Expert answer:Strategic Plan for Chosen Organization Research Pa
Solved by verified expert:1. Is the evaluation and control process appropriate for a corporation that emphasizes creativity? Are control and creativity compatible 2 paragraphs2. Strategic Plan for Chosen Organization Research PaperFinalize your 15-20 page Strategic Plan Paper. The document must follow the Strategic Plan Outline found on in the course materials. Your final strategic plan must thoroughly discuss your decisions while providing rationale and data for those decisions, including any ethical dilemmas.This is where you put it all together. You may use some of the research you did in earlier weeks for the chosen organization.Suggested Strategic Plan Outline1.Executive summary2.Company background3.Vision statement4.Mission statement5.Values statement6.Environmental analysisa.Internal environmentb.External environment7.Long-term objectives8.Strategic analysis and choice9.Plan goals and implementation10.Financial projections and analysis11.Critical success factors12.Controls and evaluationWatch Youtube Video: 7 Steps to Successful Strategy and Implementationhttps://youtu.be/LkesApAMSQkCreate a PowerPoint presentation in which you advocate the adoption of your strategic plan. Outline the highlights of the strategic plan. Format any references consistent with APA guidelines.
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Running Head: STRATEGIC MANAGEMENT PROCESS
Description of Organization
Panancy Ambroise
Dr. Salas-Amaro
Keiser University
09/13/2017
1
STRATEGIC MANAGEMENT PROCESS
2
Introduction
Strategic planning entails an entity’s management activity that is applied to set priorities,
emphasis resources, enhance operations and activities, and ensure that the workforce is working
towards common objectives. It is a controlled attempt that yields key decisions and actions that
affect and direct the operations and mission of an entity. On the other hand, a strategic plan
refers to a document utilized to communicate with the entity the objectives, the course of actions
necessary to achieve those goals and all of the other vital elements developed during the
planning process (Wolf, Floyd, 2017). Typically, a strategic plan is not only aspirational but also
directional. It maps a high-level sequence while establishing long-term objectives that are
directional ideals on the horizon. This paper will address the strategic planning process of the
Department of Veterans Affairs.
Background of the Organization
The United States Department of Veterans Affair (VA) is a government cabinet-level
organization that offers almost- inclusive health care services to qualified military veterans at the
department’s medical facilities and outpatient clinics situated throughout the country. In addition
to healthcare services, the Department of Veterans Affair also provides non-healthcare services
including but not limited to vocational rehabilitation, disability compensation, loans, educational
aid, and life insurance cover among other benefits. This agency was created in 1930 and in 1989
became the cabinet-level entity. Department of Veterans Affair has over 350,000 employees at
over 100 VA medical centers, cemeteries, benefits outlets, and clinics. The agency’s secretary
and deputy secretary is David Shulkin and Thomas Bowman respectively (https://www.va.gov/).
STRATEGIC MANAGEMENT PROCESS
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Mission and Vision Statements
An organization’s mission statement outlines the entity’s business, its goals and its
strategy to achieve those goals. On the other hand, a vision statement defines the future position
of the entity. Typically, components of vision and mission statement are usually combined to
state the entity’s objectives, aims, and values. In other words, the mission and vision statements
of the Department of Veterans Affair provide insight on the department’s overall goals and
objectives.
The organization’s mission and vision statement state that ‘To care for him who shall
have borne the battle and for his widow and his orphan.’ This mission and vision statement is
based on Abraham Lincoln’s pledge to war veterans and their family. Typically, this statement
asserts that the department’s primary objectives are to take care of the veterans, their spouses,
and their children. In other words, the activities and services provided by the Department of
Veterans Affair are directed towards assisting veterans and their families.
The mission, vision, and values of the Department of Veterans Affair enable the entity to
attain its set goals and objectives. Typically, the mission and vision statements, as well as the
organization’s values, act as a roadmap that directs and guides the employees’ operations and
activities. The values and the organization’s mission address the entity’s course and purpose for
its existence, and its principles. Furthermore, the department’s vision statement vividly depicts
the course of action and strategies to be implemented to attain the set mission. Subsequently, it
motivates and inspires the employees and these results in improved performance and
productivity (Rajasekar, 2013).
