strategic management h edu 4790/6790. strategic planning where do we want to be? where are we now?...
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Strategic Management
H Edu 4790/6790
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Strategic Planning
Where do we want to be? Where are we now? How do we get there? Did we get there?
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Type of planning
Mission Organization Departmental
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Type of planning
Strategic Operational
Production plans Financial plans Facilities plans Marketing plans Human resource plans
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Who plans
Senior managers Mid-level manager Front-line managers
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Planning process
Define your objectives Determine where you stand Develop premises regarding the future Analyze alternatives Implement and evaluate
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Approaches to planning
Proactive versus reactive Developmental versus incremental
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Benefits of planning
Focus and flexibility Reduces uncertainty, ambiguity and risk Improves coordination Improves control Time management
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Foundations of good planning
Forecasting Use of scenarios Benchmarking Participation and involvement
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Three types…
Strategic planning MBO PRECEDE - PROCEED
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Strategic planning
Mission, Vision, Values Objectives
Good objectives Benchmarking
Assessment Primary and secondary research PEST analysis SWOT analysis
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PEST Analysis
Political Economic Social Technological
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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
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SWOT
Strengths Weaknesses
Opportunities Threats
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Strategic planning
Grand strategy Growth
Concentration Diversitifcation
Retrenchment Stability
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Portfolio analysis
Question Marks Stars Dogs Cash cows
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Life Cycle
Introduction Growth Maturity Decline
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Management by Objectives (MBO)
Edwin Locke – Goal-Setting Theory Peter Drucker Types of objectives
Improvement objectives Personal development objectives Maintenance objectives
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PRECEDE - PROCEED
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Characteristics of Entrepreneurship
Internal locus of control High energy Achievement oriented Tolerance for ambiguity Self-confidence Action oriented Desire for independence
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Small businesses
Physicians Dentists Physical therapists Consultants
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Life Cycles
Birth Growth Breakthrough Maturity Decline
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Business plan
Executive Summary Industry analysis Company description Products and services Market description Operations Staffing Financial projection Capital needs
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Ownership
Sole proprietorship Partnership Corporation
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Financing
Debt financing Equity financing Venture capitalists Angel investor
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Control
Management model review Steps of the control process
Establish performance objectives Measure actual performance Compare actual to objectives Take necessary action
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Points of control
Feedforward (inputs) Concurrent (processes) Feedback (outputs)
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Work inputs
Budgeting Cost allocation Input-to-output ratios Inventory control
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Work throughputs - processes
Quality improvement Risk management
Identifying risk Evaluating risk Eliminating risk Transferring risk
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Work outputs
Key indicators Control loops
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In Control Loop
Change--inputs
--process
ImprovementPossible ?
Do resultsMeet
Expectations?
DevelopNew
standards
ActualResults
StandardsExpectations
Measurement Comparison
No
Yes
Yes
No
Exceed
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Positive Control Loop
ImprovementPossible ?
Do resultsMeet
Expectations?
ActualResults
StandardsExpectations
Measurement Comparison
No
Yes
No
Exceed
IsExceedDesirable
?
Determinecause
Reinforce/continue
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Acceptance Control Loop
ImprovementPossible ?
Do resultsMeet
Expectations?
ActualResults
StandardsExpectations
Measurement Comparison
No
Yes
No
ContinueDeterminecause
Is deviation acceptable?
Is cause controllable?
No
No
Yes
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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
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Considerations
Managerial Design
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Financial Control
Liquidity Capital Structure Profitability
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Liquidity
Current =Current assets
current liabilities
Collection Period (A/R) =New accounts receivable
average daily operating revenue
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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
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Profitability
Mark-up =Gross patient revenue
Operating expenses
Operating margin =Operating income
Operating revenue
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Locus of Control