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Week 4 Discussions Establishing Metrics

Your text explains why it is important to select the appropriate criteria for strategic planning. Part of this process is establishing metrics to measure the progressive success of the strategic plan. Choose and discuss two metrics that an organization might consider when developing a strategic plan? What are some considerations or criteria that leaders utilize when developing a strategic plan? How might this process work in your current organization or a previous organization? Respond to at least two of your classmates’ posts by Day 3. You must create one initial post and at least two responses, for a minimum of three posts for this discussion.

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Developing a strategic plan involves using metrics to build towards long term organizational goals. For example, strategic metrics, such as reducing the cash-to-debt ratio to zero, or increasing the operating margin to 50%. Which may require meeting a set amount of monthly and quarterly profits over a period of time to pay back the debt and/or increase the margin. To meet those monthly and quarterly performance metrics, managers can use empirical data to identify any negative variances (Abraham, 2012) and then implement additional tactical metrics to increase performance. Such as measuring the sales for each product in order to make corresponding adjustments or changing vendors in order to reduce operating costs per sale.

Without any measurable data, these kinds of shortfalls cannot be properly identified and corrected. An effective budget control system is an important consideration in a strategic plan. Many budgets tend to get out of hand because of the reward systems in place; as Kerr has famously demonstrated, we reward government spending by considering future budgets as a function of the current year’s expenditures (1975), so let’s say we spend one billion dollars this year on a certain program, then it is assumed that we will need at least one billion dollars for next year’s budget, if not more. There is no reward for spending

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