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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.
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.
"Strategy is the determination of the basic long-term goals of an enterprise, and the adoption of courses of action and the allocation of resources necessary for carrying out these goals." [22] Igor Ansoff built on Chandler's work by adding concepts and inventing a vocabulary.
Strategy is important because the resources available to achieve goals are usually limited. Strategy generally involves setting goals and priorities, determining actions to achieve the goals, and mobilizing resources to execute the actions. [4] A strategy describes how the ends (goals) will be achieved by the means (resources). [5]
This framework enables the individual setting the goal to have a precise understanding of the expected outcomes, while the evaluator has concrete criteria for assessment. The SMART acronym is linked to Peter Drucker's management by objectives (MBO) concept, illustrating its foundational role in strategic planning and performance management. [4]
Strategic alignment contributes to improved performance by optimizing the operation of processes/systems, and the activities of teams and departments. Goal-setting theory supports the relevance of clear, measurable operational objectives that can be linked to superordinate goals. This helps ensure resources are used effectively.
Operational planning (OP) is the process of implementing strategic plans and objectives to reach specific goals. [1] In an Introduction to Management and Organizational Behavior, Barbara Carlin and Marina Sebastijanovic suggest that operational planning is one of the four basic types of planning involved in organizational management.
Hoshin Kanri requires a strategic vision in order to succeed. From there, strategic objectives need to be clearly defined, with goals being written for long periods of a one to five-year-long timeframe. [3] Once the long term timeframe goals are completed, the team can focus on yearly objectives.