MHA 612 FINAL PAPER

Best Essays
Final Paper MHA 612
Instructor Lazarre
August 17, 2013

Strategic planning is describes the strategic management as the art of making complex, long-term, future-oriented decisions and taking actions that result in the formulation and implementation of plans designed to achieve a company’s objectives. The process focuses on the belief that a firm’s mission can be best achieved through a systematic and comprehensive assessment of both its internal capabilities and its external environment. Strategic management process is the implementation of the company’s strategy by executive management considering its resources, circumstances, and environment to position the organization to complete is mission in a cost-effective, efficient manner. The corporate goals, policies, and tactics are incorporated into this process. “For that reason, strategic planning is a method of giving the direction and aligns the firm in relation to the surrounding environment and be competitive. Besides being as a management tool in a firm, strategic planning provides preparedness and modes of response to the environment (Wilson and Eilertsen, 2010).” Improvement is also needed to incorporate the values of customer, staff, and community. The public image of a company is also needs review. Further, priorities of activities for company survival in a competitive market have not been addressed. The largest gap is insufficiently detailing crucial elements allowing staff the ability to prioritize how products and services should also be rendered. The next element in the strategic process is the vision statement. A vision statement needs to portray a visual image of the organization as it performs its functions. Updated vision statements should motivate staff toward working forward to the companies preferred values. The value statement needs to present the true values of the company as opposed to the preferred or idealistic values of the vision statement. “The development of



References: Baker, H. K., Dutta, S., & Saadi, S. (2011). Management views on real options in capital budgeting. Journal of Applied Finance, 21(1), 18-29. Retrieved from http://search.proquest.com/docview/894513425?accountid=32521 Cleverley, W., Cleverley, J., & Song, P., (2011). Essentials of Health Care Finance (7th ed.).Sudsbury, MA: Jones and Bartlett Publishers. Employee Information. (n.d). Retrieved August 16, 2013, from Internal Web site Hassan, H. (2010). The relationship between firms ' strategic orientations and strategic planning process. International Journal of Business and Management, 5(11), 35-49. Retrieved from http://search.proquest.com/docview/821639697?accountid=32521 Meric, I., Dunne, K., Li, S. F., & Meric, G. (2010). VARIETY ENTERPRISES CORPORATION: CAPITAL BUDGETING DECISION. Review of Business & Finance Case Studies, 1(1), 15-20. Retrieved from http://search.proquest.com/docview/1238686799?accountid=32521 Murthy, V., & Mouritsen, J. (2011). The performance of intellectual capital. Accounting, Auditing & Accountability Journal, 24(5), 622-646. doi:http://dx.doi.org/10.1108/09513571111139120 Nieboer, N. (2011). Strategic planning process models: A step further. Property Management, 29(4), 371-382. doi:http://dx.doi.org/10.1108/02637471111154818 Paun, C. (2012). International financing decision: A managerial perspective. Revista De Management Comparat International, 13(3), 411-425. Retrieved from http://search.proquest.com/docview/1355900039?accountid=32521 Simkins, B. J. (2011). Total risk evaluation for capital budgeting. Journal of Applied Finance, 21(1), 30-38. Retrieved from http://search.proquest.com/docview/894465446?accountid=32521

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Capital Budgeting

    • 267 Words
    • 2 Pages

    The process of evaluating and prioritizing capital investment opportunities is called capital budgeting. Capital budgeting relies heavily on estimates of future operation results. These estimates often involve a considerable degree of uncertainty and should be evaluated accordingly. In addition, many nonfinancial factors are taken into consideration.…

    • 267 Words
    • 2 Pages
    Satisfactory Essays
  • Good Essays

    Keeping in mind the goal of maximizing stakeholder wealth, companies should develop the strategic plans, which can help to move the business forward. “Strategic planning is an organization 's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people”…

    • 851 Words
    • 4 Pages
    Good Essays
  • Satisfactory Essays

    Strategic planning is an organizational management that is used to set priorities, focus on resources, strengthen operations within the organisation, and ensure that employees and other stakeholders are working toward common goals. It’s drawn…

    • 533 Words
    • 3 Pages
    Satisfactory Essays
  • Powerful Essays

    Capital Rationing

    • 1463 Words
    • 6 Pages

    Gitman, L. J. & Forrester, J. R. (1977). A survey of capital budgeting techniques used by major US firms. Financial Management, 6 (3), 66-71.…

    • 1463 Words
    • 6 Pages
    Powerful Essays
  • Satisfactory Essays

    The strategic management process play a critical role in the success of an organization’s success as this ongoing process of the business process gives corporations (profit and nonprofit companies) the ability to clarify and achieve their long-term organizational goals and objectives (Applied Corporate Governance, 2009). Strategic management does this by combining decisive planning and consequential actions so that businesses can evaluate the controls of their operations and determine if their organization should implement a new business strategy to adjust to the constant changes (technological, competitors, financial, etc.) in today’s business market.…

    • 679 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    Strategic Plan Overview

