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PT administration and management > Strategic management > Flashcards

Strategic management Flashcards

1
Q

definition: ideas and actions that focus on securing a desired future for an organization

A

strategies

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2
Q

definition: management philosophy that emphasizes thinking in terms of strategies

A

strategic mgmt

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3
Q

definition: addresses the questions of what we should be doing and why we are doing it

A

strategic thinking

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4
Q

definition: addresses how and when action should be taken

A

strategic planning

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5
Q

Who develops a strategic plan?

A

HRM

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6
Q

What are the core elements of a strategic plan (“strategic planning cycle”)?

A

Identify the organization’s vision, values, and mission

Develop a long range strategic plan

Develop an operational objective for each goal

Implement the operational plans

Monitor and evaluate operational activities

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7
Q

definition: Top down model (CEO/ COO/ CFO)

i.e. executive team determines and communicates to the company

A

Commanding model

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8
Q

Commanding model of strategic planning is usually found in what kind of companies?

A

private

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9
Q

The change model of strategic planning is based on what model of change?

A

behavioral model of change

–> managers, executives and sometimes staff work to find new ways to approach problems

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10
Q

definition: Strategic planning model where there is often brainstorming with members at all levels of leadership of a company

–> Goal is to get input from everyone and to get a better understanding at all levels of the organization

A

collaborative model

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11
Q

What type of companies is the collaborative model commonly used?

A

non-profit
academics
corporations that require input

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12
Q

What type of model is the same as Collaborative but pulls in all levels and tries to incorporate organizational culture into the process?

A

cultural model

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13
Q

definition: The underlying beliefs, assumptions, values and ways of interacting that contribute to the unique social and psychological environment of an organization

A

organizational culture

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14
Q

definition: model that works from the bottom Up – Strategic initiatives start with front line staff and managers and feed up to the executives

–> Companies like this approach but seldom can actually make it happen

“Flipping the Pyramid “

A

crescive model

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15
Q

A basic model has a ____ approach.

A

top-down

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16
Q

Basic models of strategic planning has a __ step process and is often used for what type of businesses?

A

5 steps

small businesses

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17
Q

The issue-based models of strategic planning is an expansion of the basic model but has how many steps?

A

10 steps

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18
Q

definition: strategic model that focuses on aligning resources and efforts to achieve the mission

  • Often used when companies need to step back and reassess who they are and what they do
  • Happens with mergers and acquisitions
A

alignment model

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19
Q

definition: strategic model that evaluates “what if” scenario

A

scenario model

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20
Q

definition: the legal designation assumed by a business

–> many businesses are involved
–> BOD is responsible for strategic planning

A

organization structure

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21
Q

(true/false) An organization’s internal support varies by organizational size

A

true

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22
Q

What are the key elements of a business plan?

A
  • marketing plan
  • operations plan
  • financial plan
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23
Q

What does the strategic plan identify?

A

Why and what

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24
Q

What does a business plan identify?

A

How

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25
Q

What is derived from a strategic plan and provides more specificity regarding how the business will be operated?

A

business plan

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26
Q

(true/false) Operational plans can differ from the strategic plan

A

true

27
Q

What is SWOT short for?

A

Strength
Weakness
Opportunities
Threat

28
Q

What does PEST stand for?

A

Political
Economic
Social
Technological

29
Q

What is SWOT used for?

A

Evaluating variables that can alter the plan –> helps organize information from the external environment

30
Q

What is PEST used for?

A

environmental scanning

31
Q

Where can you find the data for demographics?

A

Bureau of Labor Statistics
Census
Health and Human Services
National Center for Health Statistic

32
Q

Where can you find the data for economics?

A

Bureau of Economic Analysis
Census Bureau
Economic Development Administration

33
Q

What are the three types of stakeholders?

