Strategic planning is the process of determining the directions your company will take, the goals you have for the business, and how to achieve what you want. This plan is a commitment by senior management to pursue established sets of goals that are developed to promote the companys vision and mission. Financial planning is managing the finances over time in such a way that you can meet your business needs. Both types of planning involve defining objectives, gathering and analyzing data, implementing the plan, and monitoring the results. Integrating strategic planning and financial planning is the best way for the HSOs to ensure their budget allocations are appropriately targeted to long-range solutions. In strategic financial planning, to ensure that there is long-range financial success, annual budgets need to be analyzed from a long term organizational perspective.

Ques 1- Develop financial projections of Ross Memorial Hospital, located in the city of Kawartha Lakes, 10 Angeline St N, Lindsay, ON, based on new opportunities. Assess the risk associated with these new opportunities.