Strategic Planning

Question 1

strategic planning is

Answer 1

a process in which a community looks at it current situation and compares that situation to whee it would like to be within a certain period of time

Question 2

economic development strategic planning involves

Answer 2

1. a realistic appraisal of available resources, constraints, and opportunities
2. the formulation of a clear mission and shared vision
3. the development of achievable goals
4. the formulation and implementation of project action plans to reach these goals and identify who will champion them
5. the design of clear metrics of success

Question 3

strategic planning is critical for:

Answer 3

long term, effective development

Question 4

why is strategic planning beneficial

Answer 4

1. it shapes a community’s future
2. it provides a structure for mutually accepted goals and a shared vision
3. it defines the purpose of community groups
4. it balances community goals with realistic local resources
5. it incorporates viable metrics that can be used to measure success.

Question 5

strategic planning builds consensus

Answer 5

among community leaders and public and private local leaders; communicates the group’s goals to residents, and outlines how the goals will be achieved

Question 6

a “dashboard indicator”

Answer 6

incorporates social, economic, demographic, and other useful measurements involved in carrying out a strategic plan in a succinct format

Question 7

strategic planning can be used for overall economic development plans or for more specific areas like

Answer 7

marketing plans

Question 8

what questions can strategic planning answer? (4)

Answer 8

1. what are the economic development needs and opportunities of this area?
2. what are the specific goals required to meet those needs?
3. what are the available resources to meet those goals?
4. what strategies and projects best utilize the local resources to meet the development goals and garner public support?

Question 9

is strategic planning about making grand plans or focusing on key issues?

Answer 9

focusing on the key issues and desires of a community and charting a feasible path to addressing them

Question 10

how long can work on a strategic plan typically take?

Answer 10

6 moths to one year

Question 11

namethe strategic planning phases

Answer 11

pre-planning, planning, post-planning

Question 12

describe what happens in pre-planning

Answer 12

1 month: meet with stakeholders and ask what they want out of the process
3-5 months: make assessment of the local economy
4-6 months: analysis of the info collected

Question 13

describe what happens in the planning phase

Answer 13

2 months: draw up the economic development agenda

Question 14

describe what happens in post-planning

Answer 14

1 month: review the plan with the community, finalize it, and prepare for implementation

Question 15

what types of data from the local economy are used for strategic planning?

Answer 15

industry structure, labor force, tax revenue, physical and cultural resources, positive and negative aspects of the current economic environment

Question 16

list the items in the checklist of steps for structuring a strategic plan

Answer 16

1. convene the people responsible for guiding the design of the process
2. ID the stakeholders and define their roles in the process
3. select an organizational arrangement for the process
4. specify and schedule activities for carrying out different parts of the process
5. develop a public involvement program
6. determine the needed technical and financial support needed to complete the process

Question 17

_____ is important in the planning process

Answer 17

consensus

Question 18

involving others in the planning process

Answer 18

1. gathers insights and perceptions on strengths weaknesses and opportunities
2. engages a broad array of expertise and talents
3. builds capacity, skills, and knowledge
4. generates a vested interest, understanding and support for economic activities
5. brings increased resources to implement the plan
6. builds legitimacy for the plan and its directives

Question 19

what is the typical cost range for a strategic plan

Answer 19

$15,000 - $500,000

Question 20

what are some funding sources for strategic planning

Answer 20

EDA, state or local community, chamber, local corporations, or stakeholders

Question 21

what is the result of the strategic planning process and what does it do

Answer 21

a technical document; serves as a tool to articulate future economic development and inspire the community

Question 22

common problems with strategic planning process

Answer 22

1. failure to involve a broadly representative cross section of leadership
2. not involving the general public in meaningful ways
3. misunderstanding of the strategic planning process, resulting in inadequate or inappropriate design
4. too much time and effort on visioning
5. no clear identification of priority issues
6. wish list of action items that don’t address the keep issues
7. failure to assign actions to appropriate organizations for implementation
8. no means for evaluating performance and progress so the process can be adjusted
9. lack of commitment to keep the process going beyond the initial effort

Question 23

monitoring tracks

Answer 23

performance and outcomes

Question 24

evaluation compares

Answer 24

outcomes to specific benchmarks and to the plan as a whole

Question 25

objctives of monitoring and evaluating

Answer 25

1. promote efficient and effective implementation and operation of the strategic plan and individual projects
2. ensure that goals and objectives are met
3. help minimize delays through the early detection of problems
4. serve as a feedback system for solving problems during the process and ensuring that objectives are met
5. leads to a revision of the objectives if during the process something is found to be unrealistic or impractical

Question 26

when should evaluations be conducted?

Answer 26

before, during, and after the implementation

Question 27

what do pre-implementation evaluations do?

Answer 27

test feasibility and impact of the plan

develop specific measures to define success at this time

Question 28

ongoing monitoring of the agreed upon performance:

Answer 28

measures progress towards goals and objectives

use on site visits, anecdotally measure, or formally schedule meetings to review benchmarks

Question 29

post-project evaluation should be conducted with ____ of when the project is finished to

Answer 29

within one year; to determine how the project has performed in terms of cost, timing, and benefits as well as initial goals

Question 30

what are the four performance factors of program success?

Answer 30

organizational efficiency
economic impact
customer satisfaction
return on investment

Question 31

define benchmarking

Answer 31

the process of comparing project data to a measurable baseline indicators or “benchmarks” in order to measure the achievement of, or progress toward meeting identified goals, milestones, or project objectives – comparing project performance and outcomes to pre-established standards

Question 32

what does most benchmarking look like?

Answer 32

no standard procedure; establishing baseline benchmarks, best practice benchmarks, measuring progress towards achieving the benchmark or improved performance

Question 33

what is the purpose of performance tracking

Answer 33

to make necessary adjustments to projects or strategies, hold implementing organizations accountable for results, and enable the community to advance towards overall goals