Strategic Analysis Task Written Analysis of strategic planning processes, it should present ‘Gap Analysis’, outlining strategic initiatives to bridge identified gaps

Assessment 2: Strategic Analysis Task -25%, (Individual and 700 words). Written Analysis of strategic planning processes, it should present ‘Gap Analysis’, outlining strategic initiatives to bridge identified gaps. The following sections will help students to get an awareness of Gap Analysis. The gap analysis is key in informing the required planning strategies. Organisations use ‘Gap analysis’ as a tool to work out the essential or future opportunity/ies and changes for business success and sustainability. Gaps can be identified within the business size, its nature and system, practices and strategic tasks, to be undertaken to move from its current state to a desired, future state. A gap analysis is process that compares actual performance or results with what was expected or desired. The method provides a way to identify suboptimal or missing strategies, structures, capabilities, processes, practices, technologies or skills, and then recommends steps that will help the company meet its goals’ (source: https://www.smartsheet.com/gap-analysis-method-examples, and students are requested to refer this link for more details on gap analysis ). There are two types of gaps: shortages and surpluses. • Shortages in profit, demand and supply of the product, suppliers, quality, etc., Shortages normally lead to negative performance. • Surpluses, for example, the workforce create a negative impact on performance. Organisations’ performance indicators are related to quantitate measures and qualitative measures. • Quantitative may refer to ‘Numerical data’, a quantifiable measurement process, for example return on capital (ROI) and or growth of profits or earnings; market share, productivity, wastage, product and production errors or international engagements, etc., and • Qualitative information are non-numerical data and difficult to measure due to ambiguity. This information more subjective and based on human experience or judgement, for example environmentally friendly (go for Green) and social responsibility, workforce satisfaction, brand loyalty and trust and customer satisfactionManagers only need relevant and focused performance indicators for strategic planning designed to lift the long-run performance of the firm. Most of the well-established and well-performed organizations offer data on the performance of the business in various areas which are called as ‘Best practice in performance management’. Best practice indicators are used as a guide for;