Elements and Performance Criteria
- Define and implement business strategies
- Business unit objectives are formulated in accordance with the unit's strategic priorities.
- Strategies are developed that relate to the business unit's strategic objectives.
- Strategies are developed in consultation with key stakeholders including other business units and organisations, using a range of communication strategies.
- Strategies and associated objectives are delegated to operational levels within the business unit.
- Strategies are delegated to individuals, teams and groups in a manner which ensures understanding, and commitment.
- Information on business strategies that specifies output targets and performance standards is given to individuals, teams and groups.
- A system which includes key performance indicators is developed to monitor the implementation and effectiveness of strategies.
- Review the effectiveness of business strategies
- Strategies developed to attain the business unit's strategic objectives are reviewed in a timely fashion.
- Strategies are reviewed in relation to attainment of key objectives, budgets, resources and timelines.
- Multiple perspectives and sources of information are considered in determining the effectiveness of strategies.
- The effectiveness of the strategy is reviewed against key performance indicators.
- Recommendations on appropriate enhancements to the strategies and plans are formulated and acted upon in accordance with organisational policy and procedures.
- Manage risk associated with business strategies
- Risks associated with the implementation of the business unit's strategies are identified and evaluated.
- Risk levels are assessed as acceptable or unacceptable and balanced against opportunities afforded by taking risks.
- Information sources are utilised to assess levels of identified risks.
- Risk treatments are selected and implemented.
- Risk treatments are monitored and reviewed.