Testing Your Knowledge of Administration and Strategic Planning

• The administration of a company can be defined as the process of creating strategic plans and implementing them.

• The administration of a company goes beyond just applying to businesses whose primary goal is purely commercial.

• The administration of a company can be broken down into strategic planning and implementation, and then evaluation and control.

• The four essential elements of strategic planning are environment analysis, formulation of a strategy, implementation of the strategy, and evaluation and control.

• Plans must be based on accurate information in order to be effective.

• The stages of a basic model of administration strategic planning are analysis, assessment, planning, implementation, and evaluation.

• Strategy formulation is the development of a plan to manage environmental opportunities and threats differently and effectively based on organizational weaknesses and strengths.

• In this phase are useful mission, objectives, strategies (a master plan through which objectives and mission will be achieved) and policy guidelines.

• Implementation of the strategy involves the development of programs, budgets and procedures. Sometimes called operational planning, it involves decisions on resources and their allocation.

• Evaluation and control involves the supervision of activities and results, which leads to the performance of strategy as the final result of activities.

This quiz asks you about the different stages of a basic model of administration strategic planning. The quiz is designed to help you understand the different aspects of administration strategic planning and to help you develop a better understanding of the different components of a successful strategic plan.