Shared Flashcard Set

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Chap 10
Chap 10
6
Finance
Graduate
11/08/2010

Additional Finance Flashcards

 


 

Cards

Term
action plan
Definition
consists of objectives that specify how the unit (division, hospital, pharmacy) is going to contribute to the strategy, what actions will be required to achieve the objectives and within what time period, who is responsible for the actions, the resources required to achieve the objectives, and how results will be measured.
Term
guidance
Definition
"maintain or change" advice that successive layers of management must communicate for the various units that will need to be engaged if the strategy is to be achieved.
Term
Balanced Scorecard
Definition
a tool for focusing on implementation as strategy; primary value is to focus the health care organization on those aspects of its operations that most directly impact the accomplishment of its strategies
Term
paradoxes of strategic management
Definition
the paradoxes that should be understood in order to better understand strategy and implementation difficulties; e.g. "The more chaotic the external environment, the more strategic planning is needed." "Strategic management is a top-down, bottom-up process." "Strategic management is an organized/messy process." "Strategic management is about defining the big picture and emphasizing the details."
Term
contingency planning
Definition
may be incorporated into the normal strategic management process at any level and is a part of managing the strategic momentum; alternative plans that are put into effect if the strategic assumptions change quickly or dramatically, or if organizational performance is lagging
Term
objectives
Definition
what should be established to accomplish the enhancement strategy. Should possess the following characteristics:
--reinforce organizational strategic goals
--measurable
--ID the time frame for accomplishment
--challenging but attainable
--easy to understand
--formulated with the assistance of the individuals who will be responsible for accomplishing the work
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