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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 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.
In contrast, Burnett regards strategy as a plan formulated through methodology in which strategic problem encompasses six tasks: goal formulation, environmental analysis, strategy formulation, strategy evaluation, strategy implementation, and strategy control. [27] The literature identifies two main sources for defining a strategic problem.
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.
Strategic Thinking Strategic Planning Vision of the Future Only the shape of the future can be predicted. A future that is predictable and specifiable in detail. Strategic Formulation and Implementation Formulation and implementation are interactive rather than sequential and discrete. The roles of formulation and implementation can be neatly ...
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.