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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 pursue this strategy. It may also extend to control mechanisms for guiding the implementation of the strategy. Strategic planning became prominent in corporations during the 1960s and remains an important aspect of strategic management. It is executed by strategic planners or strategists, who involve many parties and research sources in their analysis of the organization and its relationship to the environment in which it competes.[1]
Strategy has many definitions, but generally involves setting strategic goals, determining actions to achieve the goals, and mobilizing resources to execute the actions. A strategy describes how the ends (goals) will be achieved by the means (resources). The senior leadership of an organization is generally tasked with determining strategy. Strategy can be planned (intended) or can be observed as a pattern of activity (emergent) as the organization adapts to its environment or competes.
Strategy includes processes of formulation and implementation; strategic planning helps coordinate both. However, strategic planning is analytical in nature (i.e., it involves 'finding the dots'); strategy formation itself involves synthesis (i.e., 'connecting the dots') via strategic thinking. As such, strategic planning occurs around the strategy formation activity.[1]
Process[edit]
Strategic management processes and activities
Overview[edit]
Strategic planning is a process and thus has inputs, activities, outputs and outcomes. This process, like all processes, has constraints. It may be formal or informal and is typically iterative, with feedback loops throughout the process. Some elements of the process may be continuous and others may be executed as discrete projects with a definitive start and end during a period. Strategic planning provides inputs for strategic thinking, which guides the actual strategy formation. Typical strategic planning efforts include the evaluation of the organization's mission and strategic issues to strengthen current practices and determine the need for new programming.[2] The end result is the organization's strategy, including a diagnosis of the environment and competitive situation, a guiding policy on what the organization intends to accomplish, and key initiatives or action plans for achieving the guiding policy.[3]
Michael Porter wrote in 1980 that formulation of competitive strategy includes consideration of four key elements:
The first two elements relate to factors internal to the company (i.e., the internal environment), while the latter two relate to factors external to the company (i.e., the external environment).[4] These elements are considered throughout the strategic planning process.
Inputs[edit]
Data is gathered from a variety of sources, such as interviews with key executives, review of publicly available documents on the competition or market, primary research (e.g., visiting or observing competitor places of business or comparing prices), industry studies, etc. This may be part of a competitive intelligence program. Inputs are gathered to help support an understanding of the competitive environment and its opportunities and risks. Other inputs include an understanding of the values of key stakeholders, such as the board, shareholders, and senior management. These values may be captured in an organization's vision and mission statements.
Activities[edit]
The essence of formulating competitive strategy is relating a company to its environment.
Michael Porter[4]
Strategic planning activities include meetings and other communication among the organization's leaders and personnel to develop a common understanding regarding the competitive environment and what the organization's response to that environment (its strategy) should be. A variety of strategic planning tools (described in the section below) may be completed as part of strategic planning activities.
The organization's leaders may have a series of questions they want to be answered in formulating the strategy and gathering inputs, such as:
Outputs[edit]
The output of strategic planning includes documentation and communication describing the organization's strategy and how it should be implemented, sometimes referred to as the strategic plan. The strategy may include a diagnosis of the competitive situation, a guiding policy for achieving the organization's goals, and specific action plans to be implemented.[3] A strategic plan may cover multiple years and be updated periodically.
The organization may use a variety of methods of measuring and monitoring progress towards the strategic objectives and measures established, such as a balanced scorecard or strategy map. Companies may also plan their financial statements (i.e., balance sheets, income statements, and cash flows) for several years when developing their strategic plan, as part of the goal-setting activity. The term operational budget is often used to describe the expected financial performance of an organization for the upcoming year. Capital budgets very often form the backbone of a strategic plan, especially as it increasingly relates to Information and Communications Technology (ICT).
Outcomes[edit]
Whilst the planning process produces outputs, as described above, strategy implementation or execution of the strategic plan produces Outcomes. A3c volume 4 download torrent. These outcomes will invariably differ from the strategic goals. How close they are to the strategic goals and vision will determine the success or failure of the strategic plan. There will also arise unintended Outcomes, which need to be attended to and understood for strategy development and execution to be a true learning process.
Tools and approaches[edit]
Video explaining the strategic plan of the Wikimedia Foundation
Wikimedia Movement Strategic Plan (PDF)
A variety of analytical tools and techniques are used in strategic planning.[1] These were developed by companies and management consulting firms to help provide a framework for strategic planning. Such tools include:
![]() Strategic planning vs. financial planning[edit]
Simply extending financial statement projections into the future without consideration of the competitive environment is a form of financial planning or budgeting, not strategic planning. In business, the term 'financial plan' is often used to describe the expected financial performance of an organization for future periods. The term 'budget' is used for a financial plan for the upcoming year. A 'forecast' is typically a combination of actual performance year-to-date plus expected performance for the remainder of the year, so is generally compared against plan or budget and prior performance. The financial plans accompanying a strategic plan may include 3â5 years of projected performance.
