Strategic Plan for Tianjin University of Finance and Economics Pearl River College

This report discusses the strategic plan for Tianjin University of Finance and Economics Pearl River College, including its background, mission, values, stakeholders, SWOT analysis, strategic goals and objectives, and engagement with stakeholders. The report also highlights the importance of setting priorities and the challenges faced by the university in achieving its strategic plan.

PROJECT 2: THE
STRATEGIC PLAN
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Table of Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Comprehensive background to the organisation.........................................................................3
The mission, aspirations, purpose and vision..............................................................................3
Values statement.........................................................................................................................4
Major stakeholders......................................................................................................................4
SWOT analysis............................................................................................................................4
Strategic goals/directions............................................................................................................4
Strategic goal/direction with explanation of resourcing is outlined............................................5
Each goal/strategic direction should be considered in terms of a Balanced Scorecard approach
.....................................................................................................................................................5
Objectives for each goal/direction..............................................................................................6
Major stakeholders are identified, and their power and influence on the organisation are
identified and ranked...................................................................................................................8
Each goal/strategic direction should be considered with regards to communication &
engagement with stakeholders ...................................................................................................9
DISCUSSION OF THE LOGIC OF THE PLAN...........................................................................9
CONCLUSION..............................................................................................................................11
REFERENCES:.............................................................................................................................12
Appendix 1.....................................................................................................................................13
SWOT analysis..........................................................................................................................13
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INTRODUCTION
Strategic planning is the process in which an organisation is creating specific business
strategies in order to achieve the goals and objectives (Chiang, (2021)). This report aims to
formulate a strategic plan with the special reference to Tianjin University of Finance and
Economics Pearl
River College. It is the college which is situated in 2006 in China. This report will be discuss
strategic planning which includes a brief discussion of organisation, stakeholders, strategic goals
and objectives. It is important for the strategic plan that it should include all these important
elements so that Tianjin University of Finance and Economics Pearl
River College is able to achieve their goals and objectives.
MAIN BODY
Comprehensive background to the organisation
Tianjin University of Finance and Economics Pearl
River College is the university which is focusing on effective education and learning of students.
It is founded in 2006 and they operate their institute in China. It is sponsored by Guangdong
Pearl River
Education Investment Co., Ltd and Tianjin
University of Finance and Economics. It is operated by non-government
organizations. It is the undergraduate level institution. It is found that TUFE is one of the five
earliest financial universities (Uzarski & Broome, (2019)). It has the library house approximate
6,986 kinds of e-journals, 840,000 books, and 2,800,000 e-books. It is located in Jing Jin New
Town, Baodi District of
Tianjin.
The mission, aspirations, purpose and vision
The mission of Tianjin University of Finance and Economics Pearl
River College is to provide a platform where students are able to take effective learning. It is
identified that the aim of Tianjin University of Finance and Economics Pearl
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River College is to build a brand of Tiancai Zhujiang in the market of China. It is also found that
they are creating a first class undergraduate university in China. Institution is committed to
cultivate innovation, apply talent in international vision and pursuing of excellence (Huimin &
et.al., (2018)).
Values statement
Value statement of Tianjin University of Finance and Economics Pearl
River College is mentioned below in points:
 Excellence: Tianjin University of Finance and Economics Pearl
River College is focusing on maintaining high quality standards of performance and integrity.
 Students success: The institution is focusing on students' success and growth by
providing quality education and learning programs (Ropianto, & et.al., (2017)).
 Diversity: It is also found that institution is emphasizing to foster a learning community
so that all students are supported with the assistance of diverse range of learning styles,
goals and values.
Major stakeholders
Stakeholders are playing an important role in the institution as they are the one who
actively participating in Tianjin University of Finance and Economics Pearl
River College (Alvarez & et.al., (2019)). Stakeholders of Tianjin University of Finance and
Economics Pearl
River College are mentioned below:
 Students
 Alumni
 Community Groups
 Ministry of education
 Guangdong Pearl River Investment Group
 TUFE and Guangdong Pearl River Education Investment Co., Ltd
SWOT analysis
In Appendix
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Strategic goals/directions
In the strategic plan of Tianjin University of Finance and
Economics Pearl River College, it is very important for them to create some strategic goals
which are discussed in below pints:
 To provide primer undergraduate and graduate education learning that possess high
quality scholarship, co curricular programs and distinctive curricular.
 To increase the productivity of University as well as innovation in research, creatives
impacts on societal and economic development and scholarship.
 To enrich work and learning environment by providing and acceptance of inclusive
community.
Strategic goal/direction with explanation of resourcing is outlined
There are three goals found of Tianjin University of Finance and
Economics Pearl River College which is mainly focusing on the development of students' career
(De Andreis, (2019)). It is important to note that Tianjin University of Finance and
Economics Pearl River College needs to outline the resources in order to accomplish these
strategic objectives. The resources are mentioned below:
 In order to achieve the first strategic goal, Tianjin University of Finance and
Economics Pearl River College is required to develop a enrolment management plan and decide
all the activities related to the education of students such as curricular activities.
