The Office of Management and Finance
2012-2017 Strategic Plan Development
Glossary of Terms
Strategic Plan: Organizations develop strategic plans via a process of determining the organization’s goals and identifying the best approach for achieving those goals. Strategic Plans provide direction and focus for the organization’s employees by pointing to specific results for achievement and establishing a course of action for achieving them. Strategic plans help various work units within an organization align themes with the organizations’ mission. In short, strategic plans are a roadmap for an organization’s success.
Balanced Scorecard: The balanced scorecard approach suggest viewing an origination from four perspectives and developing metrics, collecting data, and analyzing it relative to each of the perspectives: learning and growth, business process, customer, and financial.
Mission: A mission statement tells you the fundamental purpose of the organization. It concentrates on the present. It defines the customer and the critical processes. It informs you of the desired level of performance.
Vision: A vision statement outlines what the organization wants to be. It concentrates on the future. It is a source of inspiration. It provides clear decision-making criteria.
Principles: Vales are beliefs that are shared throughout the organization. Values drive and organizations’ culture and priorities.
Trends: Trends affect an organization’s environment and mission; including impacting the customer’s perception of its effectiveness, and even defining the very services it provides. Recognizing trends and developing sound, strategic responses is crucial. Major trends can be categorized into two broad categories: (1) those that affect the immediate operating environment, and (2) broader national trends that affect service, in general.
Issues: Issues are significant concerns or constraints that may affect our ability to achieve our Strategic Plan. Issues can be identified at any stage of the planning process and are addressed in the Strategic Plan. Issues set the stage for development of the Strategic Plan’s goals, performance measures, and strategies.
Themes: Themes are key areas in which an organization must excel in order to achieve its mission, vision, and deliver value to customers.
Goal: An idealized statement of purpose directed toward a vision and is consistent with the mission, indicating a desired result. A goal is a statement of expectations of what is to be achieved-where we want to end up. If all goals are achieved, the organization should realize the benefits of a theme.
Performance Measure: Indicators which measure the degree of accomplishment of a goal. Performance measures can measure effectiveness and efficiency and are outcome based.
Strategy: Strategies identify how a goal will be realized and are keys to completing a Strategic Plan. To achieve success, there must be a strategy. Strategies communicate priorities.
Activity: Specific actions, steps, or tasks necessary to complete each strategy. Every activity has a performance measure to ensure completion of the strategy. Activities are essential components of the individual Bureau Work Plans.
Business Item (BI): Bureau specific tasks identified after the creation of the Strategic Plan.
Major Initiative (MI): Large-scale process or project requiring multiple years for implementation. These processes of projects may impact many Bureau programs.
Annual Business Plan: The Annual Business Plan covers one fiscal year. It is compromised of the strategies from the 5-Year Strategic Plan, Business Items, and Major Initiatives. The 5-year Strategic Plan will be achieved through implementation of five Annual Business Plans.
Bureau Work Plans: Bureau Work Plans are a product of the Annual Business Plan. Each OMF Bureau assigned strategies from the Annual Business Plan, to complete. Bureau Work Plans include activities Bureau identify, in order to complete each strategy. Completing Bureau Work Plans leads to completing the Annual Business Plan.