...Business Planning Levels Business planning is multi-level, cyclical and overlapping. Managers must be able to operate at all levels. btw, You can apply this methodology to everything in life. Not just the business world, but in your own personal environment as well. Strategic Planning – This is the highest level and usually done by senior management. The decisions on the objectives, committing resources such as money, time, and people in general is done here. Examples: In business, it means how much money is going to be dedicated to a project, and by when you expect the project complete. In personal life, suppose you plan a wedding, it means deciding on the budget and the date. Tactical Planning – This is the implementation of the strategic plan stage. Combining your available resources, look at obstacles, review alternatives Examples: In business, it means an analysis of resource combination, planning for obstacles, and general timetable. In personal life, for the wedding, it means, finding the place, developing a guest list, deciding on a menu and music. Operational Planning – This is a much more detailed level of strategic and tactical plan. Here, managers chosen to work the plan develop a specific plan to execute the strategic plan. Examples: In business, it means engaging the team, develop and answer the who, what, when, where, how management questions. In personal life, for the wedding, it means, choosing the band, finding the caterer, decide...
Words: 328 - Pages: 2
...workforce planning and how is it related to strategic business planning? What are some critical inputs for forecasting? What sorts of decisions do organizations make as a result of a workforce analysis? Strategic business planning outlines the long range perspective of the business, and sets the primary objectives and goals for the company. It directly feeds into operational planning, which defines the organizational strategies and the resources required to accomplish the long range goals. With the help of the operational planning, managers identify which parts of the business they need to hire new talent and plan for budget requirements. Workforce planning uses the feedback from strategic planning to identify business needs and assess the internal supply’s capability to meet those needs. Based on this information and the operational planning feedback, staffing levels are determined, and net workforce requirements are computed. Using this assessment along with the budgeting figures from various managers, the human resources authorizes staffing requirements, implements necessary internal talent moves (via promotions and transfer), and recruits new staff members. These action plans also include potential revisions to compensation and benefit plans in the company. In our workplace, we follow a very similar approach in assessing general business growth. However, I am working in a relatively new sub-area in our company, and we are more flexible in our resource planning. We can...
Words: 813 - Pages: 4
...The Cost of Business Continuity Planning Versus the Potential of Risk Though the cost of mitigating risk can be high, the lack of proper business continuity planning and disaster recovery planning will leave a company is at risk of a catastrophic loss of revenue due to the loss of the Information Systems. Any company that relies on its Information Systems for their operations should invest the time and revenue in developing an efficient and effective Business Continuity Plan (BCP) and a Disaster Recovery Plan (DRP). This study will compare the differences in what a Business Continuity Plan is used for and what a Disaster Recovery Plan is used for. Additionally, it will evaluate the risk having a Business Continuity Plan and Disaster Recovery Plan versus accepting the potential loss of revenue and business in the event of a disaster. It is important to any company that uses it Information Systems to generate revenue. If a company is effected by a disaster, the longer a company takes to respond to the emergency and recover its resources, the more time it will take the company to get back to normal operations (Harris, 2013, p. 887). As history has shown, our world has and will continue to experience many destructive events such as, floods, earthquakes, terrorism, hurricanes, and many other catastrophic events that could cripple a company that is not prepared. Disasters are uncontrollable and over time, every organization will have to deal with the fallout of a disaster. Three...
Words: 2924 - Pages: 12
...paper is to capture the over view of the systems functionality of disaster recover, what it is and how it works. It will explore the benefits, as well as the disadvantageous of the system, what is most significant about the system. Lastly I will share my own assessment of the system, concluding whether this system had been rendered effective for its purpose. Information Technology: Disaster Recovery Information Technology is extremely crucial in today’s business world. In fact, businesses use information technology too quickly and effectively process information, Carlson 1998. Within these businesses, employees use these advanced technologies in which to communicate. Electronic data interchange is used to transmit data. This serves a purpose of transmitting orders and payments from one company to another. With electric data interchange in mind, servers process an immense amount of data. For a business to be rendered effective, a disaster recovery plan should be develop in correlation with the priorities of the business. As noted, due to the rapid growth technology, planning strategies should be refined overtime to maintain its vigilant awareness to keep up with modern technology. Overview A disaster recovery plan is a process in which to secure intellectual property. Disaster Recovery planning involves procedures to recover, as well as, maintain accountability of a business’s information integrity in the event of a disaster. Business, no matter the size, creates large volumes...
