ILM Level 7 8624-701 Execute a Strategic Business Plan Assignment Example and Answers Help in the UK

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Assignment Brief 1: Understand the principles underpinning the execution of a strategic business plan

AC 1.1 Analyse the concepts of empowerment, authority, responsibility, accountability and delegation and their implications for different types of organisational structure

These concepts play crucial roles in the shaping of dynamics and effectiveness in organisations:

• Empowerment: Developing autonomy and innovation in flat as well as matrixed structures, but limited in hierarchical ones.
• Authority: The right to decide; centralised in functional structures but decentralised in divisional or network structures for flexibility.
• Responsibility: The obligation to perform tasks; clearly defined in hierarchical structures but shared in team-based and project-based setups.
• Accountability: The responsibility of reporting outcomes; clearly defined in vertically structured environments but diffused in flat and agile systems.
• Delegation: Assigning tasks to subordinates; common in hierarchical structures but complex in matrix setups due to dual reporting lines.

AC 1.2 Evaluate the advantages and disadvantages of centralised and decentralised structures

Centralised Structure

In a centralised structure, decision-making is concentrated at the top levels of management, thus placing effective control and ensuring consistency across the organisation. This structure creates a clear hierarchy and accountability. However, slower decision-making also occurs because leadership becomes overburdened, and lower-level employees become less empowered.

Advantages:

• Consistency in decision-making
• Clear hierarchy and accountability
• Greater control and efficiency

Disadvantages:

• Slower decision-making
• Overburdened leadership
• Low employee morale
• Decentralised Structure

Decentralised structure 

It disperses decision-making power to different levels or departments. This decentralisation gives faster decisions and innovation to the organisation. It increases employee’s power and can lead to inconsistent decisions and duplication of work. There is a possibility that top management might lose control.

Benefits:

• Decision making Faster
• Innovation Increased
• The morale of the employees Improved

Disadvantages:

• Inconsistent Decisions
• Duplication of work
• Loss of Control

AC 1.3 Assess the place of change management within strategy execution

Change management is an important part of a strategy’s effective execution. New strategies involve the shifting of processes, culture, and structure within the organisation. Smooth transitions with minimal resistance from employees will be ensured if change management is done correctly.

In strategy execution, change management can help in several key areas:. It allows communication, ensuring all stakeholders, or parties, fully understand the reasons for a change and its implications on their specific work responsibilities. Additionally, it is on the human side of change by helping employees, perhaps through training, coaching, and involvement, to reduce uncertainty and resistance towards change. Lastly, change management outlines a process to track the implementation of the strategy and continuously adapt, ensuring that the organisation remains on course in executing strategic objectives.

Strategy execution in an organisation can be extremely challenging, delayed, or inefficient if there is no structured approach to change management. A change management component during strategy execution ensures that organisations adapt and stay competitive in the long run.

AC 1.4 Analyse the principles of business process re-engineering

Business Process Re-engineering BPR the main aim is to drastically change business processes aimed at improving performance, efficiency, and customer satisfaction. Some of the basic principles of BPR are as follows:

• Focus on the Core Processes: Identify and improve the key processes that impact performance.
• Radical Redesign: Deliver fundamental changes rather than small improvement for process structure.
• Customer-Centric Approach: Align processes with customer needs to enable customer satisfaction.
• Cross-Functional Teams: Involving teams from various departments to ensure effective redesign of the process.
• Usage of Technology: Make use of technology for automation of processes for better process efficiency.
• Continuous Improvement: After the redesign, continue to monitor and improve the process to sustain improvement.
• Change Management: Engage in strong change management practice that ensures the successful adoption of new processes.