 In order to achieve second strategic goals, universities needs a good amount of
investments so that they are able to invest in their research department (Coon, Neira &
Lau, (2018)).
 For the accomplishment of third strategic goals, university needs to allocate structural
resources.
Each goal/strategic direction should be considered in terms of a Balanced Scorecard approach
It is necessary for Tianjin University of Finance and
Economics Pearl River College to use a strategic planning framework i.e. Balanced Scorecard.
This approach so used by organisations so that they give priority to their projects in an effective
manner. They give priorities to the projects, services and products (Sazonenka, Towhid &
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Siemieniako, (2018)). In the balance scorecard, institution is also able to plan their routine
activities and communication of targets or goals. With the assistance of scorecard, company is
able to monitor and measure the success the strategy. There are four perspectives which are
discussed below in the context of strategic goals and objectives:
 Financial perspective: It is very important Tianjin University of Finance and
Economics Pearl River College to consider that their strategic goals should have a potential to
earn return on their investments. That means the strategic goals have to be profit oriented so that
they are able to make some more investments.
 Customer perspective: As per the customers perspective, it is found that Tianjin
University of Finance and
Economics Pearl River College needs to monitors that their strategic goals should able to
provide value to their customers i.e. student-oriented. According to the strategic
objectives of institution, it is found that they have a capabilities to value their students as
it provide high quality of education.
 Internal business processes perspective: It ensures that how well Tianjin University of
Finance and
Economics Pearl River College is running in the market. It is identified that the goal of
institution i.e. increase the productivity of University is focusing on effective running of
their institution.
 Organizational capacity perspective: It is found that institution needs to possess a
capacity in order to optimizing their goals and objectives.
Objectives for each goal/direction
Objectives Actions Timelines Performance
indicators/measuremen
ts/targets
Primer undergraduate
and graduate
In order to make the
undergraduate and graduate
3 months Students' feedback is the
KPI where institution is
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education learning education learning program
effective, it is necessary for
Tianjin University of Finance
and
Economics Pearl River College
to develop a management plan
in which they should include all
the activities.
able to measure the
performance of their
objectives.
Increase productivity
of University
Increasing in universities'
productivity can be
accomplished with the help of
hiring talented teachers.
2 years Performance indicators
in this objective is
measuring the
performances of
students.
Enrich work and
learning environment
In order to achieve this goals
and objectives, university needs
to train their teachers so that
they are able to give their best
and qualitative education.
2 years Comparison of previous
and current performance
of teachers.
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Major stakeholders are identified, and their power and influence on the organisation are
identified and ranked.
Stakeholders are people that have interest in the organisation and have power in the
organisation. It is important to know about the stakeholders so that it becomes easy to engage
them in the organisation (Gacek & et.al., (2021)). There is need to engage them so that the
organisation is able to achieve goals and objectives successfully. The major stakeholders in
relation to Tianjin University of Finance and Economics Pearl River College are the sponsors,
management of university that provide education and ministry of education. All these
stakeholders want success of the college as they have stake in the organisation. All the
stakeholders have some or the other power in the organisation. It is being examined that there is
direct influence of these stakeholders on the Tianjin University of Finance and Economics Pearl
River College. Below is discussion related to stakeholders as per their ranking.
Rank Stakeholder Power and Influence
1 Sponsors They are most powerful stakeholder in regard to
Tianjin University of Finance and Economics
Pearl River College. They have invested money in
the organisation and that is the reason they have
high power. They have influence in decision
making. If the Tianjin University of Finance and
Economics Pearl River College wants to expand
the business, they have to ask sponsors.
2 Ministry of education Ministry of education plays a critical role in
designing rule for the educational institutes
(Karampour & et.al., (2021)). There is need of
following the principles and guidelines that are
given by ministry of education. If this will not be
done then the institute has to face certain issues.
3 Management of University There is need to understand that management of
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University plays a major role in working of the
organisation. It is seen that the actions and
decisions taken by the management have impact
on overall business organisation.
Each goal/strategic direction should be considered with regards to communication & engagement
with stakeholders
Engaging the stakeholders and communicating with them is necessary for successes of
the Tianjin University of Finance and Economics Pearl River College. The goals of the
University must be achieved effectively by communicating the with the stakeholders.
 They must engage the teachers and tell them about the latest curriculum designed so that
they are able to get training related to new course (Karyy, Hlynskyy & Girna, (2019)).
They are provided training in such a manner that they are able to provide quality
education.
 They must inform the sponsors that they want to enhance expenditure in research and
development so that they enhance the societal and environmental impact (Trade, (2017)).
They sponsors must be told about the benefits so that they invest more money in the
business.
 By developing the education system and accepting the diverse faculty, Tianjin
University of Finance and Economics Pearl River College will be able to engage
ministry of education. It is analysed that by following all the guidelines they will be able
to achieve success.
It is necessary to understand all the goals and then engage the stakeholders towards the
same so that they are able to accomplish them effectively.
