Reply 7.1 (Need in within the next 12 hours)
Critical milestones are most important for implementation of strategic initiatives because it sets the plan into practical by considering the strategic needs for the business and these milestones may include; concrete terms for business, budgets and financing, deadlines, management responsibilities, shareholders, and business-specific program which require to begin a business. Milestones set helps to enable planners to understand the requirements for strategic initiatives and allow them to learn about business initiative viability so that they can make adjustments in prepared strategy and goals as per specifications (Block & MacMillan, 2014).
Critical milestone approach assists management to measure the performance and effectively modify the plans to respond to strategic initiatives. Milestones planning also help to determine the requirement of testing and project feasibility so that to ensure that efforts are in the right direction and working toward the successful completion of the strategic initiatives that have taken by the organization. Milestone planning contributes to strategic initiative success as it avoids costly mistiming errors, helps to evaluate the possible predictive results, and allow re-planning or modification in case of any need so that to accomplish the task of successful implementation of strategic initiatives (David & David, 2017).
For instance, if an organization starts its new venture, then it sets a milestone for the new venture initiative which includes; new business plan, concept and product evaluation, financing, market penetration, customer demand, and competitive reaction. By considering these critical milestones, the organization put its efforts to implement strategic initiatives to achieve its goals (Block & MacMillan, 2014)
Block, Z., & MacMillan, I. C. (2014, August 22). Milestones for Successful Venture Planning. Retrieved from https://hbr.org/1985/09/milestones-for-successful-venture-planning
David, F. R., & David, F. R. (2017). Strategic Management: A Competitive Advantage Approach, Concepts, and Cases (Sixteenth ed.). Boston: Prentice Hall.
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