MGT-660: Strategic Management is a capstone course that focuses on preparing and conducting a strategic analysis of a selected publicly traded firm to produce actionable intelligence used to formulate recommendations to promote the creation of a value-adding strategy. Based on the results of their strategic analysis, learners should prepare the framework of a strategic plan that creates significant value for the selected firm.
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What is strategic management in healthcare?
Strategic management refers to the ongoing planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its goals and objectives. In short, it is concerned with strategic choices and strategic implementation. Moreover, it provides the means by which organizations meet their objectives. In the case of hospitals, it helps executives and all employees to understand the real purpose and long-term goals of the hospital.
What is the difference between strategic planning and strategic management?
Strategic management refers to the ongoing planning, monitoring, analysis, and assessment of all necessities an organization needs to meet its goals and objectives whereas strategic planning in healthcare organizations involves creating objectives and setting goals for where the organization sees itself in the long-term.
Strategic management Process.
The strategic management process assists healthcare organizations to take stock of their present situation, chalk out strategies, deploy them and analyze the effectiveness of the implemented management strategies.
Stages of the strategic management process.
1. Clarifying Your Vision
The objective of goal-setting is to clarify the vision for the healthcare organization. This first step involves identifying three key facets: First, define both short- and long-term objectives. Second, identify the process of how to accomplish your objective. Lastly, customize the process for your medical staff. This involves giving each person a task with which he can succeed. Keep in mind during this process your goals to be detailed, realistic, and match the values of your vision. Generally, the final step in this stage is to write a mission statement that concisely communicates your goals to both your shareholders and your staff.
2. Gathering and Analyzing Information
The analysis is crucial because the information gained in this step will determine the next two stages. In this stage, gather as much information and data relevant to accomplishing your vision. The focus of the analysis should be on understanding the needs of the business as a sustainable entity, its strategic direction, and identifying initiatives that will help your business grow. Examine any external or internal issues that can affect your goals and objectives. Make sure to identify both the strengths and weaknesses of your organization. Additionally, identify any threats and opportunities that may arise along the path.
3. Formulate a plan of action.
Once you have completed your analysis, use the information you gathered to formulate a strategy. Determine what resources the healthcare organization currently has that can help reach the defined goals and objectives. Additionally, identify any areas of which the healthcare organization must seek external resources. The problems facing the organization should be prioritized by their importance to your success. Once the issues have been ranked, begin formulating the strategy. Most importantly, it is crucial to develop alternative approaches that target each step of the plan since the business and economic situations are fluid.
4. Implement Your plan of action.
One thing you should keep in mind is that successful strategy implementation largely determines the success of the healthcare organization. Therefore, if the overall strategy does not work with the organization’s current structure, a new structure should be installed at the beginning of this stage. Moreover, everyone within the organization must be made clear of their duties, and how that fits in with the overall goal and mission. Furthermore, any resources must be secured at this point so that once the funding is in place and the employees can begin to execute the plan.
5. Evaluate and Control
This stage involves conducting performance measurements, consistent review of internal and external issues, and taking corrective actions when necessary. Any successful assessment of the strategy begins with defining the parameters to be measured. Most importantly, these parameters should reflect the goals set in the first step. Therefore, you can determine your progress by measuring the actual results versus the plan.