Healthcare Management WGU C432 - Ch 6 & 8 Questions and Answers Already Passed 100%

Mission Ans A statement of an organization's purpose, aims, and values. Stakeholders Ans Persons who have a claim to or obtain some benefit from an organization. Strategic intent Ans Statements, including mission, vision, and values, that describe an organization's perception of its purpose, its direction, and acceptable conduct. Values Ans Statements expressing the ethics that guide an organization's actions and processes and the organization's standards for behavior among its staff. Vision Ans A statement of the desired future state of an organization. Benchmarking Ans Comparison of internal data to those of outside organizations for purposes of evaluating an organization's performance. Core competencies Ans The internal activities and functions central to fulfilling an organization's mission. Core competencies are strategically valuable and the essence of what makes an organization unique in providing value to its customers. Internal environmental analysis Ans Evaluation of an organization's products, assets, operations, and other factors to determine whether the organization is carrying out its mission effectively and efficiently. Intangible resources Ans An organization's non-physical assets, including reputation, brand names, employees' skills, and industry knowledge. Organizational capabilities Ans Internal resources, such as physical assets, human resources, reputation, culture, and processes and routines, that enable an organization to accomplish its mission. SWOT analysis Ans An analytical tool used to develop an overview of an organization's strategic situation and better understand its environment. This type of analysis examines four important aspects of an organization: its strengths and weaknesses (i.e., the internal environment) and its opportunities and threats (i.e., the external environment). Tangible resources Ans An organization's physical assets, including land, buildings/plant, equipment, cash, and personnel. TOWS analysis Ans A variant of SWOT analysis that helps leaders make better strategic decisions. Leaders compare external opportunities and threats to internal strengths and weaknesses to determine whether their organization's strengths can leverage its opportunities, minimize its threats, and so forth. Trend data Ans Data that portray changes over time (generally from one year to the next). Valuable resources Ans Resources that lack substitutes and are critical, rare, and difficult to imitate. Value chain Ans The key internal processes or activities that an organization performs to create value for its stakeholders. The value chain provides a framework for analyzing an organization's strengths and weaknesses across the flow of product or service development and delivery.