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Strategic planning may also refer to control mechanisms used to implement the strategy once it is determined. In other words, strategic planning happens around the strategic thinking or strategy making activity. [15] Strategic management is often described as involving two major processes: formulation and implementation of strategy.
Strategic thinking is a mental or thinking process applied by individuals and within organizations in the context of achieving a goal or set of goals.. When applied in an organizational strategic management process, strategic thinking involves the generation and application of unique business insights and opportunities intended to create competitive advantage for a firm or organization.
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.
Key issues, elements, and needs of strategy must be translated into objectives, action plans, and “scorecards” and this translation is an integral and vital part of the execution process. Developing this set of clear objectives, that relates logically to the strategy and how the organisation plans to compete, is an important aspect of an ...
Act guided by a strategic posture, in order to clarify your intent strategy. This posture includes shaping: leading the organization's structure towards a new model; adapting: choosing how and where to compete within the current industry; reserving the right to play: increasing the investment to stay in the game without modifying the strategy.
Strategic leadership presumes a shared vision of what an organization is to be so that the day-to-day decision-making or emergent strategy process is consistent with this vision. Managerial leaders influence only the actions and decisions of those with whom they work.
Evidence-based management is an emerging movement to use the current, best evidence in management and decision-making. It is part of the larger movement towards evidence-based practices. Evidence-based management entails managerial decisions and organizational practices informed by the best available evidence. [35]
Decision-making is a mental activity which is an integral part of planning and action taking in a variety of contexts and at a vast range of levels, including, but not limited to, budget planning, education planning, policy making, and climbing the career ladder.