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Answer & Explanation:Strategy formulation is the crafting and designing of various mechanisms and ways of executing a certain idea, adopting the best way that aims at achieving an entity’s targets, objectives and both short and long term goals. It is a key stage in strategic management process and involves evaluating the current business strategy, the present challenges and problems it might be facing and coming with a solution to them. In this stage, alternative courses of action are prepared taking all the key issues into consideration. Strategy implementation involves the transformation of the said strategies into actual practice to meet organizational goals and objectives. It entails, among others, directing the on-going strategy to ensure efficiency and taking corrective measures to improve performance with time.Strategy implementation is the key and most vital stage in strategic management process because it is the final stage that ensures everything that has been formulated is being taken into action so that it can bear fruits and ensure survival of the business entity. Positive results are major goals of an organization hence this becomes key. Without implementation, even the strategy formulation would be of no use to the organization (Abraham, 2013).However strategy implementation comes with its own challenges and the business stake holders must be prepared to face them. First, implementation means consumption of resources such as human, time, material, monetary and also machinery hence the organization must have the capacity and allocate them efficiently. After getting the resources, the human power needs to be trained if for instance the implementation comes with new technology. The trainers who are techno savvy require remuneration hence this is a challenge. The strategy may face resistance from staff hence that also needs to be handled. For proper handling of the strategy, this may mean realignment of the original organizational structure to fit the new strategy. This can be through combination of departments which can cause management clashes. Implementation of the adopted strategy is always a matter of probability and a risk is always visible on the functionality of the same (Ronald & Gladys 2012).ReferencesAbraham, S.C (2013). Strategic Management in health care organizations. Ashford UniversityRonald G. Ross & Gladys S.W. Lam (2012). Strategy-Based Metrics for Measuring Business Performance. Business Rules JournalHello Sonia,Thank you for adding your perspective to the discussion. Do you think any changes to the organizational structure and staffing should be included in the formulation of the strategy? What models in the textbook would you use to help plan for structure and staffing changes?Elaine Testerman——————————————————————-2) Strategy formulation is more important than implementation because without formulation there is no implementation. You have to formulate and plan out a strategy in order for it to be successful. It should also be organized, detailed, and planned strategically to achieve the overall goal and mission and to succeed what the overall desired outcome is. This goes on the basis of having an outcome without having a plan. In order to have an outcome in an organizational or strategic management setting, there has to be a plan in place in order to do so. In order to implement a strategy and be successful, it has to be formulated. So it goes without saying that in order for implementation to be successful, formulation has to be organized and be successful before it (Stephen)————————————————-3) .Having worked in a hospital and seeing changes coming up with strategies and implementing them can be both challenging and important. The implementation strategy is more important. We can have groups that formulate a process and strategy and how it should be carried out. Implementing a strategy may require adjusting the changing the original strategy in order to get to the intended goal (Spath & Abraham, 2014, Chapter 9). Monitoring metrics to see if the process is improving or needs to be adjusted can take resources that a hospital may not have. Staff buy in is also needed in the implementing to ensure your staff will be making the changes or implementing new processes without it and holding staff accountable the process would fail. Formulating a strategy is important to ensure we have the correct vision and know where we want to be. Without the proper implementation or the right people to make the implementation a reality you may ultimately not succeed.Jonny ———————————–4)As a health care administrator monitoring of the strategic metrics of our business unit report that there is needed changes to met growing competition. Our weakness: 1.) old obsolete facilities, 2.) under skilled technician. The criterion and strength for our unite strategic planning and strategic alternative is 1.) continue our consistent high-quality of patient care in our main facility and retrain our technical staff on new diagnostic equipment in new satellite facilities. 2.) that we have adequate financial resources to implement our strategic plan and strong cash flow. What criteria to use is entirely up to your management team. Playing with several criteria can be a useful way to learn of the strategies sensitivity to various combinations of criteria. When necessary, managers should supplement this analysis with detailed forecasts and analyses. For example, to assess which strategy might yield the most revenue growth were each one is implemented, the team should conduct a more detailed revenue forecast for each strategy over the planning horizon of 3 to 5 years. Even though such projections are still estimates and based on assumptions, they require more reflection and thought than mere guesses (Practice L. Spath, 2014).——————————————————5) JuanellAs a future health care administrator I am required to evaluate strategies, efficiency, efficacy, and outcome of my department/unit. It is reported that the strategic metrics is a huge key factor and a powerful tool of organizational change and that is needed to be visualized to meet goals. The weaknesses of this department are easy to identify by evaluating performance factors, such as sales, revenues, cost control, and continuing with general measures such as worker evaluations. By conducting a department review and evaluation it helps determine how much each worker is contributing to the overall operation of not only the department but the organization. An effective strength would be monitoring the progress for implemented strategic plans and success. As taking on these responsibilities of a health care administrator, it is important to focus and deal with day-to-day operational and according to Krentz, “to overcome obstacles to successful use of strategic metrics, providers should communicate the organization’s strategic intent, establish accountability for achieving the targets, and ensure buy-in through review of metrics and involvement of appropriate people“ (Krentz, DeBoer & Preble, 2006, pg.1).
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