Focus is on the financial forecasts it is very hard

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focus is on the financial forecasts, it is very hard to know whether the numbers have been arrived at by the simple expedient of working backward from the profitability requirements that have to be satisfied before funding can be approved 3. Create a forum for surfacing and testing critical assumptions. Choices among alternative strategies are arguably the least structured decisions that managers make 4. Help to isolate risks, contingencies and control factors. The actual results from a chosen strategy will almost always differ from the forecasts. To minimize the damage from these “surprises”, the management team needs to think through all the things that could go wrong, prepare contingency plans that acknowledge the likelihood of these surprises, and supply remedies in advance of their occurrences 6. Please define and describe the approaches available in implementing your action plan as apart of your change agenda. Please provide the pros (2) and cons (2) for each approach? 17
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BU481 – Midterm #2 Questions- List 1 & 2 2010 Approach Pros Cons Focus Able to single out small number of priority targets – high impact Moves slowly to achieve more things Resistance requires more focus May not move with a high level of readiness Scope Multiple targets allow you to cover more May not complete targets complete Higher degree of readiness, more need for scope May be confusing to implement in a large organization 7. Define and describe the factors that influence a target group’s readiness for change? Target group commitment o Understand and accept the need for change, feel the proposed changes are appropriate and are not personally threatening, then people are more likely to be committed o Unaware for need for change: isolated from the market or business performance data that indicates change is required o People downplay the urgency of the situation b/c they don’t want to face realities. o Others agree change in needed, but disagree on how. o People resist b/c they fear a loss of power, compensation or position Target group capabilities o Assess whether your target groups are able to understand the situation and respond creatively & effectively. o Options to fill gap between available and required skills narrows as you move from anticipatory to crisis change. 8. Define and describe the five classifications of groups and/or individuals that can be used to assess “priority targets for action”. What are the implications for strategy implications? 1. Change agents Believe changes are necessary and have the skills and capabilities to help bring about the change Competent and committed and strongly support Smallest group of managers. In anticipatory change, they lack commitment, and in crisis, they lack capabilities 2. Change agents in waiting Like the changes, but don’t have the skills to help implement it With time and training, they will develop the needed skills, but this depends on how much time you have 3. Bystanders Prefer to wait and see how the change process fares before they commit i. Skeptical, or think risk is too high
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