Read the “Staying on Course with Strategic Metrics” article. As a
future health care administrator, you will be required to evaluate the
strategies, efficiency, efficacy, and outcomes of your department or
strategic business unit (SBU). After examining the article, analyze the
strategic alternatives that result from monitoring strategic metrics
pertaining to your in the role of a department or SBU manager. List at
least two strengths and weaknesses of basing strategic alternatives
solely on strategic metrics. Support your primary response with at least
one scholarly source. Provide in-text citations and complete references
for all sources used. Format your post according to APA style.
Expert Solution Preview
Introduction:
As a future healthcare administrator, evaluating strategies, efficiency, efficacy, and outcomes of a department or strategic business unit (SBU) is crucial. It involves monitoring strategic metrics and using them to develop strategic alternatives. However, basing strategic alternatives solely on strategic metrics can have strengths and weaknesses that need to be analyzed. This paper will analyze the strategic alternatives resulting from monitoring strategic metrics, list two strengths and weaknesses of basing strategic alternatives solely on strategic metrics, and support the response using at least one scholarly source with in-text citations and complete references in APA style.
Answer:
Monitoring strategic metrics in an organization helps in analyzing its performance and identifying areas that need improvement. The strategic alternatives resulting from monitoring strategic metrics include adjusting policies, changing resource allocation, and altering business models to improve efficiency, reduce costs or improve outcomes. For instance, tracking patient satisfaction scores can help healthcare administrators identify areas of low satisfaction and make adjustments to improve patients’ experience.
Basing strategic alternatives solely on strategic metrics has its strengths and weaknesses. One strength is that it ensures that decisions are based on empirical evidence, thus reducing biases and errors that can arise from subjective assessments. Secondly, strategic metrics provide clear and measurable targets for an organization to work towards, leading to a more focused and streamlined approach.
However, basing strategic alternatives solely on strategic metrics also has its weaknesses. One weakness is that some metrics may be difficult to measure or may be influenced by external factors, leading to inaccurate evaluations of the organization’s performance. Secondly, focusing solely on metrics can lead to neglecting other aspects of the organization, such as employee morale or customer service, which may not be captured in the metrics.
In conclusion, healthcare administrators need to be cautious when using strategic metrics to develop strategic alternatives. While there are strengths in using metrics, it is important to consider their limitations to avoid making decisions based solely on data. Understanding the strengths and weaknesses of basing strategic alternatives solely on strategic metrics can help administrators make more informed decisions and improve organizational performance.