McKinsey & Company developed a capability maturity model in the 1970s to describe the sophistication of planning processes, with strategic management ranked the highest. The four stages include:
Categories 3 and 4 are strategic planning, while the first two categories are non-strategic or essentially financial planning. Each stage builds on the previous stages; that is, a stage 4 organization completes activities in all four categories.[7]
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For Michael C. Sekora, Project Socrates founder in the Reagan White House, during the cold war the economically challenged Soviet Union was able to keep on western military capabilities by using technology-based planning while the U.S. was slowed by finance-based planning, until the Reagan administration launched the Socrates Project, which should be revived to keep up with China as an emerging superpower.[8]
Criticism[edit]Strategic planning vs. strategic thinking[edit]
Strategic planning has been criticized for attempting to systematize strategic thinking and strategy formation, which Henry Mintzberg argues are inherently creative activities involving synthesis or 'connecting the dots' which cannot be systematized. Mintzberg argues that strategic planning can help coordinate planning efforts and measure progress on strategic goals, but that it occurs 'around' the strategy formation process rather than within it. Further, strategic planning functions remote from the 'front lines' or contact with the competitive environment (i.e., in business, facing the customer where the effect of competition is most clearly evident) may not be effective at supporting strategy efforts.[1]
See also[edit]
References[edit]
Further reading[edit]
Retrieved from 'https://en.wikipedia.org/w/index.php?title=Strategic_planning&oldid=899078024'
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MEET YOUR GOALSâON TIME AND ON BUDGET.
How do you rein in the scope of your project when youâve got a group of demanding stakeholders breathing down your neck? And map out a schedule everyone can stick to? And motivate team members who have competing demands on their time and attention? Whether youâre managing your first project or just tired of improvising, this guide will..more
Published January 15th 2013 by Harvard Business Review Press
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Rating details
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Nice read. Needs more depth. Good as an introductory book
May 26, 2013L rated it really liked it
The book is most useful to those who have some project management experience or some background industry experience. As a fresh graduate, this book is definitely not a definitive guide to project management but a short collection of best practises. This has many helpful tips and guide through the entire project management process. The short time required to read the book, about 2 hours, is well worth the effort. Its practicalness makes it an excellent reference book
This book is a step by step guide to project management which is divided into four sections - Planning, Build-up, Implementation and Closure.
Reading this book after having delivered a lot of projects actually helped me understand the subject better. I could easily relate to the white spaces that I have left while managing these projects across all these four stages. I could actually write down the mistakes that I had committed and could envisage how project delivery would have been different ha..more
Jul 26, 2017Daniel Garcia gonzalez rated it it was amazing · review of another edition
Great primer on Project Management. Very straight forward, lot's of good practices.
Oct 12, 2018Seongkyul rated it liked it
Helpful basic and review.
Good for newbie want to start with project management.
Graduate degree supplement
Jun 30, 2018Jonathan rated it really liked it
After activity review and Before activity review are interesting with case studies., good guide to know the projects from Planning to postmortem.
Dec 14, 2013Fred rated it really liked it
This was a great primer and one of the better things that I've read on Project Management so far. As it should be considering that it's published by the Harvard Business Review and it was more expensive than I would ever normally like to spend on a book.
That said, I think that this is better for beginners than any other book that I've come across. It manages to touch on all sorts of important concepts and methods like the critical path as well as focusing on personalities of team members which..more
Feb 17, 2013Garland Vance rated it really liked it
Over the last 10 years of working in ministry, I have worked with or overseen many projects. Some of these have been simple while others have been more complex. Even with that experience, I found this book to be very insightful. I took lots of notes and learned some great tricks to help me better understand the stages of project management and better lead and execute projects.
It was a very quick read, taking less than 2 hours to read the whole thing but well worth the time and money for the ins..more
I skimmed more than read this, so take this review with a grain of salt. It's more of a healthy reminder than a book that adds anything new. If you don't have much experience with project management or team building, this book will add value. If you do have experience in project management, it's a very nice skills refresh. We can all use healthy reminders!
This book gives basic information not only about Project Management but this can hep you in team management, stakeholder management etc.
I would recommend this book to all who are new to project management.
If you are a beginner or intermediate in project mgt this is a good book that will provide some good things to consider. It also references and summarizes some very good HBR articles and some books that are very good to explore.
I work at a small company so some of the advice wasn't very useful for me. That said, the principles the book teaches are sound, and this ended up being a good crash course in project management.
Good read. Appreciated that things I thought rare are really not that uncommon; good tips and ideas to achieve successful outcomes. Great read for someone new to the industry/practice.
Excellent book specially for IT development project managers
May 27, 2018Hani rated it did not like it · review of another edition
Good insights, but with the nature of the book being an overview, nothing goes very in-depth. Will definitely come back to this again for a refresher though.
Jun 27, 2016Sohee rated it really liked it
Good, easy, quick comprehensive read.
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