A

Internal (employees)

Interface (organization contract employees)

External (consumer, surveyors, competitors)

34
Q

(true/false) All Organizations no matter the size should do some type of strategic planning – the frequency and vigor by which they do it depends on many organizational factors

A

true

35
Q

(true/false) Organizations should start with External Forces (opportunities and threats) before they look at Internal Forces (strengths and weaknesses)

A

true

36
Q

(true/false) Internal environmental scope can cover an entire organization OR just a segment of the business.

A

true

37
Q

definition: represents the characteristics of the business at a specific point or period in time.

A

internal environmental assessment

38
Q

(true/false) Internal changes are not rapid, temporary, or permanent.

A

False (they can be)

39
Q

What are areas assessed by a compliance program?

A

Code of conduct
Compliance infrastructure (e.g., compliance officer)
Policies (what) and procedures (how)
Prevention measures (e.g., training)
Violation responses (e.g., contacts)

40
Q

definition: refers to an individual who ensures a company complies with its outside regulatory requirements and internal policies. Often reports directly to the Board of Directors (BOD) on compliance issues

A

Compliance officer

–> entire department in large corporations

41
Q

What are the regulatory compliance areas?

A

Employment
Environmental impact
Financial management and taxation
Heath services coverage and reimbursement
Occupational health and safety
Securities and exchange
Service delivery (licensure, registration, etc.)

42
Q

definition: The act of governing in an organization to oversee the broad scope of the organization

A

organizational governance

“big picture” team

43
Q

What type of BOD is most common in large corporations and many non-profits – set guidelines, appoints CEO, oversees company but does not participate in day to day?

A

policy governance

44
Q

What kind of BOD does the same as policy boards but also participates in day to day operations – oversees committees that do some part of the work for the organization?

A

working board

45
Q

What type of BOD may you see in small non-profits?

A

collective board (RARE)

46
Q

It is common for growth organizations to restructure after how long?

A

3 months to a year

47
Q

What are the two parts of organizational structure?

A
  1. Clearly Defined Roles
  2. Clearly Defined Reporting and Relationships
48
Q

Who commonly a conducts a financial audit (examination) of a business’s financial statements and records?

A

third party company

–> The third party renders its opinion on whether or not those financial statements are relevant, accurate, complete, and fairly presented.

49
Q

What does CORE stand for in an internal environmental scan?

A

Culture
Objectives
Resources
Excellence

50
Q

What does status stand for in an internal environment scan?

A

Status
Technology
Authority
Talent
Uniqueness
Satisfaction

51
Q

definition:
- Reflects what is expected and valued throughout the organization

  • Is management’s means of transmitting expectations, shaping attitudes, shaping behaviors, and motivating employees
A

culture

52
Q

Definition: action statements that, when enacted, will help move an organization toward achievement of its goals

A

objectives

53
Q

An organization’s _____ sets parameters for objectives and goals.

A

mission statement

54
Q

definition: Intangibles that can give you a competitive edge (company’s reputation, past performance)

A

goodwill

55
Q

definition: Only alternative for a one person company looking for limited liability, without the liability of corporate taxes

A

S corporation

56
Q

What are advantages of S corporations?

A

Ease in raising capital
Continuity of existence without the original owner

57
Q

What are disadvantages of S corporations?

A

High regulation
Legal restrictions, ownership restrictions

58
Q

What are C corporations formed under?

A

State law

59
Q

(true/false) An attorney is required for C corporations.

A

FALSE

60
Q

What are disadvantages of C Corporations?

A
  • Subject to income tax on profits
  • If profits go to the owners, they then must pay tax on it (double taxation)
  • More regulation and legal restrictions
61
Q

What are advantages of C corporations?

A
  • Limited personal liability
  • Ease of ownership transfer
  • Will continue to exist without the original owners
  • Easiest time raising capital
62
Q

definition: The underlying dynamics in an organization

A

informal power

63
Q

What is the process that is helpful in determining strength and weaknesses?

A

CORE STATUS

PT administration and management (7 decks)

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