There are several approaches to define breakthroughs in the socio-economic development strategy. However, with the use of different perspectives, each of these approaches reveals different insights about development trends. Based on the prioritized objectives, the approach to analysis of breakthroughs in socio-economic policy can be identified as follows: identifying strategic, system-wide, and system-related breakthroughs. System-wide is the simultaneous emergence of several socio-economic policies that address broad challenges, while systems-related breakthroughs occur when a single policy serves a significant purpose. All other categories refer to those policies that focus on individual sectors, for instance, small businesses, education, health care, and community development.
Identifying strategic breakthroughs In order to forecast the impact of policies in terms of their impacts on socio-economic development, it is necessary to determine the nature of these policies and their potential impact. The first priority in this regard is to determine the policies and their key drivers through cross-functional teaming and consensus building. In order to identify the strategic breakthrough, there is requirement of establishing priorities for different drivers as well as understanding the existing frameworks. The identification of key drivers would then facilitate the identification of the key development modes, as per the priority goals identified.
System-wide assessment Of the policy’s impact on socio-economic development strategy during the operational stage, a system-wide assessment can be conducted. This is usually a five-year project that will help the organization to track and monitor the policy implementation. During this period, a series of key milestones and milestone targets would be established along with performance indicators. Tracking progress of the program over time is important in assessing whether the set of policy measures are achieving their desired objectives.
Analysis of implementation An effective analysis of the implementation process is required in order to assess whether the policy measures are achieving their objectives. The key stakeholders would then be reviewed to understand their opinion regarding the overall performance of the measure. Based on the feedback from the stakeholders, any necessary modifications can be made in line with their needs and requirements. A comprehensive risk management plan can also be prepared to monitor the success and failures during the entire course of implementation of the policy in terms of its socio-economic development strategy. Finally, the overall performance and other relevant indicators can also be analyzed to ensure that the policy measure is delivering the desired benefits in terms of achieving the desired targets in infrastructure, education, health and other areas.
Determination of strategic breakout While the process of identifying breakthroughs is crucial, the determination of policy measures and the overall performance of the program is equally critical. A series of debriefings can be conducted to assess the performance of the program based on the status of key breakthroughs achieved so far. These debriefings will provide the needed information on the progress of the socio-economic development strategy against the set goals. The debriefings may also provide for a discussion of other factors that may have contributed to the achievement of the initial set of breakthroughs. In short, these discussions will help in clarifying what the stakeholders want to see done in order to achieve their desired objectives.
Policy makers and managers who are responsible for the implementation of the socio-economic development strategy will also need to address issues surrounding the execution of the program in terms of implementation. These include issues related to the identification of national priorities, the setting of benchmarks and measuring the achievement of previously attained milestones. The overall performance of the program in relation to these issues can be assessed through performance tables.
Policy makers and managers may also need to consider the impact of policy measures and the application of such measures in improving the economic performance of the nation as a whole. These measures can involve the use of innovation at the policy level to ensure the timely implementation of socio-economic development measures. For instance, policy measures to combat climate change may focus on the deployment of clean energy technologies and deployment of energy efficient appliances in the public domain.
The key to ensuring that the implementation of the socio-economic development program is effective lies in identifying and targeting the most important bottlenecks in the process of economic development. The process of identifying bottlenecks involves identifying those critical issues that hinder the country’s ability to effectively implement the policies being implemented. A policy which attempts to tackle one problem at a time may not necessarily solve all the issues arising in the economy. A holistic approach by dealing with a number of problems at a time is required in resolving the bottlenecks. This is one of the reasons why there has been much criticism on the efficacy of such initiatives in reducing poverty and increasing living standards.