1.“Resources” and “competencies” are distinct in terminology and in how business

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1.“Resources” and “competencies” are distinct in terminology and in how businesses leverage each.
What is the difference between a “resource” and a “competency”? (Define each, then explain the differences, Using examples clarifies these things).
Prepare a list of five specific competencies that you possess.
Then, lay out the steps that an organization would follow in acquiring or developing a strategically important competence that it lacks. 
(This is probably easier to do if you select a competence that a healthcare organization is likely to have).
2. Apply the learning outcomes for the week (see below) and lecture concepts to one of the following scenarios:
As applied to your current professional career
As applied to enhancing, improving, or advancing your current professional career
As applied to a management, leadership, or any decision-making position
As applied to a current or future entrepreneurial endeavor
learning outcome for the week:
Recognize the ability of a person to engage in “strategic thinking.” Differentiate between “incremental” and “revolutionary” strategies,   as well as “intended” and “actual” strategies. Describe in a basic way the fundamental steps in a good strategic planning and management process. Explain the concept of “strategic direction” and the critical role that it plays in the strategic planning process. Define “resources” and “competencies,” the differences between them, and the ways that they depend upon each other. List the different generic types of organizational resources, and provide examples of typical organizational competencies. Explain how resources and competencies may be “strengths” or “weaknesses” for an organization.

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