4. POLICY FORMULATION
Source: Wegrich, K., & Jann, W. (2007). Theories of the policy cycle. In F. Fischer & G. J. Miller (Eds.), Handbook of public policy analysis: Theory, politics, and methods (pp. 69–88). Routledge.
5. Agenda-Setting
The first stage of
policy formulation
involves identifying
issues that require
attention and setting
priorities.
Policy Formulation Process
Policy Development
The second stage
involves developing
policy proposals that
address the issues
identified during
agenda-setting.
Adoption
Once policy proposals
have been developed,
they must be adopted
by the appropriate
decision-making
bodies.
The final stage of
policy formulation
involves
implementing
policies and
monitoring their
impact.
Implementation
6. Lack of Data
Policy formulation
requires accurate and
reliable data to inform
decision-making.
Challenges
of Policy
Formulation
Policymakers may face
pressure from interest
groups, political parties,
or other stakeholders to
adopt policies that may
not be in the public
interest.
Political Pressures
Limited Resources
Policymakers may be
constrained by limited
resources, making it
difficult to address all of
the issues that require
attention.
Limited Expertise
Policymakers may not
have the expertise or
resources necessary to
develop effective policies.
7. Policy formulation plays a critical role in shaping
society and addressing important issues. Policies
guide decision-making and action, and they can have
a significant impact on individuals and communities.
Effective policies can promote economic growth,
protect public health and safety, and advance social
justice and equality.
IMPORTANCE OF POLICY FORMULATION
9. The process of using available knowledge
to document the intended direction of a
business and the actionable steps to reach
its goals.
This process is used for resource
allocation, prioritization, organization-
wide alignment, and validation of
business goals.
STRATEGY
FORMULATION
11. LEVELS OF
STRATEGY
FORMULATION
Uppermost level of strategy made by top-
level management which sets the overall
direction of the organization. This level
outlines what you want to achieve:
growth, stability, acquisition or
retrenchment.
12. LEVELS OF
STRATEGY
FORMULATION
Business Level Strategy is designed to use
the best use of organizational competencies
to gain a long-term competitive advantage
over competitors. This level answers the
question of how you are going to compete.
15. A strategic mission is a foundational
statement that includes the organization's
values and long-term goals. To identify your
company values, think of practices you would
like to see your employees implementing on a
daily basis.
3 major components of a strategic mission are
as follows:
• TIME
• CORE VALUES
• BUSINESS DESCRIPTION
16. Organization goals are actionable objectives that
can bring your team closer to achieving your
strategic mission and improving your
operations. Understanding what you're working
toward can help you develop appropriate
processes and procedures to reach your business
goals efficiently.
Consider following factors:
• Target market
• Customers
• Offerings or goods
• Adaptation to changes and challenges
17. You can dissect your goals and develop a plan
for each department, team or business unit.
This help you create tasks for employees to
reach company goals and improve key
performance indicators
18. After gaining perspective on what to achieve,
an organization might conduct a performance
analysis on internal and external departments
to assess its current performance. This may
help you learn if the organization is
competitive and valuable, if its goals are
attainable and if it aligns with trends in the
industry.
19. Define what methods you plan to use to active
your strategy. You can also make adjustments
to your strategies as market or industry
changes occur. It may be helpful to have
regular meetings with management across all
departments to discuss how the strategy
applies to their team's work.
20. As you implement a new strategy to reach
organizational goals, be sure to monitor your
progress and consistently conduct analyses to
evaluate the effectiveness of a strategy. Using
metrics to evaluate the results of your strategy
may help you make objective, data-backed
decisions.
21. Challenges of Strategy Formulation
Inability of Partners
to Map a Vision
Leadership and
Managerial Bias
Managers Over-
Emphasizing Tools and
Techniques
The inability of partners
to map a vision and agree
on strategy formulation
could be another issue,
especially in case of
alliances and joint
ventures, venture
capitalists, and group
companies.
Imposing leaders and
self-motivated managers
are often causes of
dissonance at the
strategy formulation
stage. To overcome the
same, leaders and
managerial bias needs to
be addressed effectively.
A strong and active
board is one which can
balance this bias.
Another issue involves
managers over-
emphasizing tools and
techniques and losing
touch with the pulse of
the market or going in
the wrong direction due
to a herd mentality.
Achieving Shared
Vision
This is one of the major
issues in strategy
formulation. There are
instances where after
choosing an appropriate
strategy, the top
management, among
themselves and across
organizations, fails to
achieve synchronization
of the vision, strategic
intent and hence the
strategy for way
forward.
23. Assess the project plan
In the first phase of the project cycle,
it's beneficial to establish a plan that
meets the expectations of
management, clients and key
stakeholders.
HOW TO IMPLEMENT A PROJECT?
Execute the plan
With a plan in place and
expectations set for the team, it's
time to start work on the project.
Make changes as needed
Change is a reality for many projects
and how effectively a project
manager implements those changes
can affect the project's outcome.
Analyze project data
Throughout the implementation
phase of a project, it's important to
analyze data consistently to measure
how a project is progressing against
the initial projections.
Gather feedback
Gather feedback from the project
team, clients and stakeholders about
the project's outcome, assessing
what parts of the project went
according to plan and what areas the
team could improve in the future.
Provide final reports
This step gives companies the
chance to reflect on the successes of
the project and identify any
improvements needed for the
future, which can have long-term
benefits for the project management
cycle.
24. PARALLEL IMPLEMENTATION
APPROACH
In this approach, you implement
the project in stages. One team
will be working on one aspect of
that project while another team
works on a different aspect
simultaneously. This helps to
ensure that things are moving
forward as smoothly as possible
and all areas of the process are
working at once.
PHASED IMPLEMENTATION
APPROACH
This is the most common strategy
used by companies. It divides the
project into several sub-projects
that you implement in stages, one
after another. This allows you to
plan your resources more
efficiently and effectively without
leaving any of them idle for too
long.
CRASH IMPLEMENTATION
APPROACH
This happens when a project
starts at once with all tasks,
activities, and resources
immediately allocated to it from
day one. This results in an
extremely rapid progression
which has its benefits but also
some risks associated with this
strategy as well.
25. Short-term
bottlenecks
These could be a technical glitch, a
supply chain mishap, short-staff or the
absence of a key project stakeholder.
Oftentimes, short-term bottlenecks are
a surprise but get fixed as planning
improves.
Challenges of Strategy Formulation
Long-term
bottlenecks
These pose a more severe threat
because they are harder to resolve.
Capacity is the most common long-
term bottleneck. When employees
working on projects have a lot of other
tasks to manage, they have less time to
focus on project-related tasks.
26. Project implementation that relies on strategic
planning outlined earlier in the process can help a
team achieve the project objectives while staying
within budget and meeting relevant deadlines.
Implementation is the part of the project cycle that
bridges the planning process and the project
outcomes. This step of the process, and how well it's
executed, can ultimately determine the success of a
project.
IMPORTANCE OF PROJECT
IMPLEMENTATION