Strategic Plans Flashcards
Big picture, what does the strategic planning process allow?
- Assumptions validated
- Strengths & weaknesses identified
- New Approaches considered
What does the strategic plan describe?
The strategic plan describes what products and services an airport will provide over a specified period and the blueprint for getting there.
While strategic and business plans are closely aligned, what time frame is each looking at?
Business Plan - Short (1-3 yrs) to Medium (3-5 yrs) Term
Strategic Plan - Medium to Long (5+ yrs) Term
What three questions do all strategic plans address?
- Airport’s current status?
- Where do the airport’s sponsors want the airport to be, and by when?
- How will the airport get there?
What are the six basic elements of a strategic plan?
- Vision Stmt - airport’s future goals
- Mission Stmt - org’s purpose and core values
- Strengths, weaknesses, opportunities, and threats (SWOT) analysis
- Strategic issues
- Strategies
- Key performance indicators (KPI) - measures and targets to evaluate progress toward achieving short and long-term objectives
What are the benefits of a strategic plan?
- Efficiencies increased
- Prfmce metrics established
- Buy-in by stakeholders of sponsor’s airport vision
- Economics - Allows airport mgmt to shape its strategic response to structural changes in the business environ.
Who is responsible for defining, facilitating, communicating, developing, monitoring, and evaluating a strategic plan?
Core Planning Team (CPT)
Who should make up the CPT and what is the advantage of having good representation?
Key stakeholder participation such as airport mgmt, FAA, tenants, community groups, etc. will enhance credibility.
What should be done with a completed strategic plan?
Strategic plans should be reviewed frequently so as to remain on course and be redone if conditions change significantly from when initially developed.
