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17 Oct

Economics and financial management


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Module 3 Assignment: Strategic Plan Sections 3–6
This week, you will submit the next four sections of your Strategic Plan. As you create each section of your Strategic Plan, keep in mind that all resources that you use should be documented in APA style in Section 9: References, however Section 9 will not be graded until it is submitted in Week 10.
Section 3: Goals, Objectives, and Strategies Defining the goals, objectives, and strategies of your Strategic Plan will help to define the parameters of the project and give it focus and direction. A goal is usually broad and abstract, while an objective is specific and measurable. Strategies are the plans that will be used to achieve the identified goals and objectives.
To prepare:
· Review information on goals, objectives, and strategies in Chapters 5 and 6 of the Martin text and in the other Learning Resources.
· Consider if the goals and objectives are specific, measurable, attainable, relevant, and time-bound.
· Evaluate how well the goals and objectives reflect the stakeholders.
To complete:
Write a 2- to 3- page summary of the goals, objectives, and strategies for your Strategic Plan. In your summary:
· Identify the goals, objectives, and strategies for your plan.
· Explain success in attaining each goal, objective, and strategy will be defined, monitored, and evaluated.
· Explain how the goals, objectives, and strategies reflect the needs of relevant stakeholders.
Section 4: Proposed Core Team of Change Champions
To prepare:
· Reflect on the results of your SWOT analysis (Section 2 of your Strategic Plan, submitted in Week 5).
· Think about how effective stakeholder involvement would promote the successful adoption and implementation of your proposed change.
· Consider the following:
· What strategies would help you to develop a core team to generate buy-in for this change?
· Which stakeholders should be included in the process as change champions? How and when should they become involved?
To complete:
Write a 1- to 2-page description of your core team of change champions. Include the following:
· Identify internal and external stakeholders, and explain why they were selected.
· Explain how stakeholders will be involved in the strategic planning process.
· Explain how you will collaborate and communicate with stakeholders.
· Explain how you will keep stakeholders motivated and engaged.
Section 5: Budgeting and Timeline Tools
To prepare:
· Review the information on budgeting in the Week 6 Learning Resources. Which tools (e.g., Revenue Projection Model, Capital Budgeting Analysis, Depreciation Calculator, Profit and Loss Projection) would be most useful for developing your Strategic Plan?
· Consider the feedback you received on your Week 6 Discussion posting.
· Use one or more budgeting tools to outline the financial resources for your proposed change. Reflect on any challenges that arise as you evaluate the financial resources required for this change now and in the future.
· Review the information on PERT and other timeline tools in the Week 6 Learning Resources.
· Use PERT or another tool to analyze and represent the activities that need to be completed to successfully plan and implement your proposed change. Be sure to note dependencies (e.g., a task/milestone that must be completed in order to trigger the next step), and realistically assess the minimum time needed to complete the entire project.
To complete:
Write a 1- to 2-page description of your budget and timeline for your Strategic Plan. In your description:
· Provide an analysis of the financial impact of your Strategic Plan. Provide visual support (e.g., tables, charts, screenshots of Excel worksheets) for your financial analysis directly within your template.
· Provide a timeline for the implementation of your proposed change using PERT or another timeline tool. Consider how your timeline can allow leeway for variance.
Section 6: Balanced Scorecard
To prepare:
· Review your work on the summary of the issue and SWOT analysis from previous weeks.
· Review the information about—and examples of—balanced scorecards presented by Dr. Carol Huston in the Week 8 Learning Resources in addition to the other relevant Learning Resources. Conduct additional research to see additional examples of balanced scorecards and to deepen your understanding of how balanced scorecards are used in various organizations.
· Reflect on the comments related to balanced scorecards exchanged in this week’s Discussion.
· Conceptualize a balanced scorecard that could be used to measure and evaluate the impact of your planned change on performance and determine if the costs are justified in terms of the outcomes. Consider what you would measure in terms of finances, customers, internal process, and learning and growth.
· Think about how you would gather valid and reliable data.
To complete:
· Create a balanced scorecard for your Strategic Plan issue. Directly provide the diagram/image for your balanced scorecard in your submission. (To do this, you may create the diagram in the template using Word SmartArt, or you may create it with an outside diagramming tool of your choice and copy and paste a screenshot of the image into your template.)
· Then, in 1–2 pages, explain how your balanced scorecard could be used to measure and evaluate the impact of the planned change and how it could be used to determine if the outcomes justify the project costs.
By Day 7
Submit the following sections of your Strategic Plan, using the provided template:
· Section 3: Goals, Objectives, and Strategies
· Section 4: Proposed Core Team of Change Champions
· Section 5: Budgeting and Timeline Tools
· Section 6: Balanced Scorecard
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Boomer , G. (2010, July). Managing change: Clarity reduces resistance. Accounting Today.
Gokenbach, V., & Thomas, P. L. (2020) Maximizing human capital. In L. A. Roussel, P. L. Thomas, & J. L. Harris (Eds.), Management and leadership for nurse administrators (8th ed., pp. 189–226). Jones & Bartlett Learning.
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Grigoroudis, E., Orfanoudaki, E., & Zopounidis, C. (2012). Strategic performance measurement in a healthcare organisation: A multiple criteria approach based on balanced scorecard. Omega, 40(1), 104–119.
Janbazi, S., Mandejin, M. R. R., Eslambulchi, A., & Monfared, A. B. (2019). Designing a comprehensive evaluation model for health system reform plan in Iran: An approach to extended balanced scorecard. Novelty in Biomedicine, 7(4), 187–201.
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