Critical Success Factor for Financial Crisis Recovery Management
Critical Success Factor for Financial Crisis Recovery Management .Identify what qualifies as success in solving the problem.After you have defined the problem and narrowed it down to its root cause, you should now be able to determine what “solving the problem” means. The tool used to identify success is Critical Success Factors (CSF) analysis. Critical success factors are the essential activity areas that must occur in order for a component of a project to be successful.
To determine your Critical Success Factors, you must first state your mission and your goal concerning solving the problem. Once complete, this will determine the CSFs through asking, “What is essential to achieve this goal?” After coming up with a list of answers, narrow it down to those elements critical to the solution of the problem. Your assignment consists in determining the following:
- The industry,
- Competitive strategy and industry position,
- Environmental factors,
- Temporal factors, and
- Managerial position (if considered from an individual’s point of view).SWOT Analysis – SWOT Analysis (Strengths, Weaknesses, Opportunities, Threats) is a simple yet powerful tool that will help you to focus on the situation. By listing each of the items in these four categories for your problem, you can focus on strengths and seize opportunities while minimizing weaknesses and steering clear of threats.
Porter’s Five Forces – This is an analysis performed to determine where the power in a situation lies. The five forces analyzed are supplier power, customer power, threat of substitution, ease of new entry and competitive rivalry.
PEST Analysis – PEST Analysis (Political, Economic, Sociocultural, and Technical) will determine the background against which the problem has occurred.
Value Chain Analysis – Value chain analyses determines where value lies in solving your problem. To do this analysis, first you will work to identify any activities undertaken to complete a project. Then, you will analyze each activity to determine what value it adds for your customer. Finally, you will determine whether changes should be made and plan to act upon these changes.
Flow Charts – By constructing a flowchart for a problematic process, you can identify the part in the process that causes the problem.
Swim Lane Diagrams – Swim Lane Diagrams allow you to map any interactions in processes – and find where the problem is being caused in terms of interchanges between departments and teams.
This week, you are asked to first discuss your mission and goal concerning solving the problem. Without going into much detail, explain the milestones/steps that you will be taking towards what you think is essential to achieve your goal/ mission.