SOCSCI 2OP3 Lecture Notes - Lecture 2: Ob River, Financial Statement

• School: McMaster University
• Department: Social Sciences
• Course: SOCSCI 2OP3
• Professor: Duncan Gillespie

Document Summary

Upon completion of the strategic plan, an operating plan for the upcoming year must be pre- pared. An operating plan is a schedule of events and responsibilities that details the actions to be taken in order to accomplish the goals and objectives of the strategic plan. An organization should have annual operating plans for each major organizational unit that correspond to its fiscal year. The plan ensures everyone knows what needs to get done, coordinates their efforts when getting it done, and can keep close track of how it is getting done and whether it is done. This is the stuff of operating plans: which programs and management functions are going to do what, by when and how much money and person power it will require. This level of detail is unnecessary in a strategic plan itself, in fact it would clutter up the presentation of the long-range vision.