...strategy implementation. To answer that question, we need to find out what is missing between the steps of development and execution and what needs to be done to close this gap. While strategy is typically formulated by senior management, implementation is the responsibility of downstream supervisors and their staff. The result of this division of labor is that those employees who have to put the strategy into practice on the job often do not understand how exactly they can contribute to its implementation. To close the gap between formulation and implementation, senior management must ensure that strategy execution is integrated into the daily activities of every single employee. Consequently, the entire organization needs to focus on...
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...important to meet organizational goals. Such strategic planning guides managers, employees and stakeholders to focus on their common aim. By using strategic management, an organization utilizes a methodical way so that all their resources combine with their mission to underwrite their future success. Changes incorporated into a common goal demand strategic management especially in health care organizations. “A well-crafted, duly executed strategic plan can provide numerous intangible, internal benefits for a health care organization’s culture, working environment and employees"(Reed, 2013). Today’s health care environment, with expectations of health care organizations constantly changing creates a compelling reason to employ strategic planning. To ensure success, the whole organization must be involved in strategic planning. There are five essential components of strategic planning, and they are “engaging commitment, setting long term strategic objectives for improved performance of the organization, generating policy options. Evaluating and deciding on strategies and monitoring implementation of the policies against the long-term goals" ("Components of Strategic Planning", 2005). Practical implementation of each of these components requires organizational extensive corroboration and accountability. The strategic management process enhances all of the essential elements of strategic planning. An organization’s strategy and goals embedded in the strategic management process enables...
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...Ashley Johnson Strategic Management 05/09/2013 Key Concepts For Strategic Management Strategic Management is the process in which an organization develops and implements plans that espouse the goals and objectives of that organization. The process of strategic management is a continous one that changes as the organizatinal goals and objectives evolve. Several key concepts characterize strategic management and the development of organizational goals. At the core of strategic management process is the creation of goals, a mission statement, values, and organizational objectives. The creation of these guides the organization in its pursuit of strategic opportunities. Through goal setting, organizations plan how to compete in an increasingly competitive and global business arena. The next key concept is Analysis strategy formation. Analysis of an organization's strengths and weaknesses is a key concept of strategic management. Other than the internal analysis, an organization also undertakes an external analysis of factors such as emerging technology and new competition. Through internal and external analysis, the organization creates goals and objectives that will turn their weaknesses into strengths. The analysis also facilitates in strategizing ways of adapting to changing technology and emerging markets. The third concept is strategy formation. Strategy formation is a concept that entails developing specific actions that will enable an organization to meet its goals. This section...
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...Strategic Management Process MGT/498 – Strategic Management Strategic Management Process The strategic management process is a philosophical approach to business that consists of four basic elements: environmental scanning, strategy formulation, strategy implementation, and evaluation and control (Wheelen & Hunger, 2010). This paper examines these elements, why this process is important, and discusses the strategic management process of Microsoft Corporation. Environmental Scanning Environmental scanning involves an in-depth analysis of the factors that can affect the goals of the company (Clayton, 2013). This information is disseminated to the key people within the company and is often conducted through SWOT (Strengths, Weaknesses, Opportunities, and Threats) Analysis. The strengths and weaknesses form the internal environment of the company and look closely at the company’s structure, resources, and culture; whereas, the opportunities and threats are the variables that comprise the external environment (Wheelen & Hunger, 2010). Strategy Formulation Once the opportunities and threats have been analyzed, long-term plans for their effective management are formulated. It is within this step that the company’s mission is clearly set to achieve the desired objectives (Wheelen & Hunger, 2010). During this stage, any issues are prioritized prior to the development of the strategy, and contingency plans created. Economic environments are continually...
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... MGT/521 University of Phoenix Kathryn Lea Introduction Goals are defined as an objective to do something within a measurable period of time (Davis, 2006). Goal setting is the most basic and fundamental element that is both at the organizational and individual levels. Goals setting should show clear directions and destination as to where people of the organization need to be moving towards. These goals can be long-term and short-term. Whether long-term or short-term, the end objective is always the same. In order to achieve the best results, there is an importance of service delivery improvement and the increase of the profit margins. The importance of this is that it enables the team to know what is supposed to be done and how it is to be done, results are also monitored and where possible adjustments can be made easily. Three types of goals When goal setting, there are three types that an organization can set by any given organization. These goals are ranged from a hierarchy, from top to bottom. Achieving the low-level goals that become a means of achieving the higher-level goals; strategic, tactical and operational goals (Davis, 1996). Goals set by upper management or top management that are mainly concerned with the main objectives of an organization is known as strategic goals. These goals are mainly meant for the top leaders of the organization who are also concerned with the main objectives of the organization...
