Components of a Strategic Plan

Oct 25, 2018 | 0 comments

Oct 25, 2018 | Miscellaneous | 0 comments

Components of a Strategic Plan

A strategic plan refers to a manuscript that organizations use to relay information concerning its goals, activities, purpose, resources and assumptions. There are several components of a strategic plan including purpose, core values, visions, agenda, project plan, budget, and capital expenditure (Glaser, 2004). Mission statement provides details on the purpose of an organization and its operating system. It indicates the reasons for the existence of a company regardless of timeframe. Core values show principles placed to guide the operation of an organization especially in cases of decision-making.

Strategic plan contains visions, which are a long-term picture of future expectations depending on certain time bound. Project plan gives details of the activities that coordinators and assistance should conduct towards goals achievement. The actions can be long-term or short-term as indicated in the project’s visions (Guillory, 2004). Capital disbursement plan is useful for replacement and maintenance of equipment used during the project. This plan assists in allocating adequate resources for facilities to minimize capital wastage and confusion. The annual budget is also another element that is set to undertake yearly objectives in order of priorities (Rich & Hosking, 2004). Finally, the strategic agenda comprises of inside projects conducted mainly for assessment and evaluation.

According to Russell & Russell (2005), a strategic plan for an information system includes analysis of an organization’s processes and data. It helps to identify the market for obtaining and creating new organization information scheme. The constituents such as strategies, purpose, and objectives are very crucial for managing information system (Lawrie, 2005). Objectives are necessary for the identification stage of system analysis. The information system strategies aids at specification of system objectives, actions directed towards achieving them, and resources available for the operation.

Reference

Glaser, J. (2004, March). Healthcare Financial Management, 58(3), 94-98. Retrieved September 26, 2004, from ABI/INFORM complete database.

Guillory, W. (2004, July). Healthcare Executive, 19(4), 24-30. Retrieved September 10, 2004 from ABI/INFORM complete database.

Lawrie, J. J., National Research Council (É.-U.). Transit Cooperative Research Program., & États-Unis. (2005). Strategic planning and management in transit agencies. Washington, D.C: Transportation Research Board.

Rich, D. & Hosking, J. (2004). Journal of Healthcare Management, 49(3), 151-154. Retrieved September 26, 2004, from ABI/INFORM complete database.

Russell, J., & Russell, L. (2005). Strategic planning training. Alexandria, VA: ASTD.

 

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