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Planning 20

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What is Strategic Management?

Planning, thinking, and momentum

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Planning 20 - Details



31 questions
What is Strategic Management?
Planning, thinking, and momentum
Components of a plan-to-plan
Who is involved? How long/timeline? What is the purpose? Milestones/checkpoints. Key stakeholders
What are the four basic functions of management?
Planning, organizing, leading, and controlling
What is planning?
To determine a goal and the means to accomplish it
What is organizing?
To coordinate and carry-out tasks. Deciding where decisions will be made, who will do what job and tasks, and who will work with or for whom
What is leading?
To be in charge of and responsible for people and/or tasks. Motivating and inspiring others to work hard and achieve organizational, departmental, team, or individual goals
What is controlling?
To guide or check; the act of fostering accountability. Monitoring progress toward goal achievement and taking corrective action, when needed
General Environment
The economic, technological, sociocultural and political factors and trends that indirectly affect all organizations
Specific Environment
The customers, competitors, suppliers, industry regulations, and advocacy groups that are unique to an industry and directly affect how a company does business
Dynamic Environment
Environment in which the rate of change is fast
Planning Horizon
The period of time in the future being targeting by the organization in its strategic planning. Can be 1, 3, 5, or 10 years or longer
Environmental Scanning
The process used to complete an environmental assessment. Environmental scanning, or searching the environment for important events or issues that might affect an organization
When do you do a strategic plan?
When you need to. More frequently now more than ever.
Market Share
The proportion of total sales of a product or service (or patients, visits, or procedures) secured by one organization
What are the benefits to planning?
Facilitates intensified effort, provides direction, leads to persistence, development of task strategies, and proven to work
What is a stakeholder?
Any persons or groups who have a legitimate interest or "stake" in an organization and its actions
Who are stakeholders?
Employees, physicians, Trustees, Advocacy groups, Board of Directors, Local employers, the community
What are the directional strategies?
Mission, vision, and values
What is a mission?
Organization's purpose or reason for being ("who" and "what")
What is a vision?
A summary statement or statement that describes the organization's desired future state ("why" and "how")
What is value?
Statement or guiding principle that direct desired actions and behavior and represent the values of the organization to be lived out
What is Strategic Thinking?
A process that can help stretch the thinking about the organization; its mission, vision, and goal; and the future position it can hold in the market. Big picture
What is strategy?
Determined policy, plan, or methodology used by a business to achieve success
What is Results-Driven change?
Driving individual, team, and organizational performance by focusing on the measurement and improvement of the desired results to be achieved
What are the 5 intangible benefits of hospital strategic planning?
Clarity amongst chaos; Operating in vision, not circumstance; Employee motivation and engagement; Transformational leadership and accountability; Organizational collaboration
What are the major components of a strategic plan?
Executive Summary, Directional Strategies, Environmental Assessment, Service Area Analysis, Market Share Analysis, Competitive Analysis, Internal Analysis, SWOT Analysis, Strategic Initiatives, Strategic Implementation Plan
Purposes of a business plan?
Contains both the qualitative and quantitative data and analysis for the proposed service; Provides analysis regarding the business case, feasibility, and projected financial impact; Facilitates the presentation of a concept of definitive proposal; Facilitates date-driven decision-making regarding a proposal or investment; Assists in the process or secure funding, whether the funding source is internal or external; Provides budgeting and resource allocation planning and evaluation metrics; Helps to facilitate consensus towards embarking on a new venture