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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 ...
Objectives, goals, strategies and measures (OGSM) is a goal setting and action plan framework used in strategic planning.It is used by organizations, departments, teams and sometimes program managers to define and track measurable goals and actions to achieve an objective.
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.
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 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 ...
Mintzberg argued that strategic thinking cannot be systematized and is the critical part of strategy formation, as opposed to strategic planning exercises. In his view, strategic planning happens around the strategy formation or strategic thinking activity, by providing inputs for the strategist to consider and providing plans for controlling ...
It includes such activities as strategic planning and strategic thinking. Implementation refers to the action plans taken to achieve the goals established by the guiding policy. [6] [34] Bruce Henderson wrote in 1981 that: "Strategy depends upon the ability to foresee future consequences of present initiatives." He wrote that the basic ...