Strategic Planning Report HCS 589
Strategic Planning Report
Strategic Management according to Jasper and Crossan (2012) is the “essential process for coping with external change” (p. 838). Strategic Management is the linking of strategic thinking and analysis to organizational action. Strategies are initiatives taken by leaders on behalf of an organization involving the use of resources to improve their performance and external environment. Three elements are involved in strategic management, the first is to knowing where the organization is strategically through a strategic analysis, a strategic choice is the understanding of what guides strategic decisions. The last one is strategy implementation referring to the translation of the strategies into action plans. Strategic Management “ties the organization with a shared sense of purpose, improves financial performance, improves overall coordination within the organization, and encourages innovation” (Swayne, Duncan, & Ginter, 2008, p. 20).
Strategic Management Components
Strategic Management consists of four components environmental scanning, strategy formulation, strategy implementation, and evaluation and control.
Environmental Scanning - consists of monitoring the internal and external environment, evaluating the information gathered, and disseminating this information to key individuals within the firm. The external scanning looks at opportunities and threats outside of the organization. The internal scanning looks at the strengths and weaknesses of the organization and includes the structure, culture, and resources.
Strategic Formulation refers to the development of long-range plans to manage the opportunities and threats in the firm’s strengths and weaknesses. Strategic formulation includes the definition of the firm’s mission, achievable goals, development of strategies, and developing policy guidelines.
Strategy Implementation is the process to put in action the policies and strategies through programs, budgets, and procedures
Strategic Management according to Jasper and Crossan (2012) is the “essential process for coping with external change” (p. 838). Strategic Management is the linking of strategic thinking and analysis to organizational action. Strategies are initiatives taken by leaders on behalf of an organization involving the use of resources to improve their performance and external environment. Three elements are involved in strategic management, the first is to knowing where the organization is strategically through a strategic analysis, a strategic choice is the understanding of what guides strategic decisions. The last one is strategy implementation referring to the translation of the strategies into action plans. Strategic Management “ties the organization with a shared sense of purpose, improves financial performance, improves overall coordination within the organization, and encourages innovation” (Swayne, Duncan, & Ginter, 2008, p. 20).
Strategic Management Components
Strategic Management consists of four components environmental scanning, strategy formulation, strategy implementation, and evaluation and control.
Environmental Scanning - consists of monitoring the internal and external environment, evaluating the information gathered, and disseminating this information to key individuals within the firm. The external scanning looks at opportunities and threats outside of the organization. The internal scanning looks at the strengths and weaknesses of the organization and includes the structure, culture, and resources.
Strategic Formulation refers to the development of long-range plans to manage the opportunities and threats in the firm’s strengths and weaknesses. Strategic formulation includes the definition of the firm’s mission, achievable goals, development of strategies, and developing policy guidelines.
Strategy Implementation is the process to put in action the policies and strategies through programs, budgets, and procedures
References: Hunger, J. D., & Wheelen, T. L. (2011). Essentials of strategic management (5th ed.). Upper Saddle River, NJ: Pearson Education. Jasper, M., & Crossan, F. (2012). What is strategic management? Journal of Nursing Management, 20(7), 838-846. doi:10.1111/jonm.12001 Richardson, B. (1994). Comprehensive Approach to Strategic Management: Leading across the Strategic Management Domain. Management Decision, Vol. 32 (8). p. 27 - 41 Swayne, L. E., Duncan, W. J., & Ginter, P. M. (2008). Strategic Management of Health Care Organizations (6 ed.). Hoboken, NJ: Wiley