Midterm wk 1: ncm 119

Well plan is half done.

Planning.

Planning in Management

The foundational function of setting goals and objectives and then determining the specific steps, actions, and resources needed to achieve them.

Planning

It is a preparatory step. It is a systematic activity which determines when, how and who is going to perform a specific job. Planning is deciding in advance what is to be done, when is to be done, how is to be done, and by whom it is to be done.

Importance of Planning

1. Planning provides directions 2. Reduces the risk of uncertainty 3. Planning reduces overlapping and wasteful activities 4. Planning promotes innovative ideas 5. Planning facilitates decision making 6. Planning establishes standards for controlling

Steps in Planning Process

1. Setting Objectives 2. Developing Planning Premises 3. Identifying Alternative Courses of Action 4. Evaluating Alternative Course of Action 5. Selecting One Best Alternative 6. Implementing the Plan 7. Follow Up Action

Types of Planning

1. Strategic planning 2. Tactical planning 3. Operational planning 4. Mission And Vision Statements 5. Philosophy and Goal Setting 6. Budgeting

Strategic Planning

It is a process of defining an organization's direction and making decisions on allocating its resources to pursue this direction. Strategic plans are all about why things need to happen. A big picture, long-term thinking. It starts at the highest level with defining a mission and casting a vision. It involves a thorough analysis of the organization's strengths, weaknesses and external environment, leading to well-defined strategic objectives and actionable plans. Progress is then monitored over time, and strategies and plans are adjusted as necessary.

6 Steps of Strategic Planning

1. Set your goals. 2. Analyze your current business situation. 3. Identify opportunities and threats. 4. Formulate the strategy. 5. Implement the strategy. 6. Monitor and evaluate progress, course correct as necessary.

Strategic Planning Tools

1. SWOT Analysis 2. PESTEL Analysis 3. Gap Analysis 4. Scenario Analysis

SWOT

Strengths, Weaknesses, Opportunities, Threats

SWOT Analysis

Aims to define an organization's internal strengths and weaknesses, as well as its external opportunities and threats.

PESTEL

Political, Economic, Social, Technological, Environmental, Legal

PESTEL Analysis

Monitors broad external factors and adapt evolving impact. Helps to anticipate regulatory changes that would affect product development. Foresee interest rate fluctuations that alter its cost of capital.

Gap Analysis

Identifies the difference between the current state and the desired future state, highlighting what needs to be done to achieve goals.

Scenario Analysis

Strategic Planning Tool.

Tactical Planning

Involves setting short-term goals and action plans to achieve long-term strategic goals. It has a shorter horizon than strategic planning and is done by middle managers. Tactical plans describe specific actions and resource allocation to implement strategic plans over 1-2 years.

Operational Planning

The operational plan serves as a management tool to coordinate an organization's resources to achieve its strategic goals. It provides a clear picture of employees' responsibilities and directs their day-to-day work. Proper implementation of the operational plan requires regular communication to staff, monitoring of progress, and corrective actions when needed.

Vision

The word "vision" refers to the ability to see or imagine something that is not yet a reality.

Vision Statement

Represents the highest ambitions of the company, team, or product. Helps to make and manage the right decisions based on a shared vision. A clear and concise mental picture of what an individual or organization wants to achieve in the future. Statement that outlines the future state of a company or individual, and provides a direction towards which efforts are directed.

Mission

Is a statement telling what business you are in and what services you will offer. It's usually one sentence or a short paragraph that explains a company's culture, values, and ethics. A statement of purpose. Concentrates on the present. Defines its clientele. The statement reveals what the company does, how it does it, and why it does it.

Mission Statement

A single sentence or very short paragraph that is used by an organisation to explain its existence, what it does and for whom.

Vision Statement (Definition)

A single sentence that defines the desired image or legacy of an organisation at a point, far into the future.

Philosophy

The word "philosophy" refers to a system of beliefs or values that guide an individual or organization's behavior. It is often used in a business context to describe a company's approach to conducting business. A set of beliefs, principles, and values that guide an individual or organization's behaviour and decision-making. Defines an individual or organization's approach to life and work. Philosophy is often shaped by an individual's experiences, cultural background, and personal beliefs. In an organizational context, philosophy is often reflected in the company's mission statement, core values, and culture.

Goal Setting

Goals are super important because they give you direction and purpose. Clear goals provide direction, focus, and motivation, helping employees stay aligned with organizational objectives. Setting goals also helps you prioritize what's important. It gives you that sense of accomplishment when you hit it.

SMART

Smart, Measurable, Achievable, Realistic, Timely

Benefits of Goal Setting

1. Clarifying your vision 2. Motivating yourself to take action 3. Measuring your progress 4. Achieving greater success 5. Building confidence

Strategic Planning (Time Horizon)

Long-term (3-5 years or more)

Tactical Planning (Time Horizon)

Medium-term (1-2 years)

Operational Planning (Time Horizon)

Short-term (daily to 1 year)

Strategic Planning (Focus)

Direction and vision

Tactical Planning (Focus)

Implementation of strategy

Operational Planning (Focus)

Execution of tactical plans

Strategic Planning (Scope)

Entire organization or major business units

Tactical Planning (Scope)

Departments, divisions or smaller business units

Operational Planning (Scope)

Functional areas, teams or individuals

Strategic Planning (Example)

Developing a new product line, expanding into new markets

Tactical Planning (Example)

Reorganizing a department, streamlining a process

Operational Planning (Example)

Hiring and training employees, scheduling production runs

Strategic Planning (Frequency of Review)

Periodic (annually or bi-annually)

Tactical Planning (Frequency of Review)

Ongoing (quarterly or semi-annually)

Operational Planning (Frequency of Review)

Frequent (daily or weekly)

Strategic Planning (Level of Detail)

High-level, broad goals

Tactical Planning (Level of Detail)

Detailed, specific objectives

Operational Planning (Level of Detail)

Very specific, granular tasks

Strategic Planning (Leadership)

Top-level leadership

Tactical Planning (Leadership)

Middle management

Operational Planning (Leadership)

Lower-level management and employees

Strategic Planning (Level of Risk)

High, strategic decisions with long-term implications

Tactical Planning (Level of Risk)

Moderate, tactical decisions with short-term implications

Operational Planning (Level of Risk)

Low, operational decisions with immediate impact

Strategic Planning (Degree of Flexibility)

Low, as strategic decisions may require long-term commitments

Tactical Planning (Degree of Flexibility)

Moderate, as tactical decisions can be adjusted

Operational Planning (Degree of Flexibility)

High, as operational decisions may require immediate adjustments

Strategic Planning (Level of Coordination)

High, as decisions impact the entire organization

Tactical Planning (Level of Coordination)

Moderate, as decisions impact specific departments or units

Operational Planning (Level of Coordination)

Low, as decisions impact specific tasks or activities

Ethical Dimensions in Nursing Philosophy

Autonomy, Beneficence, Justice, Non-maleficence, Fidelity