DISCUSSION OF THE LOGIC OF THE PLAN
It is very important to note that strategic plan is playing a crucial role in the process of
achievement of strategic goals and objectives. It is found from the above discussion that strategic
goals and objectives can be achieved by Tianjin University of Finance and
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Economics Pearl River College when they have a strong strategic plan. This is necessary for
institution or any other organisation that they should priorities to each projects or strategic
objectives is they are able to know that what they have to perform in first. For example, the
university wants to achieve their three important goals then they should know that which one
should be targeted first. If they are able to set these priorities in an effective way then they
definitely achieve their strategic objectives. For example, according to three strategic goals and
objectives of Tianjin University of Finance and
Economics Pearl River College, they should give first priority to set an effective undergraduate
and graduate learning program as then only they are able to achieve another goals. If they have
not an effective educational program then it is waste to enrich environment. This is the main
reason to set priorities. It is also found that these priorities should be strategically set. The reason
is that university will not face any confusions as it is not an easy process to set the priorities of
goals in a strategic plan. If they did wrong set of priorities then it is not possible for them to
achieve their set objectives. It is identified in the strategic plan that universities faced many
problems such as lack of efficient human resources and financial resources. It is found that
achievement of strategic plan required a heavy investments which is become problematic as it is
funded by non profit organisations so they are faced financial resources problems. In addition to
this, for the purpose of achieving strategic goals, university required high qualified staff
members which is not easy to recruit. It is found in the strategic plan that obtaining of
information was very complex. The reason behind this is risk of leaking confidential information
so that's why university is not able to provide all information. For example, in the strategic plan
Tianjin University of Finance and
Economics Pearl River College is required to formulate a budget of investments so that they can
set the budget accordingly. But they need financial information and statements of Tianjin
University of Finance and
Economics Pearl River College. It is found that they are not able to find the information. It
became very difficult to obtain information. This is the reason that I made a flexible plan in
which I set all the activities in an effective way which assists in achieving the goals and
objectives. This discussion show the logic of plan which helps people to understand that why
strategic planning is crucial and should be formulate in an effective way.
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CONCLUSION
It can be concluded from the above discussion that education institution seeds to prepare
a strategic plan so that they are able to achieve their strategic goals and objectives. For that
purpose, firstly they need to clearly define their strategic goals and objectives in their plan which
helps them to identify the required resources. In addition to this, it is also very important for
education institution in their strategic plan that they should include the use of balance scorecard
so that they can give the priorities to each activity. After that they should take right actions. It is
also found that they need to formulate an action plan that how they are able yo achieve their
strategic goals and objectives.
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REFERENCES:
Books and Journals
Alvarez, L., & et.al., (2019). A balanced scorecard for assessing a strategic plan in a clinical
laboratory. Biochemia medica, 29(2), pp.284-291.
Chiang, M.F., (2021). The 2021 National Eye Institute Strategic Plan: driving innovation in eye
and vision research. Investigative ophthalmology & visual science, 62(14), pp.2-2.
Coon, D., Neira, P.M. & Lau, B.D., (2018). Threats to United States fully reviewed and strategic
plan for integration of transgender military members into the armed forces. American
journal of public health, 108(7), pp.892-894.
De Andreis, F., (2019). The principles behind a strategic plan. Open Journal of Applied
Sciences, 9(4), pp.240-245.
Gacek, C.G., & et.al., (2021), April. Managing operational and environmental risks in the
strategic plan of a Maritime container port. In 2021 Systems and Information
Engineering Design Symposium (SIEDS) (pp. 1-6). IEEE.
Huimin, M., & et.al., (2018). Strategic Plan of “Made in China 2025” and Its Implementation.
In Analyzing the Impacts of Industry 4.0 in Modern Business Environments (pp. 1-23).
IGI Global.
Karampour, B., & et.al., (2021). Formulating a strategic plan for BIM diffusion within the AEC
Italian industry: the application of diffusion of innovation theory.
Karyy, O., Hlynskyy, N. & Girna, O., (2019). Strategic planning of a city development on the
results of the previous strategic plan of its development. Economics, Entrepreneurship,
Management, 1 (6), 2019, 6(1), pp.36-46.
Ropianto, M., & et.al., (2017). Optimization of Strategic Planning Organization in the
Framework of Achievement Objectives of Education. Advances in Social Science,
Education and Humanities Research (ASSEHR), 149(2), pp.149-151.
Sazonenka, Y., Towhid, Y.I. & Siemieniako, D., (2018). One-page strategic plan: the case of
Aarong company from Bangladesh. Engineering Management in Production and
Services, 10(2), pp.57-65.
Trade, D.G., 2017. Strategic Plan 2016-2020. Brussels: European Commission.
Uzarski, D. and Broome, M.E., (2019). A leadership framework for implementation of an
organization's strategic plan. Journal of Professional Nursing, 35(1), pp.12-17.
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Appendix 1
SWOT analysis
Strengths Weaknesses
 It is one of the popular college in China
and comes in the first earliest
institution of finance universities.
 It is found that non government
organisations are the operators and
that's why they are lacking in funding
for investments.
Opportunities Threats
 They have a high qualified staff and
faculty which helps to increase the
chance of quality education.
 There are many universities increasing
competition in the education market
which creates threat for Tianjin
University of Finance and
Economics Pearl River College.
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