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What are the major components of strategic plan?
- Mission, Vision, Values
- Environmental analysis
- Service area analysis
- Internal Analysis
- SWOT analysis
- Strategy formulation
- Board Approval
- Monitor and Evaluate
Strategy Formulation components? (3)
- Strategies-how to achieve the organization's vision
- Goals- General ends toward which the organization will direct its efforts for the next three to five years
- Objectives- Short-term targets for each goal
Developing the plan: Strategy Formulation model
Critical planning issues>Organizational Direction>Revised critical issues
What are critical issues?
- Central to achievement of vision.
- Very high impact area
- Cannot be addressed easily or resolved in the near-term
Problems in critical Identification? (3)
- Too many issues identified: resources spread too thinly; promises made but can't be kept
- Issues not clearly specified: confusion about challenge and how to address it
- Resources disproportionately applied to short-term needs
What is a focused clear strategy?
- 1. It combines the how (means) with the what (ends
- 2. it is tangible, understandable, and measurable
- 3.It directly and forcefully addresses the critical issue identified
Mission, Vision, Value statements?
- Mission: organization's purpose and reasons for existence
- Vision: Describes through mental pictures what the organization wants to be in the future
- Values: Words to describe your organization (respect, integrity, etc.)
The set of consumers who have interest, income, and access to a particular hospital service or offer
The part of the qualified available market the hospital decided to pursue
The hospitals volume of inpatient and outpatients by service category as compared to the total volume of patients by service category in the market
The total volume that is purchased or accessed for a defined healthcare service category in the hospitals service area in a one year period
Expected/anticipated market demand
An environment in which the rate of change is slow
An environment in which the rate of change is fast
The economic, technological, sociocultural, and political trends that indirectly affect all organizations
The customers, competitors, suppliers, industry regulations, and advocacy groups that are unique to an industry and directly affect how a company does business
Four steps in planning are?
- 1. Set SMART goals
- 2. Develop commitment to these goals
- 3. Develop action plan to achieve goals
- 4. Track progress towards goals achievement
What does SMART goals stand for?
- S- specific
- M- measureable
- A- attainable
- R- realistic
- T- timely
Top managers roles? (3)
- -Vision statement
- -Mission statement
- -Strategic initiatives
Middle Managers roles? (2)
- -Action plans
- -Management by objectives
First-Line Managers roles? (3)
- -Operational plans
- -Single-use plans
- -Standing plans (policies and procedures)
Management by Objective is?
Process in which managers and employees at all levels in a company sit down together to jointly set goals, share information and discuss strategies that could lead to goal achievement, and regularly meet to review progress
MBO is what time of leadership style?
Participatory leadership: leadership style in which the leader consults employees for their suggestions and input before making decisions
4 step process for MBO?
- 1. Hire the right people
- 2. Form dynamic team
- 3. Discuss
- 4. Organize
From planning to implementation? (5)
- 1. assignment of responsibilities for implementation
- 2. Communications and roll out
- 3. Detailed planning
- 4. Monitoring progress
- 5. Regular plan, review, and update
Ensuring successful implementation (3)
- 1. communicate plan priorities
- 2. Identify leverage people
- 3. Review-revise- reward
3 potential problems for ensuring successful implementation?
- 1. loss of energy or focus
- 2. lack of management
- 3. lack of resources
The pyramid components? (6)
- 1. Mission
- 3. Strategies
- 4. Goals
- 5. Objectives
- 6. Actions
What 3 components of pyramid are part of organizational direction?
- 1. Mission
- 2. Vision
- 3. Strategies