AC 1.5 Evaluate the application of project management techniques to monitor the execution of a strategic business plan

Project management techniques are essential for tracking and ensuring the successful execution of a strategic business plan. Included are:

• Work Breakdown Structure: A strategy breaks up into smaller tasks so that monitoring is easier.
• Gantt Charts: Useful visualisation of the timelines that track the progress and deadlines.
• Key Performance Indicators: Reflects success; tracks progress against goals.
• Risk Management: Identifies and mitigates existing risks that affect the strategy.
• Earned Value Management (EVM): Compares planned vs actual performance to detect issues early on.
• Agile Project Management: Leverages flexibility and rapid responses in adapting to changes.

AC 1.6 Evaluate the scope of tools for monitoring strategic performance

Monitoring strategic performance is essential to determine business strategy success or weaknesses and where necessary adjustments should be made. Several tools help track such progress, measure effectiveness, and align activities to organisational goals. Key tools for monitoring strategic performance include;

1. Balanced Scorecard

The Balanced Scorecard examines performance from four perspectives: financial, customer, internal processes, and learning & growth. A holistic approach allows organisations to track vast metrics while keeping actions in line with strategy.

2. KPIs

KPIs are measurable values that track specific business objectives such as sales growth or customer satisfaction. Indicators indicate real-time effectiveness of strategic actions taken and reveal points to improve.

3. SWOT Analysis

SWOT analysis of Strengths, Weaknesses, Opportunities, and Threats evaluates internal and external factors that impact the strategic performance. It helps an organisation understand where it stands competitively and to adjust strategy accordingly.

4. Financial Performance Metrics

Return on Investment, profitability ratios, and net profit margins measure the financial success of a strategy. All of these tools ensure that strategic goals are aligned with the financial objectives of the firm.

5. Benchmarking

Benchmarking: a comparison of the performance of an organisation with its industry standard or competitors. It helps find performance gaps and highlight areas for improvement or innovation.

6. Performance Dashboards

Dashboards aggregate data from multiple sources and then present visually the performance metrics. Real-time insights allow quick decision-making and proactive adjustments in the strategy.

AC 1.7 Evaluate the advantages and limitations of a range of evaluation techniques

Different methods of assessment help evaluate strategies or projects, each of which has its own merits and drawbacks:

1. SWOT Analysis

Advantages: Helps identify factors both within and without that affect an organisation’s performance. 

Limitations: Very subjective, and issues may get oversimplified.

2. Key Performance Indicators (KPIs)

Advantages: It helps measure data about specific goals. 

Limitations: Focuses too much on short-term outcomes.

3. Benchmarking

Advantages: Helped compare an organisation’s performance to industry standards. 

Limitations: Imitation does not equal innovation.

4. Return on Investment (ROI)

Benefits: Easy monetary measure of success. 

Drawbacks: It negates intangible returns and long-term implications.

5. Surveys and Questionnaire

Benefits: Direct measures of stakeholder feedback. 

Drawbacks: These can be faulty or very time-consuming to analyse.

6. Focus Groups

Benefits: In-depth attitude and opinion analysis. Drawbacks: Susceptible to groupthink effects.

7. Performance Appraisal

Benefits: Straightforward feedback of individual/team performance. 

Drawbacks: Subjective interpretation and principally focuses on past performance.

8. PESTLE Analysis

Advantages: Involves external factors affecting the decisions. 

Disadvantages: Can be too general and needs to be updated constantly.

Assignment Brief 2: Be able to implement a strategic business plan

AC 2.1 Develop the vision and objectives of a strategic business plan

Vision Statement

The vision specifies the long-term business goals and aspirations and lays out clear direction and motivation. It should be:

• Inspiring
• Definite and Concise
• Future-Oriented

Illustration: “To be the global leader in sustainable energy solutions.”

Objectives

Objectives translate the vision into precise, measurable goals. They should be SMART; that is, specific, measurable, achievable, relevant, and time-bound. 

Key objectives may be:

• Market Growth: Gain 15% more in the market share in two years.
• Customer Satisfaction: Maintain 90% customer satisfaction.
• Product Innovation: Develop three new products within 18 months.

