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Strategic Management H Edu 4790/6790

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Page 1: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Strategic Management

H Edu 4790/6790

Page 2: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Strategic Planning

Where do we want to be? Where are we now? How do we get there? Did we get there?

Page 3: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Type of planning

Mission Organization Departmental

Page 4: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Type of planning

Strategic Operational

Production plans Financial plans Facilities plans Marketing plans Human resource plans

Page 5: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Who plans

Senior managers Mid-level manager Front-line managers

Page 6: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Planning process

Define your objectives Determine where you stand Develop premises regarding the future Analyze alternatives Implement and evaluate

Page 7: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Approaches to planning

Proactive versus reactive Developmental versus incremental

Page 8: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Benefits of planning

Focus and flexibility Reduces uncertainty, ambiguity and risk Improves coordination Improves control Time management

Page 9: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Foundations of good planning

Forecasting Use of scenarios Benchmarking Participation and involvement

Page 10: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Three types…

Strategic planning MBO PRECEDE - PROCEED

Page 11: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Strategic planning

Mission, Vision, Values Objectives

Good objectives Benchmarking

Assessment Primary and secondary research PEST analysis SWOT analysis

Page 12: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

PEST Analysis

Political Economic Social Technological

Page 13: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

PEST

PoliticalEcological/environmental

Current legislation

Future legislation

Regulatory bodies

Government policies

EconomicHome economy situation

Home economy trends

General taxation issues

Seasonality/weather issues

Market and trade cycles

SocialLifestyle trends

Demographics

Consumer attitudes and opinions

Media views

Law changes

TechnologicalCompeting technology

Research funding

Associated/dependent tech

Replacement tech/solutions

Maturity of technology

Page 14: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

SWOT

Strengths Weaknesses

Opportunities Threats

Page 15: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Strategic planning

Grand strategy Growth

Concentration Diversitifcation

Retrenchment Stability

Page 16: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Portfolio analysis

Question Marks Stars Dogs Cash cows

Page 17: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Life Cycle

Introduction Growth Maturity Decline

Page 18: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Management by Objectives (MBO)

Edwin Locke – Goal-Setting Theory Peter Drucker Types of objectives

Improvement objectives Personal development objectives Maintenance objectives

Page 19: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

PRECEDE - PROCEED

Page 20: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Characteristics of Entrepreneurship

Internal locus of control High energy Achievement oriented Tolerance for ambiguity Self-confidence Action oriented Desire for independence

Page 21: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Small businesses

Physicians Dentists Physical therapists Consultants

Page 22: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Life Cycles

Birth Growth Breakthrough Maturity Decline

Page 23: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Business plan

Executive Summary Industry analysis Company description Products and services Market description Operations Staffing Financial projection Capital needs

Page 24: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Ownership

Sole proprietorship Partnership Corporation

Page 25: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Financing

Debt financing Equity financing Venture capitalists Angel investor

Page 26: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Control

Management model review Steps of the control process

Establish performance objectives Measure actual performance Compare actual to objectives Take necessary action

Page 27: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Points of control

Feedforward (inputs) Concurrent (processes) Feedback (outputs)

Page 28: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Work inputs

Budgeting Cost allocation Input-to-output ratios Inventory control

Page 29: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Work throughputs - processes

Quality improvement Risk management

Identifying risk Evaluating risk Eliminating risk Transferring risk

Page 30: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Work outputs

Key indicators Control loops

Page 31: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

In Control Loop

Change--inputs

--process

ImprovementPossible ?

Do resultsMeet

Expectations?

DevelopNew

standards

ActualResults

StandardsExpectations

Measurement Comparison

No

Yes

Yes

No

Exceed

Page 32: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Positive Control Loop

ImprovementPossible ?

Do resultsMeet

Expectations?

ActualResults

StandardsExpectations

Measurement Comparison

No

Yes

No

Exceed

IsExceedDesirable

?

Determinecause

Reinforce/continue

Page 33: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Acceptance Control Loop

ImprovementPossible ?

Do resultsMeet

Expectations?

ActualResults

StandardsExpectations

Measurement Comparison

No

Yes

No

ContinueDeterminecause

Is deviation acceptable?

Is cause controllable?

No

No

Yes

Page 34: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Required Change Control Loop

ImprovementPossible ?

Do resultsMeet

Expectations?

ActualResults

StandardsExpectations

Measurement Comparison

No

Yes

No

Continue

Determinecause

Is deviation acceptable?

Is cause controllable?

YesChange

No

Page 35: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Considerations

Managerial Design

Page 36: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Financial Control

Liquidity Capital Structure Profitability

Page 37: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Liquidity

Current =Current assets

current liabilities

Collection Period (A/R) =New accounts receivable

average daily operating revenue

Page 38: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Capital Structure

Long-term dept to fixed assets = Long-term debt

Net fixed assets

Long-term Dept to Equity Ratio = Long-term debt

Unrestricted fund balance

Page 39: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Profitability

Mark-up =Gross patient revenue

Operating expenses

Operating margin =Operating income

Operating revenue

Page 40: Strategic Management H Edu 4790/6790. Strategic Planning Where do we want to be? Where are we now? How do we get there? Did we get there?

Locus of Control


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