Words: 1871 - Pages: 8
...with 7 high-level principles on business continuity and was issued to various financial industry participants as guidelines. The 7 principles provide a comprehensive overview of the necessary steps for business continuity planning. Financial industry participants are required to develop respective business continuity planning in accordance to the 7 high-level principles. There are various incidents within the last decade that has resulted in major operational disruption to financial industry. However, with the guidance of the 7 high-level principles, most of the participants were able to cope with crisis well and survive through the crisis. In this report, several case studies were researched and commented on their business continuity planning. Subprime crisis which caused the collapse of Lehman Brothers has caused a significant stir in the financial industry. Many counterparties ended up with huge exposure and default due to the fall of Lehman Brothers. However, Euroclear was able to manage the crisis well after it activated its crisis management plan which has been developed before the crisis. Similarly, terrorist’s attack on New York World Trade Center has not only caused major security issues but has also significantly affecting the financial industry. Bank of America and Deutsche Bank were the direct victims of the terrorist attack. Both banks remained sound operation and survived through the crisis due to well business continuity planning. Besides, Hurricane Gustav that...
Words: 2887 - Pages: 12
...recovery and business continuity planning and provides support for the resources and procedures identified. Roles in Disaster Recovery Identifies appropriate roles and responsibilities that will be involved in disaster recovery and business continuity planning and provides support for their selection. Risks to Ignoring Developing a Disaster Recovery Plan Describes risks to organizational security of failure to develop disaster recovery and business continuity plans and provides support for chosen position. Steps to Creating an Effective Contingency Plan Identifies the steps to create an effective contingency plan and provides support for chosen position. http://www.itl.nist.gov/lab/bulletns/bltnjun02.htm http://www.govinfosecurity.com/nists-7-step-contingency-planning-process-a-2615 http://csrc.nist.gov/publications/nistpubs/800-34-rev1/sp800-34-rev1_errata-Nov11-2010.pdf National Institute of Standards and Technology (NIST) developed an effective information system contingency plan. Responsibility for the planning process will fall under one of the senior managers. Although the senior manager is responsible for the information system contingency plan they do not work on the plan alone. The strategy and development of the contingency plan is in cooperation with other employees working in all functional information systems, such as networking and enterprise applications. Develop the contingency planning policy Develop the contingency planning policy statement...
Words: 579 - Pages: 3
...Business Continuity Planning There are a few different definitions of Business Continuity Planning. Business Continuity refers to the activities required to keep your organization running during a period of displacement or interruption of normal operation. Business continuity plan is a collection of procedures and information which is developed, compiled and maintained in readiness for use in the event of an emergency or disaster. Whatever the definition, every business needs to have a continuity plan in case something happens to their data and information. A business continuity plan is different to a Disaster Recovery plan in that a disaster recovery plan is enacted after the disaster has happened. “A typical Business continuity plan includes: * Plans, measures and arrangements to ensure the continuous delivery of critical services and products, which permits the organization to recover its facility, data and assets. * Identification of necessary resources to support business continuity, including personnel, information, equipment, financial allocations, legal counsel, infrastructure protection and accommodations.”1 Business continuity planning needs to cover the company during a disruption in service from a disaster. The plan should cover all of the following such events: a. Equipment malfunction b. Disruption of power c. Application failure or corruption of the database d. Human error, sabotage or strike e. Malicious software f. Hacking ...
Words: 678 - Pages: 3
...As Information Technology is increasing rapidly IT organisations should keep up-to-date with changing guidelines, software and hardware and skill set. The most of common challenges most of the IT industry face are: disaster recovery, platforms, security and consultants (Small Business - Chron.com, 2013). Information technology has become the essential part of the telecommunications industry. Today every organization is facing the task of balancing the need of have a sophisticated Technology with the need to keep the cost of IT reasonable (atkearney.com, 2010). Telstra at its current growth phase faces host of different challenges in all sectors of its business. Network Management The Telstra has recently look to invest heavily on fast expansion of 4G network (Lemay, 2013). The decision for this expansion was taken to limit growth and reputation of its competitor Vodafone in the 4G race. This huge investment has led to expensive 4G tariff to existing and new Telstra customers when compared to its competitors like Optus. The reason for the above problem is due to poor network planning. According to Finchman and Kemerer (1999), introduction of new technology is always greeted with great sense of enthusiasm and enjoy widespread initial attainment, however it fails to be carefully deployed among many firms. They propose to have diffusion modelling curve to solve above problem. In a diffusion modelling curve Company should jot down the time they take for acquisition and...
