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• W756251327 abstract "INTRODUCTIONStrategic planning was originally considered domain of military. Indeed, word strategy comes from Greek word strategos, which means 'army leader' and later appeared in 18th century to mean 'art of general.' Strategic planning continues to be an integral part of professional military education, and has been incorporated into all business schools' curriculum to better prepare future business leaders. It has been noted there is a long-standing difference between art and of strategy. The art of strategy, or intuition, is the product of individual study and reflection, integration of prior learning, and perhaps, a natural inclination to think in this manner (Yarger, 2006:6). Yarger continues that science of strategy suggests that we can study strategy formulation, theorize about it, and improve performance by better understanding processes involved (2006:6). As noted above, it is 'science' of strategy that can be taught; 'art' will develop with experience and introspection (if at all). Nonprofits must also engage strategic planning as they too are facing greater complexities that make it difficult to fulfill their missions. To that end a model of strategy formulation must include an understanding of critical components of dynamic forces that are likely to shape both external and internal environment of organization.The strategy process occurs in three stages that are not independent. The first stage is to formulate strategy, once strategy is formulated it is necessary to put strategy into action or implement strategy and finally it is important to determine size of gap between anticipated expectations and realized expectations and make necessary adjustments, evaluation and control stage. Formulating strategy must begin with an understanding of organization's mission, i.e., who are we, what do we do, why are we here. Once we know who we are, we need to know where we want to be in future, so a well-conceived strategic vision will help define organization's future course. Next, broad financial and strategic objectives are agreed upon. To achieve objectives and move toward vision, strategic options need to be formulated. Option generation is where 'art' of strategy begins. The options will result from a thorough analysis of external forces and internal factors. Options will generally include short-term, medium-term, and long-term solutions. Each option should be analyzed, identifying both advantages and disadvantages along with probabilities of assumptions of occurrences identified in extemal/intemal analysis. Of course, a significant aspect of option selection involves realization of capabilities, in other words, can we implement plan. Implementation occurs within three broad categories: structure, behavior, and allocation of resources. The evaluation and control process begins with a clear set of criteria. The criteria should be measurable and accomplished within a specified time frame. The control aspect results from a feedback system to ensure analytical data gets to right level in organization where adjustments are needed.One system that has been used to assist management in developing, communicating, and finally measuring strategic performance is Balanced Scorecard(TM). This system is supposed to help link strategic goals to relevant performance targets and evaluate employee performance based on achievement of those goals. The following is case study of a small rural hospital that was experiencing continuous financial loss. The CEO realized that change was essential if this nonprofit hospital was to survive.THE HOSPITALThe UnityTrust Hospital (UTH) is a not-for-profit community based medical center in a regional economic hub in mid-western United States. As an inpatient acute and skilled (swing bed) medical-surgical center and inpatient obstetrics services, it provides essential complimentary services as a day surgical center and clinic for visiting physician specialists. …" @default.
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• W756251327 date "2014-10-01" @default.
• W756251327 modified "2023-09-26" @default.
• W756251327 title "STRATEGIC PLANNING AT UnityTrust HOSPITAL" @default.
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