AC 2.2 Delegate responsibilities to individuals who are authorised to put the strategy into action

Effective delegation is the most important thing in the successful implementation of a strategic business plan. Here’s how to delegate effectively:

1. Define the Key Tasks

Identify the specific tasks that will need to be accomplished to ensure the achievement of the strategy. They must be in line with and accomplish the overall strategic objectives.

2. Select the Right Individuals

Identify people with the skills, knowledge, and influence to get things done. Place them in roles that give them the authority to decide and impact results.

3. Delegate Responsibility with Decisive Authority

Grant individuals decisive authority over matters related to their tasks. This helps them make adjustments without asking and quickly change them as circumstances dictate.

4. Communicate Clearly

Communicate the objectives, timelines, and performance standards for each responsibility. Ensure individuals know what to expect and the overall strategic goals.

5. Monitor and Support

Check on the progress of assigned tasks at regular periods. Give support when needed but do not micromanage. Adjust as necessary to ensure successful execution of the strategy.

AC 2.3 Allocate resources by priorities

Effective allocation of resources is critical to successful business strategy execution. Here’s how one can allocate resources in line with business priorities:

1. Key Priorities

Identify the most critical objectives and areas of the strategy that need immediate attention and resources. These could be high-impact projects, areas of growth, or those that are critical to the strategic goals and will be materialised.

2. Available Resources

Assess the available resources, including financial capital, human resources, technology, and time. Be aware of the strengths and weaknesses of each type of resource.

3. Prioritise Resources

According to the priorities determined, allocate available resources. Resource-intensive activities should occur on high-priority tasks, while lower-priority tasks should have fewer resources.

4. Establish Clear Guidelines for Resource Allocation

Create clear guidelines on how resources should be used and monitored, so teams know their responsibility and the expectations surrounding resource management.

5. Monitor and Adjust

Regularly assess resource use and whether they are being applied towards the right priorities. Make adjustments as needed to ensure optimal resource use over the execution of the strategy.

AC 2.4 Monitor the progress of the implementation against the evaluation plan, Key Performance Indicators (KPIs) and evaluation criteria

Monitoring the implementation of strategies is very important towards an evaluation plan of KPIs. Here is how to track progress effectively:

1. Establish a Clear Evaluation Plan

Develop a specific, measurable, and aligned evaluation plan that outlines strategic objectives and criteria for success. The evaluation plan should be detailed to provide a clear description of the strategic objectives, KPIs, and criteria for success.

2. Define Key Performance Indicators (KPIs)

Determine appropriate KPIs that track how close an organisation is to achieving its strategic objectives. KPIs may be financial-related metrics, operational-related metrics, or customer satisfaction metrics.

3. Establish Evaluation Criteria

Establish criteria to evaluate the implementation of the strategy. Criteria must be benchmark results for desired outputs, enabling an organisation to assess its progress.

4. Monitor Progress Regularly

Analyse using tools and software the performance data versus KPIs and evaluation criteria. Daily tracking enables the discovery of deviations and problems in good time.

5. Analysing and Reporting Results

Compare this collected data with benchmark data that were determined earlier. Report regularly to stakeholders, showing successes, challenges, and what needs to be improved.

6. Adjust and Take Corrective Actions

If the progress is off track, utilise monitoring insights in making the necessary adjustments. This may mean shifting resources, reviewing strategies, or tackling operational challenges.

AC 2.5 Take prompt action in the event of problems arising

Taking prompt and effective action when issues arise is crucial for keeping a strategy on track. Here’s how to address problems fast enough:

1. Define and Evaluate the Problem

Define the issue clearly and assess its effects as soon as possible on the strategy. Determine the urgency and scope of the problem to understand how it will impact the entire business plan.

2. Root Cause Analysis

Identify the cause of the problem. This is whether it is a lack of resources, poor communication, or other factors that cause the problem. Understanding this contributes to preventing repetition.

3. Implement Immediate Solutions

Correct the problem by taking immediate remedial action. For instance, one may reallocate resources, reschedule time allocations, or give team members extra training or support.

