Vision, Mission, and Values of Pace University - Case Study Example

Pace Strategic Plan Pace Strategic Plan This paper aims to present the strategic analysis of Pace . The discussion is primarily based upon the organization’s overview, goals and objectives, SWOT analysis, financial condition, competitive environment, strategic plans etc. Overview Pace University was established in 1906 with the purpose of producing thinking professionals. Since then the institution has been providing quality education while emphasizing upon liberal learning. The main campus is located in the New York Metropolitan City. University has approximately 13000 students who are enrolled at different education levels including bachelors, masters and PhD programs. The institution is divided into different colleges such as Dyson College of Arts and Sciences, College of Health Professions, Lubin School of Business, School of Law, School of Education and Seidenberg School of Computer Science and Information Systems (About Pace University, 2014). Currently Pace University has significant resources to help individuals in achieving their dreams. The University operates with an overall idea of creating opportunities for its students. After World War II the administration particularly focused on introducing modern arts and science while strengthening the leadership, management, facilities and resources of the organization. This subsequently helped Pace in acquiring the status of one of the Largest Universities in the New York City (About Pace University, 2014). In next five to ten years the university is expected to increase its services in the field of skills development because entrepreneurship is gaining recognition all over the world and students are investing their energies in establishing their businesses. This is further supported by the advent of modern technology. Moreover, skills development has also become necessary for contemporary students on the basis of increased competition. Other than this the university needs to enhance its facilities for meeting the requirements of ever increasing number of students. This can be done through developing more colleges while strengthening the overall infrastructure of the university. Mission and Vision Pace University was established with a profound vision of educating students and preparing them to excel in wide range of professions (Vision and Mission, 2014). This is actually the vision of best universities in USA which make them stand apart from rest of the world. In broader perspective the organization’s mission is to provide graduate and undergraduate education to a large number of students while also offering foundation courses in liberal learning (Vision and Mission, 2014). This basically helps the management in increasing opportunities for students. The fundamental objective is to develop thinking individuals who can actually work innovatively while being successful leaders. Moreover, the students of Pace University are prepared to impact the contemporary society in a positive way (Vision and Mission, 2014). Following are the values which help the organization in achieving its goals and objectives (Vision, Mission and Values, 2014): Innovation on continuous basis specifically in the areas of scholarship, teaching, institutional management, service and professional preparation. Diversity with respect to gender, race, nationality, religion etc. Maintenance of professionalism and highest moral standards. Key Issues The university offers wide range of programs to entirely different groups of individuals. Although the concept of diversity is healthy for the progress and development of the organization but on the other side this creates serious cultural issues, for instance, some students are harassed due to their religious, racial or socio-economic background while others get privilege on the basis of their social status. This issue needs to be resolved as it influences the learning capacity of students. In addition to this the management requires developing its programs and overall facilities for students so as to cope with the increasing competition among universities in USA. SWOT Analysis Strengths Strong modules of Web Servers and Marketing. Qualified and experienced faculty members who are particularly good at communications. Increased institutional support to the students. Weaknesses Poorly designed and unorganized website. Management is unable to attract the prospective students. Opportunities University can acquire significant position by offering online courses. Professional opportunities for students can be increased by integrating the elements of social networking and through the implementation of differentiation strategy. Threats The global financial crises are one of the most prominent threats for the organization. The competing universities in USA are offering various programs based on the modern education design which is a potential threat for Pace University. Financial Condition In last few years Pace has upturned the extensive operating losses that were associated with the reduction in core enrollment. Those financial losses impacted the net assets while also declining the value of university’s investments. Although the management has made important decisions to cover up its financial losses but to build and uphold excellent growth especially in the academics it is substantial to achieve following financial objectives in the upcoming years (Build a Strong Financial Foundation and an Efficient Infrastructure, 2014): Maintaining and growing cash flows in a positive way. Constant growth in net assets of the organization. Converting the variable-rate debt into fixed-rate debt at the suitable time. Reducing the long term and short term debt. Improving the overall financial ratios of the organization. The primary and the most important source of revenue for the Pace University are the professional programs that it offers along with seminars, educational events and other scholastic courses. On the other hand the major costs are associated with the salaries of faculty members, management staff, maintenance of the infrastructure etc. Competitive Environment In the contemporary world the progress and development of an organization is actually measured in relation to the competitive environment. The success of Pace University and its position in the competitive business scenario comes for its market growth, sales and customers. Elements in the macro environment can easily impact the overall competitiveness of an organization. This means that businesses are now required to predict market trends and economic movements in order to make sustainable growth in the competitive environment. Pace University actually analyzes its competitors’ strengths and weaknesses prior to implementing the competitive strategies. This helps the organization in critically evaluating its progress while also understanding the changing nature of academics and business. Based on this it can be said that Pace University is performing very well in the present competitive environment. Strategic Planning and Suggestions Strategic planning is a constant process for all the successful organizations including Pace. Currently the organization is working upon its five-year (2010-15) strategic plan called ‘Opportunitas in the 21st Century: Seizing the Moment’. This plan primarily focuses on the following goals and objectives (Opportunitas in the 21st Century: Seizing the Moment., 2010): Introducing advanced academic programs. Building community culture. Creation of exciting, distinctive and mutually respectful identities. Strengthening the infrastructure and financial foundations. Increasing the visibility of the organization. In addition to these strategic plans the organization is suggested to increase research programs specifically in the field of political sciences and economics. The organization’s visibility can be increased through extensive marketing and introducing online programs. Selection of the Committee Members Committee is considered the most important element of an organization. This is primarily because majority organizational issues are discussed among the committee members whereas they are also responsible to carry out the strategic plans. If I am in-charge of strategic planning at the Pace University then I would select the committee members based on the following criteria: Firstly I will decide the number of individuals required for the committee. Subsequently I will assign values to their qualifications and areas of expertise, for instance, human resources, finance, marketing etc. At the second stage I will select one individual who has sound understanding of the organization’s primary functions. This individual will lead the other committee members in making strategic decisions. Other members will be finalized on the basis of mutual understanding among the board members, managers and committee heads. The process will have few interview sessions and written assessments in order to evaluate the performance of potential members while also figuring out their analytical skills and knowledge about strategic planning. References About Pace University. (2014). Retrieved Aug 15, 2014, from Pace University. Build a Strong Financial Foundation and an Efficient Infrastructure. (2014). Retrieved Aug 15, 2014, from Pace University. Opportunitas in the 21st Century: Seizing the Moment. (2010). Retrieved Aug 15, 2014, from Pace University. Vision and Mission. (2014). Retrieved Aug 15, 2014, from Pace University. Vision, Mission and Values. (2014). Retrieved Aug 15, 2014, from Pace University. Read More