Words: 2770 - Pages: 12
...n o T e s a n d M a n u a l s Operational Risk Management and Business Continuity Planning for Modern State Treasuries Ian Storkey Fiscal Affairs Department I N T e r N A T I o N A l M o N e T A r y F U N D INTerNATIoNAl MoNeTAry FUND Fiscal Affairs Department Operational Risk Management and Business Continuity Planning for Modern State Treasuries Prepared by Ian Storkey Authorized for distribution by Sanjeev Gupta November 2011 DISCLAIMER: This Technical Guidance Note should not be reported as representing the views of the IMF. The views expressed in this Note are those of the authors and do not necessarily represent those of the IMF or IMF policy. JEL Classification Numbers: Keywords: H12, H60, H63, H83 business continuity, disaster recovery, business continuity and disaster recovery plan, operational risk, operational risk management, treasury operations ian@storkeyandco.com Author’s E-Mail Address: TECHNICAL NoTEs ANd MANUALs Operational Risk Management and Business Continuity Planning for Modern State Treasuries Prepared by Ian Storkey This technical note and manual (TNM)1 addresses the following main issues: • What is operational risk management and how this should be applied to treasury operations. • What is business continuity and disaster recovery planning and why it is important for treasury operations. • How to develop and implement a business continuity and disaster recovery plan using a six practical-step process...
Words: 10882 - Pages: 44
...Communications of the IIMA 25 2006 Volume 6 Issue 2 Disaster Planning and Management Holmes E. Miller Muhlenberg College, Allentown, PA 18104 Kurt J. Engemann Iona College, New Rochelle, NY 10801 Ronald R. Yager Iona College, New Rochelle, NY 10801 ABSTRACT Recent events such as hurricanes, tsunamis, earthquakes, power outages, and the threat of pandemics have highlighted our vulnerability to natural disasters. This vulnerability is exacerbated by many organizations’ increasing dependence on computer, telecommunications, and other technologies, and trends toward integrating suppliers and business partners into everyday business operations. In response many organizations are implementing disaster recovery planning processes. In this paper we discuss how to identify threats and scenarios; how to articulate the disaster recovery strategies; and four elements of the generic disaster recovery plan: Mitigation, preparedness, response, and recovery. We then provide examples of software that can help disaster recovery professionals in the planning and implementation process. Finally we present some trends that will reinforce the criticality of the issue. Keywords: Disaster Recovery Planning; Business Continuity Planning; Risk Assessment INTRODUCTION Several major natural disasters that have occurred in the past few years have placed disaster management on the front pages: The Tsunami of late 2004, Hurricanes Katrina and Rita, and the earthquake in Pakistan in 2005 affected both...
Words: 7241 - Pages: 29
...Chapter 3 Planning for Contingencies Chapter Overview The third chapter of the book will articulate the need for contingency planning and explore the major components of contingency planning. In this chapter, the reader will learn how to create a simple set of contingency plans using business impact analysis and prepare and execute a test of contingency plans. Chapter Objectives When you complete this chapter, you will be able to: • Understand the need for contingency planning • Know the major components of contingency planning • Create a simple set of contingency plans, using business impact analysis • Prepare and execute a test of contingency plans • Understand the unified contingency plan approach Introduction This chapter focuses on planning for the unexpected event, when the use of technology is disrupted and business operations come close to a standstill. “Procedures are required that will permit the organization to continue essential functions if information technology support is interrupted.” On average, over 40% of businesses that don't have a disaster plan go out of business after a major loss. What Is Contingency Planning? The overall planning for unexpected events is called contingency planning (CP). CP is the process by which organizational planners position their organizations to prepare for, detect, react to, and recover from events that threaten the security of information resources and assets, both human and...