4. Communicate with Stakeholders

It will also help keep the key stakeholders informed about the problem and what is being done regarding this. Clear communications and transparency will build trust and ensure alignment.

5. Monitoring Effectiveness

This solution monitoring process should be observed upon implementation to ensure the solution attains its goal of abolishing the given problem. Have a plan for improvement in case the first solution is not adequate.

6. Learn and Prevent Future Issues

After the problem has been addressed, analyse what went wrong and develop some strategies or processes that will prevent similar problems from occurring again.

Assignment Brief 3: Be able to evaluate a strategic business plan

AC 3.1 Justify an evaluation approach that is appropriate for the nature of the business and the purpose of the evaluation

The proper evaluation approach depends on the type of business and the objectives of the evaluation. Here is a justification:

1. Business Type

Different types of businesses call for different approaches. For service businesses, it may be more appropriate to use qualitative methods such as a customer survey, whereas, for manufacturing companies, quantitative methods such as performance metrics may be the best fit.

2. Purpose Implementation

Purpose-based evaluation entails performing the following:

• Performance Evaluation: Use KPIs or Benchmarking.
• Strategic Appraisal: Use SWOT or balanced scorecards.
• Process Improvement: Lean or Six Sigma can work well.

3. Select Feasible Tools

Select tools that align with resources. An enterprise can use complex analytics while a smaller organisation will require low-level instrumentation such as surveys or performance reviews.

AC 3.2 Evaluate the extent of success of the strategy against evaluation criteria

To understand whether a strategy is successful or not and what adjustments are to be made, evaluation becomes important. Here is how to evaluate the success

1. Clear Evaluation Criteria

Clearly define measurable criteria for evaluation. These could be financial growth, improvement in market share, customer satisfaction, or operational efficiency. These must align with strategic goals.

2. Collection of Relevant Data

Collect data from various sources, such as performance reports, financial statements, customer feedback, and operational metrics. Such data should be directly related to the established criteria.

3. Comparison with the Criteria

Compare the collected data with the evaluation criteria. Determine whether the strategy has met, exceeded, or fallen below expectations in all areas.

4. Result Analysis

It must analyse the reasons behind the gap in certain areas if the strategy is unsuccessful. Resource allocation, leadership, and other external factors may be considered.

5. Recommend Improvements

Based on the review of the approach, it is necessary to list changes or improvements needed in the current strategy. This could mean refining tactics, adjusting resource allocation, or revising goals.

AC 3.3 Identify the reasons for successes and failures

To know why a strategy works or doesn’t work:

1. Key Success Factors

This includes such factors as adequate planning, sound leadership, optimal resource utilisation, and a good match to the market.

2. Failure Causes

This can include instances of non-execution, lack of resources, outside influences, and high expectations that are unrealistic.

3. Obtain Feedback

Get input from key stakeholders to know their perception of what went wrong or right.

4. Do Root Cause Analysis

Utilise techniques such as the 5 Whys to probe more deeply into why things are successful or failing.

AC 3.4 Identify the degree of fit between an organisation’s strategy and its structure

Evaluating the fit of an organisation’s strategy with its structure is very important to the successful implementation of plans. Here’s how to evaluate the fit:

1. Review the Organisational Structure

Examine the existing structure (hierarchical, flat, matrix, etc.) and understand its design. Is it centralised or decentralised? Does it support rapid decision-making or slower processes?

2. Align Strategy with Structure

Check if the organisational structure supports the strategic goals. For example:

• Innovation-focused strategies may demand a flexible, decentralised structure.
• Cost-leadership strategies might find a more centralised, efficient structure helpful.

3. Analyse Communication and Decision-making

Analyse how the structure impacts communication and decision-making. A properly aligned structure guarantees the free flow of communication and smooth execution of strategy.

4. Identify Disconnects or Misalignments

Look for where the structure is out of line with the strategy. For example, a detailed hierarchical structure could stifle the adoption of an agile, responsive strategy.