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For strategic planning to work, it needs to include some formality (i.e., including an analysis of the internal and external environment and the stipulation of strategies, goals and plans based on these analyses), comprehensiveness (i.e., producing many strategic options before selecting the course to follow) and careful stakeholder management ...
Strategic planning is a means of administering the formulation and implementation of 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 ...
A process by which large, complex, and potentially unmanageable strategic problems are factored into progressively smaller, less complex, and hence more manageable proportions. [ 4 ] The managerial interventions that align organisational action with strategic intention (Floyd and Wooldridge, 1992).
Strategic assumptions are the assumptions that are held by decision-makers when building a strategic plan. All strategic plans should be built upon a grounded, validated and accepted set of strategic assumptions. Any strategic plan or decision is only as good as the strategic assumptions upon which it is based. Strategic assumptions surface and ...
The rational planning model is a model of the planning process involving a number of rational actions or steps. Taylor (1998) outlines five steps, as follows: [ 1 ] Definition of the problems and/or goals;
We all want financial freedom, and the first step to getting there is by saving strategically. Personal finance expert and founder of The Broke Black Girl, Dasha Kennedy, sits down with Marsai ...
Strategic planning's role is "to realise and to support strategies developed through the strategic thinking process and to integrate these back into the business". [14] Henry Mintzberg wrote in 1994 that strategic thinking is more about synthesis (i.e., "connecting the dots") than analysis (i.e., "finding the dots"). It is about "capturing what ...
He viewed strategy as an informal process of mutual adjustment with little apparent coordination. James Brian Quinn (1978) developed an approach that he called "logical incrementalism". He claimed that strategic management involves guiding actions and events towards a conscious strategy in a step-by-step process.