ABSTRACT
Implementation of the strategic plan is a key phase, as this is the actual work that transforms a concept into real actions. The strategic plan's implementation is performed through the main management functions: organisation, coordination, motivation, delegation, decision-making and control. The main focus in the process of the plan's implementation is to make everyone in the organization believe that the strategic plan is not just a document but helps in the daily work as it provides the direction and the means to perform activities. Implementation of the strategic plan needs constant monitoring to assess progress and evaluate results and, based on this, to do the strategic reflection and the necessary correcting measures. The strategic plan's implementation is influenced by many unpredictable factors which create uncertainty during the process. Risk management is a systematic way of forecasting, identifying, assessing, prioritizing and mitigating potential risks which might occur during the implementation of a plan.
