DESIGN MONITORING SYSTEMS

 IDENTIFYING PERFORMANCE DEVIATIONS FROM THE PLAN’S ORIGINAL OBJECTIVE

●      Monitoring and Assessment are really beneficial

Too many strategic plans wind up accumulating dust on a shelf, as has been said multiple times throughout this library topic (and in resources linked from it). Monitoring and evaluating planning efforts, as well as the extent to which plans are implemented, is just as important for many firms as setting strategic challenges and goals. Monitoring and evaluation provide the benefit of keeping the business on track. The initial benefit is self-evident. Adults learn best when they put new information and resources to use and then reflect on what they’ve learned. Continue to monitor the development of strategic plans to have a better understanding of your business and how to operate it.

●      Responsibilities for Monitoring and Evaluation

 The strategic plan document should explain who is responsible for the overall implementation of the strategic plan, as well as who is responsible for reaching each goal and target. The report should clearly identify who is responsible for putting the plan into action and making decisions based on the results. For example, the board may require the chief executive to report on the state of execution to the whole board on a regular basis, including the status of each of the primary strategic objectives. As a result, middle managers may be expected to deliver regular status reports to the CEO on their progress toward attaining the goals and objectives set for them.

When monitoring and evaluating the plan’s implementation status, there are a few key questions to consider.

1. Are the strategy’s goals and objectives being met or not? If that’s the case, congratulate, compliment, and rejoice in their achievements. If you’re not sure, consider the following questions.
2. Will the objectives be met within the timeframes set forth in the plan? If not, why not?
3. Should the deadlines be pushed back?
4. Do individuals have sufficient financial resources?
5. Is it still possible to meet the objectives and goals?
6. Should priorities be changed to put more emphasis on achieving the goals?
7. Should the goals be adjusted (be cautious about making these adjustments; first figure out why your efforts aren’t meeting the objectives)?
8. What can we take away from this experience? What can we learn from our measurement and evaluation efforts to help us plan and manage our projects more effectively in the future?

●      Frequency of Monitoring and Evaluation

The frequency of reviews is affected by the kind of organization and the working environment. Organizations that are dealing with rapid change from inside and/or without may want to review the plan’s progress at least once a month. Boards of directors should examine the status of implementation at least once a quarter. CEOs should, at the very least, reassess their positions on a frequent basis.

Reporting on Monitoring and Evaluation Results

• Keep track of the status reports at all times. In your reports, describe the following:
• When monitoring implementation, answers to the above-mentioned key questions.
• Goal progress (or lack thereof) trends, as well as the goals and objectives being
• Suggestions for the present situation
• Any managerial decisions that must be made

  Reporting on Monitoring and Evaluation Results

 Keep track of the status reports at all times. In your reports, describe the following:

1. When monitoring implementation, answers to the above-mentioned key questions.
2. Goal progress (or lack thereof) trends, as well as the goals and objectives being
3. Suggestions for the present situation
4. Any managerial decisions that must be made

•    Getting Away from the Plan

 It’s quite OK to deviate from the plan. The strategy is meant to be a guide rather than a strict road map that must be followed to the letter.

Typically, when an organization becomes older, it will change its course slightly. Changes in the plan are frequently the result of changes in the external environment and/or consumer needs. As a result, new organizational goals develop, as well as changes in the resources available to carry out the original plan. The most important aspect of straying from the plan is having a clear understanding of what is going on and why it is occurring.

●      Changing the Approach

Ascertain that, if required, a method for modifying the approach has been identified. For example, when it comes to modifications, write down:

1. What motivates people to want to change?
2. What is the rationale for the changes? (Frequently, the “why” is separate from the “what is causing” the changes.
3. Changes that must be made to goals, objectives, tasks, and timeframes.

Organize the many variations of the plan.

Always have a backup copy of the plan on hand.

Always discuss and document what you’ve learned from previous strategic planning sessions so that you can better the next one.

Monitoring and measuring of performance is a long stage in a business scenario. Performance is measured or calculated by the level of achievement of objectives of an organization. There are several steps, they are:

●      MONITORING SYSTEM

1. Define the purpose and scope of monitoring.
2. Define the evaluated question.
3. Identify the monitoring question.
4. Identify the Key Performance Indicators and sources of data.
5. Identify who is responsible for collection of data, storage of data, reporting, budget analyzing and timelines.
6. Identify who to evaluate data and how to report.
7. Decide standard forms and follow procedures.
8. Combine the information derived from steps 1 to 7 for monitoring and evaluating.
9. Integrate connects the performance and monitoring evaluation system vertically and
10. Regulate testing and again implement it on the system.

•      MARKETING METRICS:

Marketing metrics are the measurable values which are used by the marketing group to illustrate the effectiveness of performance. It plays as a dashboard which helps to display or informs the performance.

There are several types of metrics, they are:

1. Viewership Metrics
2. Engagement Metrics
3. Lead-Based Metrics
4. Sales Metrics

 ●      MILESTONE PLANNING

Firstly, have to understand the performance and have to analyze the KPI’s and should report it after setting up milestones and should assess manually about the current position. With the help of indicators it can assume and predict sequences, frame time, which helps to achieve the outcomes. It also can easily track the monitoring system. Assessment of milestone planning gets a well structured vision that understands the distance to achieve the goal, can know the perspectives success and failure. It also helps to set standards, assign work, and responsibility tasking

●      RESPONSE MECHANISM MONITORING SYSTEM

With the help of a response mechanism system we can combine and manage datas from various sources. It also helps to evaluate and monitor corporate performance. As collecting feedback of an organization, the customers can present their feedback through the company website, company pages in social media and also can send emails.

●      Budget Monitoring

“Budget” is a financial term which means an estimated amount or income which is planned for a period of time which is used to fulfill the requirements and needs to execute an effective plan. Also it helps to utilize the fund for measuring and monitoring performance which helps the management to have a clear insight of objectives and goals.

• Performance deviation measures amongst planned objectives and achieved results of Hotwell Group

Hotwell uses reports to evaluate the performance over the yearly operations. In this record they consist of five elements like shareholder value, customer satisfaction, commitment alignment, core competencies, and market share.

• Shareholder Value: Hotwell gives more importance to the people who invest in the firm. So Hotwell setted up their ultimate objective to increase the wealth of their shareholders. The innovation of new products are the main plans that maximize the profit or wealth of their shareholders.
• Customer Satisfaction: Hotwell always gives importance to the feedback from their customers. So Hotwell conducts surveys from their customers to know at

what level customers are satisfied with their products and pricing policy and what changes should they have to make quickly and changes that have to be made on the products. And what type of advertisements will attract the customers.

• Commitment Alignment: Hotwell collects data every one year to confirm

whether all the employees are up to date with their objectives and have individual strategies to achieve the organizational goal.

• Core Competencies: Hotwell always ensures that their employees are well known for their products or capable of coming up with better solutions which are necessary to their handling a situation. If found not suitable, then the company provides better training.

Market Share: Hotwell always tries to increase their market share or value of market share. With the evaluation of market share they can calculate their performance. They not only generate profits and make more relationships with developers who stand with them.