Below is a list of terms commonly used in strategic planning. There are many sources that contain these definitions. Florida Tech uses the following definitions.
Core Values: Florida Tech’s fundamental beliefs and priorities that drive our mission.
Focus Area: A broad initiative in which Florida Tech will prioritize over the next five years.
Key Performance Indicators (KPIs): Metrics set by Florida Tech to track our progress towards our goals.
Metrics: Track Florida Tech’s performance on specific process(es) based on an industry standard, threshold, or benchmark.
Mission: A short explanation of why Florida Tech exists, our overall goal, and what we provide.
Outcome: A statement that identifies “what” we are going to do.
Strategic Plan: A dynamic, living roadmap that outlines Florida Tech’s future goals and the steps necessary to achieve them.
Tactic: A specific task that begins with an action verb and an object that identifies “how” we are going to do it.
Target: A numerical value to aim towards within a given time frame.
Vision: A high-level, inspirational statement of the ideal Florida Tech.