STRATEGIC MANAGEMENT PROCESS
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Strategic Management process
Strategic management refers to a continuous process of running an entity strategically. It
entails a range of management actions and decisions that lead to creating and implementing
approaches that ascertain the success and performance of an entity. Typically, the strategic
management process entails appraising the entity and the industry it’s operating in. The
following are the elements of the strategic management process that must be assessed regarding
the new strategy;
I.
Diagnosis
Before coming up with the new strategy, the internal and the external environment of the
entity must be analyzed. Diagnosis typically entails analyzing the organization’s mission,
strategies, and internal weaknesses and strengths. It also involves analyzing the organization’s
external threats and opportunities.
II.
Formulation
This component involves choosing the best course of action for attaining organizational
goals and thus accomplishing the organizational purpose. It’s in this phase that the organizational
management design corporate and business-level strategies.
III.
Implementation
This component involves making the new strategy work as planned. In other words, the
implementation phase entails executing the new strategy chosen in the formulation phase.
STRATEGIC MANAGEMENT PROCESS
IV.
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Evaluation
The evaluation phase is the last component of the strategic management process and
involves assessing the implemented strategy. This component entails measuring the strategy and
determining whether or not it attained its intended purpose (Hill, Jones, Schilling, 2014).
The new strategy will impact the organization’s leadership and culture positively.
Typically, the new strategy will result in effective and strategic leadership. The organizational
leadership plays a critical role in fostering good performance and overall success of the
organization. In this case, therefore, the outcomes of the new strategy will result in effective
leadership. Moreover, the new strategy will result in an effective organizational culture that
fosters organizational learning and development. The new strategy will also inspire the
employees, the customers, and the public in general (Gamble, Thompson Jr, 2014).
Conclusion
Strategic planning entails an entity’s management operations that are utilized to develop
priorities and ensure that the organization’s employees work toward common objectives.
Department of Veterans Affair is a federal agency with the goal of providing health care and
non-healthcare services to veterans and their families. The organization’s mission and vision
statements provide the purpose of the organization’s existence, its goals, and the strategies that
will foster the achievement of the set objectives. The outcomes of the new strategy will affect the
organization’s leadership and culture positively.
STRATEGIC MANAGEMENT PROCESS
References
Gamble, J. E., & Thompson Jr, A. A. (2014). Essentials of strategic management. Irwin
Mcgraw-Hill.
Hill, C. W., Jones, G. R., & Schilling, M. A. (2014). Strategic management: theory: an
integrated approach. Cengage Learning.
Rajasekar, J. (2013). A comparative analysis of mission statement content and
readability. Journal of Management Policy and Practice, 14(6), 131-147
Wolf, C., & Floyd, S. W. (2017). Strategic planning research: Toward a theory-driven
agenda. Journal of Management, 43(6), 1754-1788.
https://www.va.gov/
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Running Head: ENVIRONMENTAL AND FINANCIAL ANALYSIS
Environmental and Financial Analysis
A Case of the Department of Veterans Affairs
Panancy Ambroise
Dr. Salas-Amaro
Keiser University
10/01/2017
1
ENVIRONMENTAL AND FINANCIAL ANALYSIS
2
Economic Indicators
The United States Department of Veterans Affairs (VA) operates in both microeconomic
and macroeconomic environment. The environment offers opportunities at the same time poses
threats. In order to effectively analyze the macroeconomic environment of the Department of
Veterans Affairs, it’s critical to determine and evaluate numerous economic indicators.
Typically, an economic indicator refers to an element of economic data, usually the
macroeconomic level that is utilized by analysts and economists to construe current and/or future
investment probabilities or analyze the general health of an economy. Some of the economic
indicators that can be used include but not limited to gross domestic product (GDP), consumer
price index (CPI), the price of crude oil, and the unemployment rate among others (Anderson,
2014).
The following are the economic indicators that are likely to affect the Department of
Veterans Affairs in the future;
I.
Gross Domestic Product (GDP)
The GDP is among the key economic indicators utilized to assess the health of the
economy. It depicts the total dollar worth of all products and services produced over a particular
period. Often, the gross domestic product is portrayed as a comparison to the previous year.
