, to mitigate the effects of this validity snags it is reasoned that the participants or their companies should not be informed about the other companies taking part in the study. Specifically, this measure will lessen the probability of the participants/companies having prior awareness about each other.
References in preparation for literature review
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Hassan, M., Haggen, A., and Daigs, I., 2006. Strategic human resources as a strategic weapon for enhancing labor productivity: empirical evidence. Academy of Strategic Management Journal. 5. Pp. 75+
Johnson, R., 1999. Case 2: Holiday Inn Mayfair: Feature HR and the Bottom-line, People Management. Journal of the Chartered Institute of Personnel and Development. 42
Kovach, K.A., 1996. Strategic human resource management. Maryland: University Press of America
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Rowden, R.D., 1999. The potential roles of the human resource management professional in the strategic planning process. SAM Advanced Management Journal. 64 (3). Pp. 22 +
Salaman, G., Storey, J., Billsberry, J., 2005. Strategic human resource management: theory and practice. London: SAGE Publication Ltd.
Torrington, D., Hall, L., and Taylor, S., 2005. Human resource management. London: Pearson Education Limited.