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please respond to classmate discussion below

Question of the discussion:

Read a Case Study in Strategic Financial Planning in Health Service Organizations. Reflect on the study and discuss:

1. How the Strategic Financial Planning process is similar or different from general healthcare strategic planning process?

2. Write about the data and information necessary for successful financial strategic planning. Who is responsible for the collection, processing, and conclusions of this data and information?

3. What are the consequences of using flawed evidence in decision making and strategic planning process?

Classmate 1:

How the Strategic Financial Planning process is similar or different from general healthcare strategic planning process?

When you develop a strategic plan for a business, the amount of money you have available determines to a large degree what options you can entertain. For example, if you have a $10,000 budget and three options that cost $12,000, $8,000 and $6,000, then you know you cannot afford the $12,000 option. You could develop either of the remaining choices based on factors such as ease of implementation and the immediate need for specific controls. Your budget thus is the first item you have to examine in figuring out what strategy to adopt.

Write about the data and information necessary for successful financial strategic planning. Who is responsible for the collection, processing, and conclusions of this data and information?

Financial metrics are the essential tools for measuring business performance. Your BSC supports your reliance on financial information in establishing strategic financial goals that are coordinated and effectively integrated into your company’s operational and financial management systems. Financial metrics are used for bench-marking and goal setting in asset management, risk management, tax optimization, and financing decisions, among many other areas of a business leader’s strategic decision-making.

What are the consequences of using flawed evidence in decision making and strategic planning process?

Decisions on certain subjects, whether leading to satisfactory or unsatisfactory outcomes, tend to include or avoid similar practices aimed at preventing bias. For example, whether the outcome was satisfactory or not, marketing decisions incorporate more of the best practices than any other single type of decision. Perhaps this is because companies make these types of decisions relatively often. Merger or acquisition decisions, which by nature tend to be less frequent, are the most likely to be missing elements of good decision making when the outcomes were poor.

Classmate 2:

1. How the Strategic Financial Planning process is similar or different from general healthcare strategic planning process?

Strategic planning is the how health care businesses plan to achieve their goals for running a business and meeting the company’s vision/mission, strategic financial planning consists of only the financial aspect of it and how to meet those financial goals to achieve financial success (Niles, 2010). Both are plans to successfully run the business and require planning but one addresses only the financial aspect. In strategic planning, the first few steps are working on goals and missions while focusing on the future. In financial planning, the first few steps focus on the current financial situation, comparing them and then future projections.

2. Write about the data and information necessary for successful financial strategic planning. Who is responsible for the collection, processing, and conclusions of this data and information?

For a company to strategically analyze their financial planning, they need to analyze the annual budgets and all aspects of finances of the organization. Taking a look at all expenditures, assessing risks, assessment of the current market and competitors helps to develop a solid plan for the company’s financial goals (Niles, 2010).

3. What are the consequences of using flawed evidence in decision making and strategic planning process?

The consequences of using flawed evidence is not having a correct plan to run an organization and this could be the entire downfall of an organization due to lack of accurate planning. It is very important to analyze correct information and provide an accurate plan to know where the organization stands, what the future goals are and what the potential opportunities are. Skipping rigorous analysis can cause an organization to have flawed evidence and cause huge issues with an organization (Barrows, 2009).

References

Barrows, E. (2009, March 13). Four fatal flaws of strategic planning. Retrieved November 21, 2019, from https://hbr.org/2009/03/four-fatal-flaws-of-strategic.html.

Niles, N. (2010, September/October). A Case Study In Strategic Financial Planning In Health Service Organizations. Retrieved November 20, 2019, from https://learn.umuc.edu/content/enforced/419268-027327-01-2198-OL4-7981/Articles/A Case Study in Strategic Financial Planning in Health Service Organizations.pdf.

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