Typically, the GDP is used to assess the performance of the country’s economy. The Department
of Veterans Affairs ought to assess the strength and trend of the gross domestic product in order
to make effective and rational investment decisions.
ENVIRONMENTAL AND FINANCIAL ANALYSIS
3
In addition to depicting the overall health of an economy, the GDP is also used to depict
the total demand for a country’s products and services over a specified time frame. The outcome
of changes in the GDP has some level of impact on the demand and supply of goods and services
in a country as well as the organizations and companies operating in that nation. These outcomes
are required to stabilize the country’s economy, intended towards long-term stable development
and growth.
A sharp increase in the GDP can result in long-term inflation. Inflation entails the overall
increase in the cost of products and services due to increased demand. Therefore, a sharp
increase in the GDP will significantly increase the demand for goods and services offered by the
Department of Veterans Affairs. Due to an increase in demand, the organization will have to
increase the overall prices of its services and products and thus lead to inflation.
To respond to inflation, the Federal Reserve will increase the interest rates charged to
banks. As a result, the cost of credit will increase hence prompting consumers to cut back their
consumption substantively. On the other hand, a sharp decrease in the GDP will lead to a
reduction in the demand for the department’s goods and services. A decrease in demand will
result in a decline in prices of goods and services provided by the department.
II.
Consumer Price Index
Consumer price index is another economic indicator that affects not only the economy
but also entities operating in that environment. Typically, the CPI is the scale inflation guide for
any economy. It utilizes the ‘basket of goods’ strategy that intends to liken a constant base of
products from every year, concentrating on commodities that are purchased and consumed by
ENVIRONMENTAL AND FINANCIAL ANALYSIS
4
customers on a daily basis. The consumer price index is an effective indicator to measure
inflation.
As mentioned earlier, inflation has a considerable impact on the overall prices and costs
of goods and services provided by a particular organization, in this case, the Department of
Veterans Affairs. Furthermore, inflation also affects the level of demand for those commodities.
In other words, the CPI as an economic indicator plays an integral role in influencing the overall
investment decisions made by the organization. A rising consumer index depicts inflation, and
therefore the organization must make logic investment decisions to avoid instances of losses
resulted by a decline in demand. Analyzing the trend of consumer price index enables the
Department of Veterans Affairs to make rational allocation and hedging decisions.
III.
The Labor Market (unemployment rate)
The primary indicators the Department of Veterans Affairs must address are the total
unemployment and employment rate in the economy. The unemployment rate entails the
measure of the trend of unemployment and this rate often skyrockets during recession periods.
Typically, the unemployment rate is a key economic indicator that significantly affects the
economy as well as businesses. Like the GDP and the CPI, the unemployment rate also impacts
the demand for the organization’s goods and services. High unemployment rate means that the
target audience has low purchasing power, thus less demand for products and services. As a
result, the organization will find its revenue declining as unemployment increases (Bowser,
2014).
The target audience of the Department of Veterans Affairs is military veterans and their
family members. The organization provides this population with both healthcare and non-
ENVIRONMENTAL AND FINANCIAL ANALYSIS
5
healthcare programs and services. However, when these veterans and their family members are
not employed, they will be unable to afford and purchase the products and services provided by
the organization. As a result, the demand for these products will substantively decline and hence
negatively affect the department revenue and overall profitability.
IV.
Prices of Crude Oil
The prices of crude oil also have a significant impact on the economy as well as
businesses. Typically, oil is regarded as the backbone of the economy because it steers many
aspects of the economy. In this case, therefore, an increase in oil prices will negatively affect the
economy and businesses in that particular environment. For instance, an increase in oil prices
will increase costs of production as well as service costs. As a result, the Department of Veterans
Affairs will have to increase the prices of its products and services and thus charge customers
more. This move will greatly affect the demand for the organization’s products and services
(Anderson, 2014).
Noneconomic Factors
The Department of Veterans Affairs operates in an environment where external factors
can significantly affect its operations, growth, and development. These external factors cannot be
controlled or influenced by the organization. Nonetheless, the organization can design and
implement measures to effectively respond to these factors. The following are the noneconomic
factors that affect the Department of Veterans Affairs;
ENVIRONMENTAL AND FINANCIAL ANALYSIS
I.
