ved. Action plans and short-term objectives provide more specific guidance for what is to be done, and offer a clear break down of actions to be taken. They differ from long term objectives in time frame, specificity, and measurement.To be effective, the action plans must incorporate four elements:Identify functional tactics and actions to be done in the next week, month or quarter as part of a businesss effort in building competitive advantageHave a clear time frame for completion, when the action will begin and when it will be accomplished.Identify and assign individual responsibility for each action in the plan.Short-term objectives should be identified that operationalise long term objectives. For instance, if company A intends to increase its market share by 30% over the next 5 years, what progressive increase in market share must it attain on a monthly or annual basis? Short-term objectives are very vital to action plans.Qualities of effective short-term objectivesa)MeasurableSTOs should state what is to be accomplished, when it will be accomplished and how the accomplishment will be measured. Measurable STOs reduce the possibility of misunderstanding among interdependent managers who must implement action plans. b)Priorities Although all STOs are important, priority must be accorded to some either because of a timing consideration or because of their impact on a strategys success. Priorities should therefore be ranked to avoid assumptions regarding their relative importance.There are various ways of setting priorities:(i)A simple ranking may be based on discussion and negotiation during the planning process. Such terms as primary, top or secondary may be used to indicate priority.(ii)Assigning percentage weights along a 0-100 continuum. Recognizing priorities is vital in implementing value of STOs.c)Linked to Long Term ObjectivesTo be effective in strategy implementation, STOs should be integrated and coordinatedth...
