University of hertfordshire objectives

Abstract

In this assignment project me discuss and construct a Management Strategy that considers the University of Hertfordshire financial and non financial behaviour. A major part of the project is to develop a strategy that could identify the complications at the management level. This model is for the University of Hertfordshire to review and discuss its vision and mission while keeping the objectives of the University in mind. The project will identify the key attributes and criteria fo reviewing the strategy. Moreover the project develops the mission, vision and measures to be notified and followed by the University by considering the organization’s ethical, cultural, enviromnental, social and business background. It will help to proactively make good management and therefore reduce loss of revenue and market share. This ultimately will lead to improved communications locally as well as globally as well as greater returns. The Techniques will utilize the latest research techniques and consider University’s corporate objectives and business rules.

The process discussed in this assignment is called “Strategic Planning and Implementation”.

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Keywords- Strategy Management, Planning, Vision, Business Behavior and Research Techniques

1) Introduction

In today’s highly competetive environment (business), planning that is budget oriented or forecast based are not that efficient. The University must engage in Strategy Management Planning that clearly defines and assesses the objectives of the university and evaluates the progress of the university.

Strategic management is a level of managerial activity under setting goals and over Tactics. Strategic management is closely related to the field of Organization Studies and provides overall direction to the enterprise. According to Arieu (2007), “there is strategic consistency when the actions of an organization are consistent with the expectations of management, and these in turn are with the market and the context.”

“Strategic management is an ongoing process that evaluates and controls the business and the industries in which the company is involved; assesses its competitors and sets goals and strategies to meet all existing and potential competitors; and then reassesses each strategy annually or quarterly [i.e. regularly] to determine how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet changed circumstances, new technology, new competitors, a new economic environment., or a new social, financial, or political environment.” (Lamb, 1984:ix)

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The following definitions, when combined, characterize a comprehensive strategic planning process. Strategic planning is:

1. a rational analysis of the opportunities offered by an environment and of strengths and weaknesses of the firm, and selection of a match (strategic) between the two which best satisfied the objective of the firm (Ansoff, 1976).
2. the process of determining what an organization does, what it will do in the future, and how it will manage to do it. (Bryson, 1988).
3. disciplined effort to produce fundamental decisions and actions that shape and guide an organization, what it does and why it does it (Bryson, 1988).
4. the continuous process of making present entrepreneurial (risk-taking) decisions systematically and with the greatest knowledge of their futurity; organizing systematically the efforts needed to carry out these decisions; and measuring the results of these decisions against the expectations through organized, systematic feedback (Drucker, 1974).

1.1) Structure of the process- Management Strategy:

Strategic Formulation would be the process of the following steps:

1. Mission and Objectives – What we want to become and what we aim to achieve.
2. Principles – The objectives and the commitments of the University that guide us.
3. Environmental Scanning – Factors like global, national and state contexts, education sector, various social and business trends, outcomes and gaps.
4. Strategy Formulation- Strenghts to the opportunities identified and competetive advantage
5. Strategy Implementation- Implementing: budget allocation, procedure.
6. Evaluation and Control- Monitoring and Adjustments required.

Developing the strategy would help the University to be acclaimed as International University recognised for innovative and original ideas and exploring and enriching those ideas to enrich individuals, their commitments and the environment.

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1.2) Criteria for Reviewing Potential Options:

In the delivery of the University’s Vision, Mission and Aims, choices must be made on where to invest resources (including people, effort, money and infrastructure) to achieve strategic objectives and the associated benefits, and to minimise risk (Sue Hybart, 11 April 2006). The University’s strategic planning cycle illustrates the process leading from setting strategic objective through option review to making choices upon which specific implementation plans are built.

Establishing criterias for strategic investment looking across all areas of the University:

1. Analysis of the System education and its implications
2. Sustain national and international recognition for excellence and enterprise
3. Promote ethical practice in education and research as an integral part of the University culture
4. Maintain a leading research performance through outstanding scholarship,ground-breaking discovery, collaborative networks and commercialised outcomes.
5. Strengthen and sustain a reputation for excellence in learning and teaching through innovation and quality student outcomes.
6. Advance the Innovation Campus as a successful space for developing new ideas and applications through University-business partnerships
7. Strengthen connections to the community through improved channels for interaction and mutually beneficial projects.

According to Chan (1993), higher education institutions utilizing strategic planning have five characteristics:

1. a shared and inspiring vision that defines an institution’s identity and desired position in the marketplace;
2. a well-done strategic framework that directs institutional energies and activities;
3. an institutional commitment to enrich external environments throug manifesting its values;
4. a widespread strategic thinking capability that prevails over a rigid, formal an centralized planning process;
5. a supportive value system and climate that emphasizes participatory governance and empowers participants within the institution.

Moreover there are certain key areas which need to be considered:-

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1. Assess the ease of realisation (closure of gap) based on: Distance between current position and aspiration, Investment (funding, time, and other resources) required to close gap on sustainable basis, consideration of market attractiveness and consideration of opportunity cost and risk assessment.
2. Details of administrative support and link to the University.
3. Modifications and support from the staff members.

Working in collobatation for the university would act like as an useful tool and it would generate more help and a systemetic way of approach leading to better understanding of the management and their results and analysis.

Moreover one of the important factor would be the involvement of the students in learning and their life at University. Moreover to achieve excellent, internationally recognised outcomes, the University should continue to focus more on promoting the ability, creativity, and commitment of the staff at the University.

These criteria help in business and enterprise international outlook, and would help in learning and teaching research along with the practical experience and knowledge gained to students and the staff members.

According to Mockler (1995) though strategy formulation is very central to understanding strategic management, it does not sufficiently provide a concrete direction for action. This can only be provided by strategy implementation. This view suggests that strategy implementation poses even more difficulties than strategy formulation. However, a basic framework can be derived to serve as a road map to strategy formulation (Mezias, Gringer and Gruth 2001; Hills and Jones 1995; Mockler 1995).

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2) Vision, Mission, Objectives and Measures

2.1) PEST Analysis

An environment in which the University operates can be expressed in terms of the following factors:

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