    • 1043 Words
    • 5 Pages

    Strategic planning examines all business aspects and is more than envisioning the future, because it requires setting goals and establishing critical success factors and actions necessary to reach those goals. Goals and actions are tactical plans updated annually or semi-annually to track progress. Strategic plans are made according to each company’s process. Some complete the process every few years, whereas others prefer a five-year interval. Some companies plan a five-year timeframe, whereas others set longer timeframes. In any case, implementation and tracking are never-ending responsibilities for management and employees.…

    • 1043 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    FINC2011 Assessment

    • 2131 Words
    • 9 Pages

    When making capital budgeting decisions, there are various techniques that can be utilised. Ross et al. (2008) describes that the predominant capital budgeting methods used as being the Net Present value (NPV) method, the Internal Rate of Return (IRR) method, the Payback method, and the Accounting Rate of Return (ARR) method. Conversely, Brealey, Myers and Allen (2011) proposes that the NPV and IRR methods are considered prestige compared to the ARR and the Payback Methods, as they take into account the time value of money. Thus, the following project evaluation will focus on using the NPV and IRR methods.…

    • 2131 Words
    • 9 Pages
    Powerful Essays
  • Good Essays

    Mkt 301 Exam 1 Study Guide

    • 1313 Words
    • 6 Pages

    Strategic planning: The managerial process of creating and maintaining a fit between the organization’s objectives and resources and the evolving market opportunities.…

    • 1313 Words
    • 6 Pages
    Good Essays
  • Good Essays

    Strategic planning is the backbone of the strategic management in the organization. Strategic management takes care of the overall organization by periodically checking the strategic planning of the organization to make sure that the planning is still in line with the directional strategies, which ensures the future of the company. Strategic management is more of a thought process then a physical tool, which helps to predict issues that will be important to the future of the healthcare company. Strategic management is a way of life and not just a temporary tool to satisfy the government industry…

    • 739 Words
    • 3 Pages
    Good Essays
  • Satisfactory Essays

    MGT wk 1

    • 510 Words
    • 3 Pages

    In society there are hundreds of companies competing for your business on a day to day basis. As a management team it is crucial to understand strategic planning, and know how it can help you grow as a company. In corporate terms, strategic planning is making a plan as a company in order to achieve long-term goals and objectives. Upper management must think strategically first, then apply that thought to a process. The strategic management process is best implemented when everyone within the business understands the strategy. There are five stages for the management team to understand they are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring.…

    • 510 Words
    • 3 Pages
    Satisfactory Essays
  • Satisfactory Essays

    Case Study unit 3

    • 775 Words
    • 3 Pages

    Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy. The key components of strategic planning include an understanding of a vision, mission, values and strategies. Strategic planning is a step by step process with definite objectives and end products that can be implemented and evaluated. Very simply, it is a process by which we look into the future and influence the forces that will affect us. Strategic planning looks three to five years ahead. It charts a definite course based on strong indicators of what the business environment will be like in those years. Heidrick and Struggles international Inc had a plan to set in place to get the right people for the right job to help with the success.…

    • 775 Words
    • 3 Pages
    Satisfactory Essays
  • Good Essays

    A strategic plan lays the foundation for how a business intends to operate. Amongst other things, the company’s mission is defined, the financial plans are established and company culture created. Effective strategic planning should identify the process of (1) defining of key markets for products and services; (2) identifying competition; (3) SWOT analysis; (4) critical issues. The use and implementation of an effective strategic plan often leads to an organization’s short and long term success (Simerson, B. K. (2011)).…

    • 700 Words
    • 3 Pages
    Good Essays
  • Powerful Essays

    Mirr vs. Irr

    • 2385 Words
    • 10 Pages

    References: Burns, R. M., & Walker, J. (1997). Capital budgeting techniques among the fortune 500:…

    • 2385 Words
    • 10 Pages
    Powerful Essays
  • Good Essays

    Strategic Planning Process

    • 1027 Words
    • 5 Pages

    Aldehayyat, j.S. & Twaissi, N. (2011). Strategic Planning and Corporate Performance Relationship in Small Business Firms: Evidence from a Middle East Country Context. International Journal of Business and Management, 6 (8), 255-263.…

    • 1027 Words
    • 5 Pages
    Good Essays
  • Powerful Essays

    Strategic Planning

    • 1334 Words
    • 6 Pages

    Strategic planning is a management tool, as with any management tool, it is used for one purpose only: to help an organization do a better job - to focus its energy, to ensure that members of the organization are working toward the same goals, to assess and adjust the organization 's direction in response to a changing environment. Basically, strategic planning is a disciplined effort to produce fundamental decisions and actions that shape and guide what an organization is, what it does, and why it does it, with a focus on the future. The process is strategic because it involves preparing the best way to respond to the circumstances of the organization 's environment, whether or not its circumstances are known in advance; often must respond to dynamic and even hostile environments. Being strategic, then, means being clear about the organization 's objectives, being aware of the organization 's resources, and incorporating both into being consciously responsive to a dynamic environment.1…

    • 1334 Words
    • 6 Pages
    Powerful Essays