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Company-wide strategic planning
Company-wide strategic planning
Principles For Understanding The Strategic Planning Process
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Recommended: Company-wide strategic planning
Developing a Strategic Plan: Budgeting and Timeline Tools
The budget is a tool that quantifies activities in financial terms (Baker & Baker, 2014). Fiscal planning is an important activity in strategic planning. The nurse manger must have the knowledge and ability to forcast when developing a budget (Marquis & Huston, 2015). The manager must also take into consideration and plan for time resources. A GANTT chart or a program evaluation review technique can be utilized to assist in managing time resources (Laureate Education, 2013).
The purpose of this paper will outline the financial resources for the change project. A description of the budgeting tool and the challenges encountered during the budgeting process. A timeline for the implementation of the change project will ensue.
Financial Resources
The current budget looks at the first and second year of the project. The expenses for the first year are double of that in the second year. The reason for the difference is in the first year not only do the new grads need to attend the course, but all the current nurses in the hospital must attend the course. After the first year, only new hires and new grads will need to take the classroom session, while all current nurses will utilize the mandatory Computer Based Training (CBT) which will be 30 minutes in length. This CBT will test this knowledge of cultural competency and will provide updates as needed.
As the budgets are in place and this education course is new, the monies for this education will come from the generosity of The Foundation for the first year. The Foundation supports projects and programs within the hospital that will promote the health and well-being of the local residents (Affinity Health, 2016)...
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...icture of a schedule that assists to plan, coordinate, and track specific tasks in a project (Rouse, 2016). The Gantt Chart can direct a project and promote the growth and success of a project (Aghayan, et al., 2014). One downfall of a Gantt Chart is that is does not indicate task dependencies as does a PERT Chart. To counter this deficiency with the Gantt Chart, frequently the chart needs to be adjusted to reflect the actual status of the tasks in the project (Rouse, 2016).
Summary
Strategic planning includes fiscal planning and developing a timeline for projects. PERT and Gantt Charts assist in scheduling and managing simple to complex projects. Leveraging resources can aide in assureing there are sufficient financial resources for the project. As well, it is important to consider the workforce needed to fulfill the implementation and goals of the project.
I attended the Saturday Lab 1 session discussing the Denison Specialty Hospital case study. In our session, we had a through discussion into the different budget terminology. I learned about the difference between accrual and cash accounting methods, which is based on the timing of when the revenue and expenses are recognized. I also learned about responsibility centers as an organizational unit under the supervision of a manager, who is responsible for its activities and results. In addition, the manager is accountable for the budget of the department that they head. Therefore, a centralized form of management in developing the budget because it makes easier to because the information for the department budget is located
What is the manager 's responsibility in the budget preparation process? How is her/his input communicated? Am responsible for the nursing budget, we call it clinical budget meaning stuff that are directly related to clinical care, for example supplies, nursing staffing, patient revenue from skilled and non-skilled care etc. Normally I have the flexibility to set up my own budget based on past trends, so far my budgets have been on point. After the budget is drafted it’s then reviewed by the administrator who is ultimately responsible for final
Williams, S. J., & Torrens, P. R. (2008). Introduction to health services (7th ed.). Clifton Park, NY: Thomson Delmar Learning.
Budgeting Assignment A company's budget serves as a guideline in planning and committing costs in order to meet tactical and strategic goals. Tactical goals such as providing budgetary costs for daily operations, and strategic objectives that include R&D, production, marketing, and distribution are all part of the budgeting process. Serving as a guideline rather than being set in stone, the budget is a snapshot of a manager's "best thinking at the time it is prepared." (Marshall, 2003, p.496)
Time-phased project work is the basis for project cost control. Work package duration is used to develop the project network. Further, the time-phased budgets for work packages are timetabled to establish fiscal measures for each phase throughout the project. The time-phased budgets are to emulate the real cash needs of the budget, which will be used for project cost control. This information is useful to estimate cash outflows. The project manager's attention is on when the costs are to occur, when the budgeted cost is earned, and when the actual cost materializes. This information is made up to measure project schedule and cost variances (Gray & Larson, 2005). The following are typical types of costs found in a project:
This paper will be broken down into six sections profiling each critical part of implementing and managing change in an organization. The sections included are; outline for plan creating urgency, the approach to attracting a guiding team, a critique of the organizational profile, the components of change, and how to empower the organization.
