Key Factors to Consider When Aligning Organizational Strategic Plans with Capital Asset Management

This paper provides an explanation of key factors involved in developing an organizational strategic plan and the importance of maintaining that plan. From building management consensus to assigning appropriate responsibility and maintaining the strategic plan, all aspects in-between are critically important to the successful implementation of the strategic plan. This paper details and expands the broad definition of capital asset management and elucidates management options to support their strategic plan with capital assets. Key factors involved in capital asset management include capital inventory assessment, review of capital utilization, and planning for future asset needs in conjunction with the strategic plan. Interviews with current healthcare executives were conducted to build a wholesome picture of capital asset management, gain insight from real-life experiences, supported conclusions found in online research.