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Senior Management

In any organization, senior management plays a critical role in the organization's success. Some of the typical functions performed by senior management include:

Identifying needs in the marketplace,

Evaluating new products and authorizing new product development,

Coordinating the work performed by the company's departments or divisions or subsidiaries,

Communicating the company's vision of the future,

Addressing the concerns of the company's stockholders and creditors

Allocating limited resources between and among departments or projects

Identifying and nurturing employees that demonstrate unique skills or show strong potential,

Making critical business decisions,

Establishing high level goals for the organization,

Determining or establish tolerable levels of risk and uncertainty, and

Maintaining a long-term perspective when considering current issues and problems

In the article titled "Business Planning in Large Organizations", Kerry Feldman (2004) suggests that the creation of business plans is part of a planning and performance management cycle in which top-down strategic plans give direction to business units. This direction, provided by senior management, defines the contribution that each unit will make to the organization's performance and the business plan explain how each department, division or subsidiary will deliver its required contribution as well as how its performance will be measured and evaluated (Feldman, 2004).

The types of managerial plans discussed in the article include all of the following:

A Corporate Strategic Plan, which is defined or described as the highest order strategic plan, followed by

Divisional or departmental strategic plans

Functional strategic plans. Examples provided included the strategic plan for human resource management, or for the information technology (IT) function. Functional strategic plans provide the context within which...

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