Strategic Planning and Monitoring and Credit Worthiness

Strategic Planning
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Strategic Planning
Part I
Response to Question 1
Implementing a strategy involves converting the strategic plan of an organization into action and results. Antep et al. (2012) stated that implementation of a strategy is essentially the process of assigning resources in order to support the selected strategies. The process comprises the different management activities which are essential to put strategy in motion, institute strategic controls for monitoring progress, and in the end accomplish goals of the organization. Appropriate competencies and resources need to be obtained and allocated for the strategy to be implemented successfully. The necessary resources include human resources, finances, time, as well as technology. Without the right kind of resources in sufficient amounts, even the best-organized, best-planned strategy would not succeed (Zuckerman, 2012).
Human resources: This includes the organization’s managers and employees; employees are participants in strategy implementation. Implementation of an organization’s strategy is actually a task for the entire management team. It affects all parts of the organization. Each manager in the organization should answer the question: what needs to be done in my area in order to implement or execute our part of the strategic plan, and what should I have to do so as to get these things achieved? Every manager becomes a strategic implementer in his or her area and every employee is a participant (Lega, Longo & Rotolo, 2013).
According to Harrison (2010), the first stage of implementing a strategic plan in a healthcare organization is to ensure that that the right individuals are on board. It is worth mentioning that the right persons basically include those people who have the required skills and competencies necessary to support the strategic plan. In the months after the planning process, the manager needs to expand the skills of employees through new hires, recruitment, or training in order to include new competencies that are needed by the strategic plan (Sage, 2011). There needs to be communication with employees. There should be communication in regards to the strategic plan to every employee in the healthcare organization. This way, they will be able to understand how they are going to contribute (Perera & Peiro, 2012). One way through which managers could implement strategic directions successfully is by building a team, which essentially involves frequent meetings with employees and seeking inputs from other people for instance by soliciting suggestions from employees and then acting upon inputs (Lee et al., 2015).
Response to Question 3
Credit worthiness is understood as a measure of the capacity of an organization or an individual to meet debt obligation. It is the probability that a borrower would fail to pay their debt obligations (Pointer & Stillman, 2011). Credit worthiness is based on several factors for instance the borrower’s credit score and history of repayment. In addition, lending institutions also take into account the availability of assets as well as extent of liabilities to establish the likelihood of default (Pointer & Stillman, 20...