Management Analysis Techniques

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1. Describe the six major components of strategic planning. Strategic planning of an organization explains the "where we want to be and who we want to be" as an organization. The six major components of strategic planning consist of a mission statement, a vision statement, organizational values, goals, objectives, and action plans (Baker & Baker, 2014, p. 253). A mission statement is ageless and declares why the organization exists. It is a representation of the organization now in addition to future endeavors the organization wants to accomplish. The vision statement declares what the organization wants to be or even what the organization desires to be in the future. The values are the core beliefs of the organization. The organizational values are the foundation of the organization. The values of the organization never change (Olseon, n.d.) The goals are the big picture of the organization. This asks the question of the organization, "Where do you want to be at the end of the strategic plan?" (American University of Cairo, n.d.) The goals support the organizational mission statement and should be considered to have an achievable result. The organizational objectives are directly connected to the goals. They should be specific, measureable, achievable, realistic, and time-bound. Goals of an organization may have one specific objective or several depending on the aim of the organization. The action plan gives the details of how the organization will achieve these objectives. The action plan is short-term and specific in the details of how the organization will achieve the approved objectives. 2. Understand the purpose and relationship between mission, vision, and value statements. Quimby (2009) states that the ... ... middle of paper ... ..., J. J. & Baker, R. W. (2014). Health care finance: Basic tools for nonfinancial managers (4th ed.) (p 253). Burlington, MA: Jones & Bartlett Learning Danca, A.C. (n.d.). SWOT Analysis. Retrieved from http://www.stfrancis.edu/content/ba/ghkickul/stuwebs/btopics/works/swot.htm Decosimo (n.d.). Forecasts and projections. Retrieved from www.decosimo.com/downloads/forecasts_projections.pdf Government of Western Australia (2014). Financial forecasts. Retrieved from http://www.smallbusiness.wa.gov.au/financial-forecasts Olsen, E. (n.d.). Major components of a strategic plan. Retrieved from http://www.dummies.com/how-to/content/major-components-of-a-strategic-plan.html Quimby, M. (2009, May 7). Mission, vision, & values: What are they, and why do they matter? Retrieved from http://biznik.com/articles/mission-vision-values-what-are-they-and why-do-they-matter

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