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Business And Economics Case Study

944 words - 4 pages

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Case Study
In the case study provided, Westport Electric Company seems to be having serious budgetary problems. The selection, planning and implementation of various projects seem to be faulty. In this particular case, King who is the supervisor of the administrative staff budget staff section has raised a red alarm with regard to two recent budget approvals (Kieso 161).
Background Information: Origin and Magnitude of the Problem
The operating activities of Westport Electric Company are categorized in four main groups: “the electrical and transmission group, the Military and Space group, the Home Appliances group, and the Electronics group” ...view middle of the document...

Normally, the budgeting department is supposed to agree with the financial information given. However, in this case, the budgeting department failed to follow the budget approval protocol. King was extremely disturbed with the recklessness of the budgeting department. James King also realized that the step taken by the budgeting department to approve the budget for the proposed two administrative staff offices is a representation of a larger picture of the laxity in the budgeting department. James King is worried because he thinks that the budgeting department seems to have approved other projects without following proper procedures.
Way Forward
Establishing objectives is an essential prerequisite of the planning process. In all organizations, employees must have a good understanding of what the organization is trying to achieve. Strategic or long term planning, therefore, begins with the specifications of the objectives towards which future operations should be directed. The attainment of objectives should be measurable and ideally people should be motivated by them. Once the objectives have been defined, it is paramount to identify a possible course of action that might lead to the realization of the company’s objectives. This involves understanding the company’s current strategic situation. The corporate strategy literature advocates that, prior to developing strategies, it is necessary to undertake a strategic analysis to become better informed about the organizations present strategic position (Collier 34).
This involves understanding the company’s present position, strengths, weaknesses, and opportunities and risks. Having undertaken a strategic analysis, the next stage is to identify alternative strategies. The identification of the strategies should be guided by the following principles: the generic strategy to be pursued and the alternative directions in which the organization may wish to develop (Crosson 34). An organization should determine the basis on which it will sustain a superior level of performance. The purpose is to ensure that deliberate choices are made regarding the type of competitive advantage. This can be guided by a number of factors. The...

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