| 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. |
| When does the ball get dropped most often? | Implementation |
| 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 Operational thinking? | Day-to-day |
| What is strategy? | Determined policy, plan, or methodology used by a business to achieve success |
| Strategic implementation and Action Plan are the Same! | True |
| 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 |
| What does PIE stand for according to Ken Stella? | Plan, Implement, and Evaluate |