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...Strategic Planning and the Nursing Process Ma HCS/ 482 May 25, 2015 Diane Delucia Strategic Planning and the Nursing Process Strategic planning and the process of nursing often are not thought of in the same realm but in fact the nursing process plays a very important part of strategic planning for any nursing department; just as important as realizing the needs of a customer for any other business. In this paper, I will compare the strategic planning process and the nursing process as well as the possible roles nurses could play in planning of informatics. Strategic planning is a systematic process with an end goal that looks toward the future. The process allows for goals to be made with possible actions and objectives to help achieve these goals. According to Hebda & Czar, 2013, Strategic planning involves 9 steps: identification of the need for change, definition of goals and scope, scanning of external and internal environments, data analysis, identification of potential solutions, and selection of a course of action, implementation, evaluation, and feedback. Strategic planning is useful in many areas of business, including healthcare and nursing. Often strategic planning falls on an administrative member of the department due to the often unavailability of clinical staff to give needed time for strategic planning sessions. Hebda & Czar, 2013, define Strategic Planning as “the development of a comprehensive, long-range plan for guiding the activities and...
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...strategy, and how they differ from one another Identify the strategy process and describe the purpose of each step Explain the concepts of strategic thinking and analysis Describe the various levels of strategy and the links between them Explain the drivers, challenges and benefits of globalisation Discuss the role of the accountant in the strategy process PRACTICE • • • Have you completed the questions in the Study Guide? Have you completed the Learning Examples in the Student Notes? Have you completed the knowledge check questions from this module? Key revision areas: • The different approaches to strategy: rational, processual, evolutionary, systemic • The levels of corporate strategy and the scope/content of each • The drivers, challenges and benefits of globalisation • Evolution of corporate strategy as a concept – Porter, Mintzberg • Operational effectiveness v. strategic positioning • Developing the strategy – see Focus slide • Ethics in leadership: classical and socioeconomic views Strategy and leadership Approaches to strategy Strategy process • Rational – Ansoff, Chandler, Porter’s five forces • Processual – emergent strategies • Others – evolutionary, systemic • External environment – PESTEL (opportunities; threats) • Internal environment – strategic and operational drivers, people/organisational drivers (strengths; weaknesses) • Evaluating and selecting growth options –...
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...1 Strategic Management Strategic management involves the formulation and implementation of the major goals and initiatives taken by a company’s top management on behalf of owners, based on consideration of resources and an assessment of internal and external environments in which the organization competes. The Process of Strategic management The process of strategic management are 1. Environmental analysis 2. Formulation analysis 3. Implementation 4. Evaluation Environmental Analysis Environmental analysis is the main stage for gaining information and data to grow business. We analyze internal and external data influencing goal and get relevant vision for organization. By doing analysis, we can know who is our organization’ competitor. We can use the PESTEL analysis and SWOT analysis as a tool. We can focus on understanding the need of the organization and get more idea to run the business. Formulation After completing analysis, the information and data is reviewed by strategy formulation. For reaching defined goal and objective, we determine what resources has currently in business. After accomplishing analysis, managers formulate corporate, business and functional strategy. Formulation set policies, task, strategic planning. SWOT analysis is identified to improve weakness, to overcome strength, to get the way for organization from strength and weakness. Implementation Strategy implementation is the action stage of the strategy management process. Designing...
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... |STRATEGIC MANAGEMENT-DEFINITION……………….… |2 | | |MINTZBERG’S DEFINITION OF STRATEGY……………….. |3 | | |KEY ISSUES OF STRATEGIC MANAGEMENT……………… |6 | | |PORTER’S THINKING…………………………………………. |7 | | |PORTER’S FIVE FORCES………………………………………. |9 | | |THE NEW STRATEGIC WAVE…………………………..…..… |12 | | |HENRY MINTZBERG' S 5 Ps FOR STRATEGY………..…… |17 | | |IMPORTANCE OF STRATEGY IN ORGANISATION………… |19 | | |THE STRATEGIC PLANNING PROCESS.................................... |20 | | |STRATEGIC MANAGEMENT: Failure, Barriers and Limitations |22 | | |IMPORTANCE OF STRATEGIC MANAGEMENT...
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...STRATEGY AND PLANNING This week’s Management class discussion has been on Strategic planning in organizations. This paper will explain 3 types of goals, which are important to an organization as we as explanations and elements involved in created strategy of an organization. Organizations are built with the goal of the profitability through process in mind. The organization control approach incorporates goals and strategy used to reach them. (Boundless.com Jul 2015) Using their mission statements, top managers do strategic planning to determine what the organization long-term goals should be for the next 1-5 years with the resources they expect to have available. Strategic management is a level of managerial activity bellowing setting goals and above tactics. (Boundless.com 2015). Strategic management provides overall direct to an enterprise. Strategic planning requires visionary and directional thinking. It should communicate general and profit goals and ways to achieve them. Strategic management provides overall direction to the enterprise. Objectives are determined by the results of the strategic assessment. These objectives should run parallel on a timeline, some short-term and others long-term. (Kincki & Williams 2015) Tactical Planning’s by done by middle management, they are normally given a 6-25 month time frame. The strategic priorities and policies are passed down to middle managers that determine what contribution their departments or similar work...
