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COMSATS University Islamabad, Wah Campus

Quiz-3 Fall 2020
Department of: MANAGEMENT SCIENCES

Program/Class: BBA Date: 13th November, 2020

Subject: Strategic Management Instructor: Dr. Faheem A Khan
Name of Student: Iqra Maximum Marks: 10

INSTRUCTIONS (READ VERY CAREFULLY)

This Quiz is meant to check your understanding of the area. Give to the point & precise answers of the following questions. Marks are
based on the content and quality of the answers not over length.

Plagiarism in your responses is not allowed, it will cost you marks

Q1 After conducting an internal audit, a firm discovers a total of 100 strengths and 100 5
weaknesses. What procedures could be then used to determine the most important of these?
Why is it important to reduce the total number of key factors?

Q2 Explain how you would motivate managers and employees to implement a major new 5
strategy.

Give your answer in the following space

Ans-1
An internal audit may be a dynamic profession to assist firms or organizations to bring home the
bacon set goals and objectives. It evaluates and improves the effectiveness of risk management,
control, and governance processes. It makes positive that internal business processes square measure
consistent.

The audit report should list all findings in a very method that the foremost vital findings square
measure given priority on the list. vital findings square measure those who create the best risk to
numerous business processes in a company if they're not taken care of.

In the case given on top of, the weaknesses are often divided into the subsequent groups:

 High risk.

 Moderate risk.
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 Low risk.

This division ought to be conducted in relation to the potential consequences that these weaknesses
could cause if necessary, steps aren't taken to cut back damages within the style of operational losses
and legal problems. Similarly, the foremost vital strengths ought to be listed initial so the corporate
will leverage them for max productivity and market management.

The total range of key factors ought to be reduced so the corporate will contend with the foremost
vital problems supported priority. This ensures that the corporate doesn't waste its resources and time
in coping with minor problems that aren't of a lot of importance to the expansion and success of the
corporate. during this method, problems that require imperative attention square measure forbidden
before entertaining time and different resources to minor problems at the corporate.

Ans-2
New business methods will typically meet with resistance from managers and workers. individuals
get comfy with the manner they've forever done things and should want to coax to induce on board
with new ideas and approaches. Typically, a quick transition works best making certain that the new
processes area unit adopted straightaway, with no exception. Slow integration processes may also
work, reckoning on your employees’ temperaments and talent to manage modification.

 Talk to Managers first

Tell your managers concerning the new processes 1st. Describe the processes and justify your
expectations of however your managers can facilitate administer the modification. Educating your
managers concerning why the changes area unit necessary and what needs to happen to totally
implement new methods can facilitate bring them over to your manner of thinking. Be upbeat and
excited concerning the changes and emphasize the positive results you anticipate seeing from the new
approach. Once managers area unit actuated, they'll be effective in obtaining workers on board
moreover.

 Provide Warning
Don't simply spring a replacement strategy on your employees. although you propose to introduce
one thing quickly instead of ease in, advance notice is useful to induce individuals mentally ready for
the modification. Be specific concerning your implementation set up. If attainable, offer a definitive
date of once the new methods are enforced, or the phases of the latest processes introduced. totally
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justify steps that require to require a place to arrange for transitions and description individual roles
and responsibilities within the method.

 Educate Staffers
Motivate workers by providing them with the tools and resources they have to be totally ready to
effectively implement your new methods. If there is a learning curve concerned, like coaching on new
instrumentality, reassure workers that they’ll be accomplished and intimate with their responsibilities
before they’re asked to require on new tasks. at the same time, train managers on their new oversight
duties to continuity and make them feel assured in their roles. The unknown is commonly what drives
resistance to new things, thus making ready staffers for changes can facilitate ease of the transition.

 Provide Incentives
Incentive programs will inspire staffers to push themselves to bigger heights, accomplish additional
and support your initiatives. offer AN incentive like paid days off, money bonuses, an excellent
parking spot, or another perk that may produce friendly competition and find staffers enthused
concerning implementing your new methods. Instruct your managers to watch attitudes and progress,
and encourage them to furbish up any resistance or issues early within the shift method.
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