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Political Factors
Typically, the government is a political system but also has a social aim. The government
offers the approaches of minimizing social costs and maximizing social benefits. Currently, the
government interferes and impacts business operations and activities of companies and
organizations. The Department of Veterans Affairs is a governmental agency, and therefore there
is a high level of interference and influence by the government. For this reason, the federal
government, through the Congress, may implement legislation and policies which affect the
department’s relationship with its target customers.
Bureaucracy in the Department of Veterans Affair is another political factor affecting the
organization. Recently, veteran advocates from several sects of the political framework argued
that the department’s middle management acts as a barrier to change. The management does not
exercise responsibility and accountability and therefore negatively impacts the department’s
primary purposes and goals. Political stability in the United States affects the operations of the
Department of Veterans Affairs. The business of the department thrives in this environment as
the management, the employees, and the clients can freely interact and transact without fear of
instances of war and conflicts.
II.
Demographic Factors
Demography entails the study of the human population particularly in terms of sex, age,
occupation, education, density, and income size among others. Information regarding the
population is of significant importance to the Department of Veterans Affairs. Such information
not only assists the department in selecting commodities to produce and market, but also assists
ENVIRONMENTAL AND FINANCIAL ANALYSIS
7
in the choosing effective and favorable distribution channel as well as other investment
decisions.
The demographic elements of the department of VA include but not limited to age, race,
and period served. The age is one of the key demographic components that affect the department.
The organization’s products and services are directed to serve military veterans and their family
members of all ages. This means that the target population for the department’s programs and
services are military veterans from all generations, ranging from the GI generation, silent
generation, and baby boomers to generation X and millennials. In reference to the income level
of the clients, the department serves all military veterans irrespective of their income levels.
Similarly, the Department of Veterans Affairs also provides products and services to veterans
from all races and geographic locations (Peimer, et al 2017).
III.
Social and Cultural Factors
In the United States, the socio-cultural environment of a business comprises of social
role, class structure, development of the social institution, and the aspect of social organization.
Typically, the class arrangement relies on the income levels of individuals. Culturally, elements
such as norms, values, and behavioral trends are highly esteemed in the society. The social and
cultural factors in the society greatly impact the operation and organizational structure and
behavior of the Department of Veterans Affairs. The society comprises of individuals and parties
from different social and cultural backgrounds. In other words, the target audience of the
organization’s products and services come from diverse backgrounds, and therefore the
organization strives to ensure that the products and services are tailor-made to meet the
expectations of the diverse military veterans.
ENVIRONMENTAL AND FINANCIAL ANALYSIS
IV.
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Technological Factors
Technological factors comprise of the elements related to knowledge applied and the
equipment for the production of the organization’s products and services. The core principle of
the department’s adoption of information technology is to meet the changing needs of the
veterans in the 21st century. Information technology is widely adopted in the department’s
premises and branches across the country. With IT, the Department of Veterans Affair can easily
deliver its services and programs to the vast population. Typically, the department acknowledges
the critical role played by its clients and thus strives to improve service delivery by
implementing and integrating information technology into its structure, operations, and overall
organizational culture (Sakai, 2017).
Competitive Analysis
Competitive analysis entails the process of identifying the competitors and analyzing their
approaches to ascertain their strengths and weaknesses compared to those of the company’s
products and services. The primary objective of conducting a competitive analysis is to assess and
identify what makes a product and/or service unique. The primary products and services offered
by the Department of Veterans Affairs are healthcare services to military veterans and their family
members.
Regarding the pricing of the department’s healthcare services and its cost structure, the
Department of VA healthcare services are less expensive than care services offered by the
private sector. Research shows that VA healthcare facilities charge veterans lower prices on
pharmaceutical commodities than healthcare facilities in the private sector. Furthermore, the
Department of Veterans Affairs provides stronger and effective financial incentives to its clients.
ENVIRONMENTAL AND FINANCIAL ANALYSIS
9
The organization operates in the healthcare industry and thus competes with other private sector
healthcare organization for the same market share (Gellad, et al, 2015).
ENVIRONMENTAL AND FINANCIAL ANALYSIS
10
Reference …
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