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Strategic planning is an organization's process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals.. Furthermore, it may also extend to control mechanisms for guiding the implementation of the strategy.
Strategic planning is analytical in nature and refers to formalized procedures to produce the data and analyses used as inputs for strategic thinking, which synthesizes the data resulting in the strategy. Strategic planning may also refer to control mechanisms used to implement the strategy once it is determined. In other words, strategic ...
Views on the definition and scope of management include: Henri Fayol (1841–1925) stated: "To manage is to forecast and to plan, to organize, to command, to co-ordinate and to control". [8] Fredmund Malik (1944– ) defines management as "the transformation of resources into utility". [9]
Other definitions concern the processes by which an organisation identifies and allocates the actions associated with the delivery of a strategic plan such as the following: A process by which large, complex, and potentially unmanageable strategic problems are factored into progressively smaller, less complex, and hence more manageable proportions.
In strategic planning and strategic management, SWOT analysis (also known as the SWOT matrix, TOWS, WOTS, WOTS-UP, and situational analysis) [1] is a decision-making technique that identifies the strengths, weaknesses, opportunities, and threats of an organization or project.
In large corporations, strategic planners or corporate financial planning and analysis (FP&A) personnel are involved in the formulation and implementation of the organization's strategy. The strategy is typically set by business leaders such as the chief executive officer and key business or functional leaders and is reviewed by the board of ...
Yet strategic management has much to do from month to month to ensure the business system develops strongly so as to take that opportunity quickly and safely. What is needed, is a set of tools that explain how performance changes over time, and how to improve its future trajectory – i.e. a dynamic model of strategy and performance.
It involves activities such as strategic planning and strategic thinking. [ 6 ] Henry Mintzberg from McGill University defined strategy as a pattern in a stream of decisions to contrast with a view of strategy as planning, [ 7 ] . while Max McKeown (2011) argues that "strategy is about shaping the future " and is the human attempt to get to ...