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...management as it relates to the organization’s goals and strategies. Use steps in the planning process outlined in the text. • Analyze the influence that legal issues, ethics, and corporate social responsibility have had on management planning at BP. Provide at least one example for each. • Analyze at least three factors that influence the company's strategic, tactical, operational, and contingency planning. Planning Part of the management function that involves setting goals and deciding how to best achieve them is called planning. Setting goals and developing plans helps the organization to move in a focused direction while operating in an efficient and effective manner. Strategies or plans are then developed for moving the organization closer to its goals. Types of Planning There are four types of planning a company can use; strategic, tactical, operational and contingency planning. Planning is part of making a decision and a manager can use the following types of planning in making short and long term decisions for a company. Strategic Strategic planning is an “organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people” (Bradford & Duncan, 2000). Strategic planning is the formal consideration of an organization's future course, usually anything that is a period of greater than three years. All strategic planning deals with at least one of three...
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...confront the strategy implementation process * It needs a supportive environment & has pressures of changing external environment. * Reasons for failure or under-achievement: * Transforming strategic thinking into action * Implementation treated as an add-on & a lower-level employee task. * Strategy achieved best when those in charge of implementation also involved in strategic analysis & formulation process from the start. * Managers who implement are usually too busy with everyday running of operations to become involved in planning process or may be excluded. * Failing the 3Cs of communication, commitment & coordination * Poor communication & lack of commitment & inability to manage change effectively. Poor or vague strategy. Lack of buy-in & ownership from key manager & employees. * Lack of coordination or alignment between an organisation’s strategy & its functional units, processes & systems. * Lack of a model, inadequate information sharing, unclear lines of responsibility & accountability, unsupportive power structure. * Paralysis by analysis * Too much focus on analysis & formulation, relaxing on way resources are allocated & way in which operational decisions are made. Leaders trained to formulate not implement. * Important not to combine financial & budgetary processes with strategic intent & direction...
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...Running head: STRATEGIC MANAGEMENT 1 The Strategic Management Process GiGi Davis MGT/498 – Strategic Management Ms. Linda Davis STRATEGIC MANAGEMENT 2 The Strategic Management Process is comprised of four components, which are: Environmental Scanning/goal-setting/analysis, strategy formulation, strategy implementation, and strategy evaluation and control. All of the strategies mentioned are equally important. Strategic Management is more than asset of guidelines or rules. When management or the Board of Directors devise a plan through a very selective thought process and everyone is prepared for implementation, this is the Strategic Management Process. ➢ (Environmental Scanning) Goal Setting – The company’s vision. Defines long-term and short-term goals, how the vision will be accomplished, and the mission and objectives for staff. Analysis – Data in relation to the vision; SWOT Analysis. ➢ Strategy Formulation – The overall review, determination, identify and prioritize all external and internal resources. ➢ Strategy Implementation – Anything dealing with the funding and the overall structure of the organization. At this point everything is secured, including employees and the implementation of the plan begins. ➢ Strategy Evaluation and Control – As simple as the monitoring of performance measures, what isn’t evaluated and controlled can’t...
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...Implementation Plan Concepts Worksheet Concept Application of Concept in the Scenario Reference to Concept in Reading Individual and Organizational Politics Robert Smith, CFO, did not approve of the e-book publishing strategy from the beginning. This affected the overall strategy. Robert feels uncomfortable with the financial projections for the e-books strategic initiative. Will X. Harper: A well-established and well-known author on the �A� list, Will has reservations about e-books and is leading what has become known as the �author�s opposition group.� These are some of the few issues permeating the HK publishing and its new strategy. McGill, CEO, has to play some politics in order to move ahead with the e-book publishing project. While selecting projects for implementation in an organization, a major factor that influences project selection, funding, resource allocation or prioritization is the extent of individual and organizational politics. Organizational politics can be defined as actions by individuals or groups to acquire, develop and use power and other resources in order to obtain preferred outcomes when there is uncertainty or disagreement over choices. (Gray, 2006). Project Selection Committee (PSC) It is pretty clear who the PSC people are in the scenario. M. McGill, CEO; R. Smith, CFO; J. Peters, SVP of B & D; D. Joyce, ExVP Global Strategy; M. Simmons, ExVP; M. Goldfarb, SVP Marketing; M. Evans, CIO and P. Ross, Production Manager....
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...Strategic Planning and the Nursing Process Paper Brittany Braak February 2, 2015 HCS/482 Kevin Hamon Nursing Informatics Nursing informatics is a specific field of nursing that combines the science of nursing, computer science, and information and technology together to help in managing data and communicating information, knowledge and proven nursing practices. Healthcare informatics is essentially the use of information technology in the healthcare field. Computers and technology are becoming more widely used in the healthcare industry. Numerous software programs are now used for a variety of reasons and in many areas of nursing. These uses of healthcare informatics include electronic record keeping, information distribution, data observation, data investigation, medications distribution, risk assessments, and record keeping. Computerized medical records now make it easier to access a patient’s chart, medical history, and medication list. In the past a patient’s medical records were kept in the form of paper charts. Orders, prescriptions, vital signs, and office visits were typically hand written and were often unorganized and illegible. When patients went to the doctor their medical records were ordered and sent via courier to various departments or were sent via fax. Both methods leave room for patient information to be lost, destroyed, or stolen. Healthcare informatics has improved patient care by providing legible, secure, and organized computerized patient charts...
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