Strategic plan 2 - Essay Example

Running Head: Strategic Plan Strategic Planning and Budgeting Of Cornell Patrick Washington, FNP-BC, MSN, MBA July 14, 2009 A.T. Still UniversityHEd 912.4 – Finance & Budgeting IIDr. Larry Olsen AbstractStrategic planning in Cornell University would be presented and assessed in terms of using the next five steps of strategic planning by Chabotar (2006), to wit: (6) strategic and other indicators, (7) evaluation, (8) action steps, (9) revenue and costs; and (10) assessment.Introduction “Steeped in history yet in the lead; demanding but caring; remarkably diverse in its people, its interests, its opportunities for personal and intellectual growth; and rooted in a tradition of service, Cornell University is a community of people who are inspired by the promise of possibility.

– David J. Skorton, President, Cornell University” (Cornell University, Office of the President, 2009) These remarks delivered by Cornell University’s President, David J. Skorton, convey its strengths and resources in its quest to achieve organizational goals. After evaluating its strategic planning in terms of the first five steps proposed by Chabotar (2006), this essay would present and assess the next five steps of strategic planning, to wit: (6) strategic and other indicators, (7) evaluation, (8) action steps, (9) revenue and costs; and (10) assessment.

Strategic and Other Indicators Cornell University identifies specific goals and missions per colleges and divisions, in addition to the over-all university mission, vision, and objectives. By closely monitoring the progress of these colleges and divisions, the scope of achievement in organizational goals is clearly measured. EvaluationIn evaluating the strategies enumerated, the CASH model would be a tool to assess the viability of the plan. There is a need to refine budget and capital planning processes, seeking greater transparency, accountability, and alignment of resources with priorities.

In addition, the strategies should maximize the investment return of Cornells endowment and other financial capital, within acceptable levels of risk, in order to better support the institutions academic mission.Action Steps To achieve the clearly defined organizational goals and objectives of Cornell University, the following action plan is recommended: (1) Continue to invest in areas of long-standing disciplinary and interdisciplinary strength, which have given Cornell a well-deserved reputation for academic distinction; (2) Provide competitive pay and benefits, and research support to recruit and retain the best faculty and staff; (3) Increase scholarship support for students over the next five years and reduce self-help and debt levels, which now exceed those of our peers.

Ensure that undergraduate and graduate financial-aid policies are consistent with recruitment and enrollment priorities; and (4) Ensure outstanding academic administration by refining deans search procedures and improving succession planning, among others. (Cornell University, Strategic Plan, 2009)Revenue and Costs As both revenue and cost are critical inputs to a strategic plan, there should be a systematic review of these components to achieve on-going savings and income. An assessment of the condition of Cornells facilities and adequate funding of their ongoing maintenance needs need to be undertaken.

Further, additional funding should be sought as necessary.AssessmentAt Cornell University, the Board of Trustees is vested with "supreme control" over the university, including all of its colleges and other units. Among other responsibilities, the board adopts an annual plan of financial operation, and establishes degrees to be awarded. (Cornell University, Board of Trustees, 2009) The issues that can be used by the board in adopting the annual plan would incorporate identifying strategic opportunities to reduce expenses across the university, and rebuilding a Cornell University that is a leaner and stronger institution.

As instigated by the President, a cost savings ideas program is currently being implemented to address the budget challenges faced due to the global financial crisis. (Cornell University, Board of Trustees, 2009)Conclusion The ten steps on strategic planning presented by Chabotar provide relevant information to guide decision makers in creating the most appropriate action plan given the challenges in the environment and other factors that influence the operations of an organization. According to Cornell University’s president, David J.

Skorton, “over the next nine months, Cornell University is undertaking one of the most comprehensive self-examinations in its 144 year history. This strategic planning initiative, which we have named "Reimagining Cornell," is being led jointly by the Offices of the President and the Provost. It will articulate a renewed vision of how the university will carry out its core mission of education, scholarship, and outreach in the years to come.” (Cornell University, Reimagining Cornell, 2009).

This proves that strategic planning is constantly evolving and its success is determined by management’s ability to address pertinent issues at the most appropriate time.ReferencesCornell University. (2009). Board of Trustees. Retrieved July 11, 2009 from Cornell University. (2009). Cornell University Strategic Plan. Retrieved July 11,2009 from Cornell University. (2009). Office of the President. Retrieved July 11, 2009 from Cornell University. (2009). Reimagining Cornell. Retrieved July 11, 2009 from