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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.
According to strategic planning premises, the world is supposed to hold still while strategy is being developed and stay in the foreseen trajectory while said strategy is being executed. In the organizational world companies plan their annual strategy and they are approved the first of June by the boards of directors. [7]
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 ...
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.
Hoshin Kanri (Japanese: 方針管理, "policy management") [1] is a 7-step process used in strategic planning in which strategic goals are communicated throughout the company and then put into action. [2] [3] The Hoshin Kanri strategic planning system originated from post-war Japan, but has since spread to the U.S. and around the world.
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 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 ...
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 are usually identified when scenario planning is undertaken during a strategic planning process. The ...