Question

how does a conceptual framework help senior management ensure that financial and other resources are available to support the accomplishment of the organization’s plan action

Answer 1

There are numerous tools which can be made use of to monitor/ensure that the financial & other resources are offered to sustain the company's action plans, while fulfilling current obligations.

Few of them are listed down below:

1. Alignment of action plan with organization goal: They ought to clearly know the organization's Vision & Objective & would certainly have the ability to establish whether the action plans are aligned with the company's goal. It is the most important requirements to manage & guarantee that the right action plan should be prioritized which remain in favour of the firm's goal.

2. Budgeting: At the year end itself, budgeting must be finished for the following year & it is to be assigned for various activities such as for revenue, for Capex, for Manufacturing, for Marketing, for Circulation etc etc. So that there should be a cap of fund under each budget group.

3. Review & Monitoring: Elder Management can review the action plans & its needs on some equivalent periods to understand & understand the current position.

4. Leveraging innovation: Senior monitoring can take advantage of modern technology to recognize the real time data of business plan. They can make use of MIS, BI tools etc.

5. Quick decision: They need to be a quick choice maker to ensure that absolutely nothing can be hold for a long.