Abstract
The planning and development of the university strategy is closely linked to the university’s current performance, key priorities, and capabilities. A systematic literature review of factors that influence decision-making for strategy development has been applied in this research. To determine the external factors that influence strategic decision-making for universities nowadays there has been chosen a structure from the PESTLE analysis. The systematic literature review was limited to only higher education factor analysis. Based on the literature review, the authors have developed an approach for strategic direction evaluation and ongoing key performance indicator analysis. The approach is based on the Importance-Performance Matrix–IPA and developed further to include a comprehensive analysis of the strategic directions, organizational sources, and capabilities. An assessment of the university’s main strategic priorities with influencing factor analysis can be done using the developed approach adapted by the authors. It integrates the principles of resource-based strategy, key stakeholder engagement and creating shared value in the strategy development process. The adapted method was used in the 3rd generation university strategy development. The research contributes to the literature on a systematic approach development in the strategy evaluation process. This article puts emphasis on the resource-based view and key stakeholder involvement in the evaluation process.
Highlights
To be able to plan the university strategy in an effective and sustainable way, universities have to comprehensively evaluate the direction and level of implementation of the strategy so far, through the analysis of the key performance indicators (KPI) and from a broader perspective, the changing environment and factors influencing the university
KPIs basis In ofthis strategic direction evaluation and paragraph the authors describe the adapted approach of how to assess possible strategic directions of the university that result in an in-depth analysis and reconsideration
Previous strategy assessment, stakeholder involvement ondly, the authors will development offer a six-step procedure for implementing adapted throughout the strategy process and evidence-based prioritythe setting is the approa show thesystematic results ofKPIs thereconsideration implementation by giving one university’s result example
Summary
To be able to plan the university strategy in an effective and sustainable way, universities have to comprehensively evaluate the direction and level of implementation of the strategy so far, through the analysis of the key performance indicators (KPI) and from a broader perspective, the changing environment and factors influencing the university. The ecosystem in which the university is developing, and the expectations of the key stakeholders are changing continuously. Stakeholders are becoming more interested and involved in the university processes. It is the university’s obligation to change and adapt to the new environment. In the context of evaluating implemented strategy and strategy development process, correct choice of KPIs play an important role. Juran [3] defined strategic quality management as a systematic approach for the whole organization to ensure meeting the organizational and strategic
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