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Pharmacy Management (P1 Spring) > The Planning Process > Flashcards

The Planning Process Flashcards

1
Q

______ is the purposeful efforts taken to maximize future success

A

Planning

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2
Q

Name the 6 types of planning

A 
Financial
Organization 
Resources
Business 
Strategic 
Contingency
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3
Q

What type of planning Ensures the organization is doing the right things now and in the future?

A

Strategic Planning: overarching effect that should guide all planning

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4
Q

Which type of STRATEGIC planning is best, proactive or reactive?

A

PROACTIVE- you are in control

Reactive- not in control b/c you are just responding to a situation that has already occured

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5
Q

How far out is strategic planning “planned”?

A

Long-term (3 to 5 years out)

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6
Q

_____ is the purpose of the organization?

A

Mission

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7
Q

______ Is what we want to do in the future.

A

Vision

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8
Q

Mission Statement (2)

A
  • defines who we are

- Differentiates you from others that provide the same products or services

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9
Q

Vision Statement (2)

A
  • make people think and motivate them to create a different and better future
  • used in the beginning and end of strategic planning
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10
Q

SWOT

A

Strengths
Weaknesses
Opportunities
Threats

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11
Q

Strengths and Weaknesses are both ________.

A

Internal

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12
Q

Strengths are _____ while weaknesses are _____.

A

positive;negative

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13
Q

Opportunities and Threats are both _______.

A

External

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14
Q

Opportunities are ____ while threats are ______.

A

positive; negative

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15
Q

Strengths and opportunities (2)

A
  • Positive attributes of an organization

- Characteristics that may bode well for success

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16
Q

Weaknesses and threats

A

-negative attributes or characteristics

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17
Q

Goals should _______ on strengths and opportunities while _________ threats and mitigating weaknesses

A

CAPITALIZE; MINIMIZING

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18
Q
  • Effectively communicating the plan
  • Implement the plan
  • Monitoring the progress and assessing the results describe what part of the strategic planning process?
A

Post planning

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19
Q

Name the steps in a Business Plan (5)

A
  1. Define the Business or Program
  2. Conduct Market Research and Analysis
  3. Define Processes and Operation
  4. Develop a Market Strategy
  5. Develop Financial Projections
  6. Identify an Action Plan
  7. Establish an Exit Plan
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20
Q

What 3 steps need to be taken when conducting MARKET RESEARCH AND ANALYSIS?

A
  • Evaluate market
  • Evaluate competitors (SWOT)
  • Assess clinical and quality requirements
21
Q

The defining processes and operation involves what 2 things?

A
  • Organizational structure

- Physical structure, equipment, and resources

22
Q

Staffing and personnel requirements, job titles, job descriptions
is apart of the _______

A

Organizational structure

23
Q

Applicable legal and profession standards,
Equipment,
Billing and payment infrastructure
are considered what?

A

Physical structure, equipment, and resources

24
Q

Identifying target market and develop a plan to gaining business in that market describes what part of the business plan?

A

Developing a Market Strategy

25
Q

Which step in the business plan is the most critical and must have a positive benefit-to-cost ratio in order to be approved?

A

Developing Financial Projections

(revenue generating is preferred)

26
Q

In developing financial projections _____ and ______ should be considered via a Pro forma income statement and balance sheet projected for _______ years.

A

costs incurred; resulting financial benefits; 3- 5 years

27
Q

Defining major milestones and action steps for periodic monitoring and performance assessment describes what step of the business plan?

A

Identifying an Action Plan

28
Q

Defining when, why , and how the decision would be made to terminate a program and defining dissolution action plans describes what part of the business plan?

A

Establishing an Exit Plan

29
Q

Defining major milestones involves what 2 things?

A
  • Start and finish dates

- Persons responsible for each task necessary to accomplish the objectives of the business plan

30
Q

Exit plans are usually due to what?

A

failure to meet predetermined goals

31
Q

Establishing a business plan requires routine ___________and __________ to benchmarks or thresholds

A

measurement; comparison

32
Q

Defining DISSOLUTION action plans involve what 3 things?

A
  • Customer notification
  • Employee notification
  • Facilities, equipment, and resources
33
Q

Business Planning:

Defining the business or program involves what?

A

Developing a mission statement to steer the direction of the business program

34
Q

Business Planning:

Conducting Market Research and Analysis involves what 3 things?

A
  • Evaluating the market
  • evaluating competitors using (SWOT)
  • Assessing clinical and quality requirements. (legal and professional standards)
35
Q

Business Planning:

Defining the PROCESSES AND OPERATION involves what 2 things?

A
  • Organizational structure

- Physical structure, equipment and resources

36
Q

Business Planning:

Developing a MARKET STRATEGY involves what?

A

Identifying a TARGET market and developing a plan to gaining business in that market

37
Q

T/F?

Developing Financial projections is the most CRITICAL step in business planning

A

True

38
Q

In order for financial projections to be “APPROVED” what must be obtained?

A

most likely a POSTIVE benefit-to-cost ratio (revenue generating)

39
Q

What must be considered when developing a FINANCIAL PROJECTION in business planning? (2)

A

Costs incurred and resulting financial benefits evaluated via Pro forma income statements and balance sheets
-3-5 year projections

40
Q

Business Planning:

Identifying an ACTION PLAN involves what 2 things?

A
  • defining major milestone

- defining action steps for periodic monitoring and performance assessment

41
Q

Business Planning:

Establishing an EXIT PLAN involves what 2 things?

A
  • defining when, why, how the decision would be made to terminate a program
  • defining dissolution action plan
42
Q

T/F?

When presenting a business plan ORAL presentation is NOT as important as WRITTEN plan.

A

False

-both oral and written are just as important

43
Q

When presenting a business plan what should be considered(2)?

A
  • audience
  • politics , group dynamics, and personal interactions that can have a positive or negative influence on both the presenter and audience.
44
Q

Pre Planning or Planning?

  • Conduct a situation analysis
  • Strategize the destination (vision) in mind
A

Planning

45
Q

Pre Planning or Planning?

Who’s going to be involved?

A

Pre-planning

46
Q

T/F Plans should be Static

A

FALSE: should not be static but flexible

  • planning is not a substitute for action
  • plans are only as good as the information going in
47
Q

____ is the most critical step in business planning

A

develop financial projections

48
Q

4 Key Functions of Planning Process?

A
  • organizing
  • leading
  • planning
  • controlling
49
Q

situational analysis

A

assess the situation and establish goals

Pharmacy Management (P1 Spring) (11 decks)

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