Implementation of the strategy is dependent on the effectiveness and integration of the main elements of planning (Kaplan and Norton,1993). Implementation of the strategy also requires a strategy for the success of the planned work. The strategy itself is a critical part of strategic planning in management, as well as the motivation of the management team to implement the strategy process. All the elements of strategic planning are important, but the whole determines how well different parts interact with one and other. At the same time, a strategically clever Company will be able to renew its ongoing strategy, as well as to develop a new strategy.
A good strategy plan also calls for the Company to be adaptable to different situations, which …show more content…
After setting the objectives of the action plan, it may be necessary to revisit the action plan prior to lock down, because recent research confirms that the general opinion among executives is that the budget has several drawbacks (Libby & Lindsay, 2007). For instance, it is too time consuming compared to the value it contributes to the business, and it is based on unsupported assumptions and guesswork that are already out of date (Libby & Lindsay, 2007). The budgeting process and the construction of a budget will impact a Company or Companies depending on the Company 's size and resources, leadership culture, economic situation, information systems, as well as the time available. However, another crucial advantage of the
Budgeting process, not to be unheeded, is the sharing of data, or information (Hopwood, 1976; Parker & Kyi, 2006) between group Companies. McLaney & Atrill (1999) argue that the value of the budget as a plan of what should be achieved and as a standard against which actual performance results will be measured, depends largely on whether and how skilfully the management understand the business and their customers.
When setting a budget, management of the organisation are supposed to engage in defining explicit budgetary goals and to be involved in successive revisions to these goals with the organisation management (Chalos & Poon, …show more content…
Evidence presented by these studies suggests, that accounting and budgeting practices are fluid and emergent crafts. They are constantly being implicated in a number of different ways in organisational and social transformations, at different stages of organisational life and social contexts were reviewed.
Methodologically, these research studies are inductive and interpretive in nature. They rely on the philosophy of the social science. The underlying belief is that some aspects of the social world cannot be researched by 'scientific ' methods. They differ from those traditional studies which relied on the logical deductive approach which is rooted in the philosophy of the natural
A good strategy plan also calls for the Company to be adaptable to different situations, which …show more content…
After setting the objectives of the action plan, it may be necessary to revisit the action plan prior to lock down, because recent research confirms that the general opinion among executives is that the budget has several drawbacks (Libby & Lindsay, 2007). For instance, it is too time consuming compared to the value it contributes to the business, and it is based on unsupported assumptions and guesswork that are already out of date (Libby & Lindsay, 2007). The budgeting process and the construction of a budget will impact a Company or Companies depending on the Company 's size and resources, leadership culture, economic situation, information systems, as well as the time available. However, another crucial advantage of the
Budgeting process, not to be unheeded, is the sharing of data, or information (Hopwood, 1976; Parker & Kyi, 2006) between group Companies. McLaney & Atrill (1999) argue that the value of the budget as a plan of what should be achieved and as a standard against which actual performance results will be measured, depends largely on whether and how skilfully the management understand the business and their customers.
When setting a budget, management of the organisation are supposed to engage in defining explicit budgetary goals and to be involved in successive revisions to these goals with the organisation management (Chalos & Poon, …show more content…
Evidence presented by these studies suggests, that accounting and budgeting practices are fluid and emergent crafts. They are constantly being implicated in a number of different ways in organisational and social transformations, at different stages of organisational life and social contexts were reviewed.
Methodologically, these research studies are inductive and interpretive in nature. They rely on the philosophy of the social science. The underlying belief is that some aspects of the social world cannot be researched by 'scientific ' methods. They differ from those traditional studies which relied on the logical deductive approach which is rooted in the philosophy of the natural