|
Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. Various business analysis techniques can be used in strategic planning, including SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats ) and PEST analysis (Political, Economic, Social, and Technological analysis) or STEER analysis (Socio-cultural, Technological, Economic, Ecological, and Regulatory factors) and EPISTEL (Environment, Political, Informatic, Social, Technological, Economic and Legal) Strategic planning is the formal consideration of an organization's future course. All strategic planning deals with at least one of three key questions:
In business strategic planning, the third question is better phrased "How can we beat or avoid competition?". (Bradford and Duncan, page 1). In many organizations, this is viewed as a process for determining where an organization is going over the next year or more -typically 3 to 5 years, although some extend their vision to 20 years In order to determine where it is going, the organization needs to know exactly where it stands, then determine where it wants to go and how it will get there. The resulting document is called the "strategic plan". It is also true that strategic planning may be a tool for effectively plotting the direction of a company; however, strategic planning itself cannot foretell exactly how the market will evolve and what issues will surface in the coming days in order to plan your organizational strategy. Therefore, strategic innovation and tinkering with the 'strategic plan' have to be a cornerstone strategy for an organization to survive the turbulent business climate. From Wikipedia under the
GNU Free Documentation License How does corporate culture impact risk assessment in relation to strategic planning? Q. How does corporate culture impact risk assessment in relation to strategic planning? Asked by lmcis2cute - Sat Jul 15 16:52:38 2006 - - 1 Answers - 0 Comments A. you have to understand how corporate culture affects strategic planning in the corporate setting. It can have a positive or negative affect so one would have to plan for that when making a risk assessment. This will give management an insight on changes that need to be made in order to meet goals/objectives and the mission. Answered by rayce92 - Sat Jul 15 18:03:15 2006 Explain the importance of strategic planning in maximizing shareholder wealth? Q. Explain the importance of strategic planning in maximizing shareholder wealth? Asked by younglady39 - Sat Oct 27 20:58:00 2007 - - 1 Answers - 0 Comments A. Most stock pricing models use some form of a discounted value of future cash flow or dividends. A management who looks only to short-term considerations may be able to please The Street this quarter, but will not likely be able to execute a program that will create shareholder wealth over the long term. Often planning for the future involves making decisions today, which is one way to define strategic planning. Best of success. Answered by Thinker - Tue Oct 30 22:58:46 2007 How does strategic planning relate to HR management?
Q. more detail the better, appreciate any answers Asked by skoolgirl - Wed Aug 29 23:48:53 2007 - - 3 Answers - 0 Comments A. HR is critical in this area. I won't give you the answer, but can help you formulate it. It's critical for HR to understand the future goals of the organization. That way they can help to hire and train people that will help the organization move in the right direction. A good example would be an oil company that wanted to move into alternative fuels. They would hire and train people that can help them with research and development, market and other areas so the business could transition towards alternative fuels. Answered by Searcher's Curious Account - Wed Aug 29 23:55:33 2007 From Yahoo Answer Search: "Strategic planning" |