Quantitative plans are called budgets. Budgets are prepared to impose cost controls on the activities of an organization (Chenhall, 1986).Budgets are then used to evaluate the performance of the management and budget itself is considered as a standard to evaluate the performance Solomon, 1956). The purpose of the budget is also to implement the strategy of the organization and communicate it to the employees of the organization Rickards (2006). The change in the external environment has led to the change in the budgeting approaches from the initial cash based budgets to the zerio based budgets (Bovaird, 2007).
“Our plans miscarry because they have no aim. When a man does not know what harbor he is making for, no wind is the right wind” a famous quote about our goal by Seneca. It is a metaphor about the achievement goal and objectives by good planning skills. One has to plan for what one wants to achieve and where one wants to go. One of the most important things is to have good planning, before taking any project the first think you should do is to create project plan. Planning can be defined as preparing a sequence of action to achieve specific goals and objectives. According to Kerzner (2009), “project planning is desirable that the project manager is involved from project conception through execution. It must be systematic, flexible to handle, closely disciplined through reviews and control and capable of accepting multi functional inputs (pg. 412)”. The importance of planning a project is to describe the work so that it will be easily identifiable to the project team member.
Strategic Planning is looking at where you are now, knowing where you want to be in the future and planning the steps to get you there.
Operating budget is the most appropriate budget for managing unit cost. The operating budget is a financial plan that takes into consideration all of the day-to-day activities that involve taking care of patients. A units revenue, which is the actual charges, are based off of the total number of days patients spend on the unit or the average daily census. Expenses include all of the cost for paying nursing staff to work, the cost of all supplies that are necessary to provide patient care, and the cost of any additional resources that may be necessary for patient care. The unit expenses can be broken down into two main types of expenses. One, is the employment cost. The employment cost is the largest part of any units budget. This is due
However, in some cases we need to develop strategies for them to improve their efficiency, improve their machinery, install backup generation, etc. In these scenarios, a team is developed with the consultant being the project manager or point man. Therefore, these projects require the four functions to be followed so we can develop the best possible solution. The first function used is “Planning”, which allows us to outline a strategy catering to the specific needs of our client. The “Planning” function also gives us a time table on how long the project will take to complete, who needs to be involved, and how we expect to accomplish each goal.
Good strategic planning is typically based on a rich mix of conceptual, qualitative and quantitative information about what works for whom.
Strategic planning has a focus on stabilizing the current environment, and it also support the organization's business plans and goals. Strategic planning helps to implement new projects, new technology, consolidation of data centers, data warehouses, exponential data growth, cost of ownership, and resources available in an organization to assess the future requirements. Strategic planning analyzes the business plan, potential blockage or other issues in the current architecture, processes and their implementation in new initiatives, and processes. Strategic planning helps to formulate the ideas about the key factors that are affecting the present and future development of the organization and the opportunities offered by the environment and the competence of the organization.
It requires an adequate and sound organizational structure, that is, there must be a definite assignment of responsibility for each function of the enterprise. Budgeting compels all the members of management, from the top to bottom to participate in the establishment of goals and plans. Budgeting compels departmental managers to make plans in harmony with the other departments and of the entire enterprise. Budgeting helps the management to put down in figures what is necessary for a satisfactory performance. Budgeting helps the management to plan for the most economical use of labor, material and capital. Budgeting tends to remove the cloud of uncertainty that exists in many organizations, especially among lower levels of management, relative to basic policies and objectives. Budgeting promotes an understanding among members of management of their co-workers' problems. Budgeting force management to give adequate attention to the effects of general business conditions. Budgeting aids in obtaining bank credit as banks commonly require a projection of future operations and cash flows to support
. Most of my career has been in community nursing providing care in the patient’s home. This opportunity has allowed me to be a teacher and encourage health promotion. This can be very challenging due to issues with literacy and the patient’s readiness for change. This course has exposed me to the many different learning theories that have been developed and how to effectively assess the in order to develop and implement an effective teaching plan. Teaching strategies and plans must be specific to the learner and barriers need to be identified early so they can be overcome to promote better outcomes