Management

Abstract

The study is about the fundamental elements of strategic management process, including analysis of each step along with insight and deals with their matters. These elements work as the steps in strategic management process in order to create a new strategic plan. Moreover, the business companies who are already having their developed strategic management plan will revise these steps when needed for further progress.

The purpose of this study is to recognize strategic control approaches and financial performance ideas that are implemented by major health care centers in United States. Implementation of strategic planning and financial planning is observed to be the most significant approach for health service organizations to make sure their account distributions are suitably targeted to extended variety of results. In strategic financial planning to make certain that there is elongated variety of financial progress, yearly financial plans need to be evaluated from a long term organizational viewpoint.

Management

Introduction

The term strategic management process actually elaborates the organization's business strategy. Strategic management process helps the management of a company to set its own choices of goals to accomplish for the benefits and progress of their business. Strategic management is a nonstop process which values the business involves in that organization; targets competitors and set goals to compete and to progress in the market (Schreyogg, G & Steinmann, H. 1987).

Organizations implement strategic plan that impacts a very effective way for the enhancement of business and organizational progress. This strategic plan is more effective when it is applied from the initiate state of the business. The strategic management process is comprises of a wide scale of management and responsibility in an organization. Above all business management should involve obvious delegation for particular phases of the strategic management process or strategy implementation (Niles N, 2012).

Discussion

Role of Monitoring, Evaluating and Adjusting in Strategic Planning Process:

The approach of Monitoring & Evaluation and their practices plays a very significant role in the performance and management sectors of business and organizations. New and advanced ideas are designed for the evaluation in a detailed manner. The two important features of evaluation include strategic project management and action plans extended with a perfect performance management system, designed on the outline for general management. Evaluation helps the management authority of an organization to carry out their management duties with sound principles and practices. Evaluation can be very helpful in strategic management process (Schreyogg, G & Steinmann, H. 1987).

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