Words: 3573 - Pages: 15
...organization: a. Develops a contingency plan for the information system that: - Identifies essential missions and business functions and associated contingency requirements; - Provides recovery objectives, restoration priorities, and metrics; - Addresses contingency roles, responsibilities, assigned individuals with contact information; - Addresses maintaining essential missions and business functions despite an information system disruption, compromise, or failure; - Addresses eventual, full information system restoration without deterioration of the security measures originally planned and implemented; and - Is reviewed and approved by designated officials within the organization; b. Distributes copies of the contingency plan to [Assignment: organization-defined list of key contingency personnel (identified by name and/or by role) and organizational elements]; c. Coordinates contingency planning activities with incident handling activities; d. Reviews the contingency plan for the information system [Assignment: organization-defined frequency]; APPENDIX F-CP PAGE F-47 ________________________________________________________________________________________________ cial Publication 800-53 Recommended Security Controls for Federal Information Systems and Organizations e. Revises the contingency plan to address changes to the organization, information system, or environment of operation and problems encountered during...
Words: 914 - Pages: 4
...the effects of major system and network disruptions and to ensure the timely restoration of business ops if significant disruptions occur BCP and DRP BIA stands for Business Impact Analysis MTD stands for Maximum Tolerable Downtime first step in building BC program Project initiation and management activites of project initiation and mgmt 1) obtain senior mgmt support 2) define a project scope, the objectives, to be achieved and planning assumptions 3) estimate the project resources needed (human and financial) 4) Define a timeline and major deliverables Senior leadership's two major goals 1) Grow the business 2) Protect the brand What are the risk to a corporation for not having BC/DRP? 1) Financial 2) Reputational 3) Regulatory Formula for calculating financial risk P * M = C P: Probability of harm M: Magnitude of harm C: Cost of prevention Prudent man rule exercise the same care in managing the company affairs as in managing one's own affairs 1. Which of the following is considered the most important component of the enterprisewide continuity planning program? c. Executive management support 2. During the threat analysis phase of the continuity planning methodology, which of the following threats should be addressed? a. Physical security b. Environmental security c. Information security d. All of the above d. All of the above 3. The major objective of the business impact assessment process is to: a. Prioritize time-critical business processes b. Determine...
Words: 2067 - Pages: 9
...issues, and evaluates internal/external risks. Organizations are urging top executives to make information security a priority. Therefore, quality and trustworthiness of information are becoming key business issues (Ezingeard et al, 2005). To better accomplish information security in an organization, a management level infrastructure approach is needed. Just as information and data characteristics are different at the different levels of management, information security has different characteristics at the different levels of management. These levels of management are strategic, tactical, and operational. At the operations level, transaction data is produced and serves as input to create information. Maintaining and monitoring of integrity, confidentiality, and availability of the transaction data are primary objectives which are supported by organizational procedures and guidelines. At the tactical level, information is interpreted and utilized in decision making. Implementations of preventative, detective, and responsive controls are a primary objective which is supported by organizational standards. Further analysis/aggregation of the information creates knowledge to help make strategic level decisions Information security policy provides a framework to ensure that systems are developed and operated in a secure manner. Such policies must consider internal and external threats and risks. They must address issues such as privacy and be current to changing technologies. Additionally...
Words: 1173 - Pages: 5
...PROJECT PORTFOLIO Project Portfolio Project Portfolio ExxonMobil is one of the largest publicly traded petroleum and petrochemical enterprises in the world. It started out as a regional marketer of Kerosene. They have three familiar brand names which are: Exxon, Esso and Mobil. The first oil well was built in 1859 (exxonmobil.com). ExxonMobil uses different types of technology every day like surveillance, network computers, communication devices, etc. Being a big corporation like this requires an IT Department. We’ve learned these past eight weeks about the use of technology tools, Porter’s Five Forces Model, Agent based technologies, business planning, and technology in present and future. Throughout this paper I will relate the information that I have learned and talk about how these areas can help it remain a competitive business. People, Information and Information Technology play an important role when it comes to helping the company remain competitive in the industry. ExxonMobil tries to teach their employees to have the best technical and leadership capabilities. They provide their employees with formal training and a broad range of global experiences to prepare them to be the next generation of ExxonMobil leaders. Not only do they want to hire exceptional employees at the corporate headquarters, but also at all their branch locations as well. The employees throughout the organization set goals, carry out tasks, make decisions, and serve customers. Information regarding...
Words: 2101 - Pages: 9
