STRATEGIC PLANNING
- Planning means deciding what needs to done in the future (today, next week, next month, next year, over the next couple of years, etc.) and generating blueprints for action.
- Good planning is an important constituent of good management. Planning involves determination of the course of action to attain the predetermined objectives. It bridges the gap between where we are to where we want to go.
- Thus, planning is future oriented in nature. Planning can be strategic or operational. Strategic plans are made by the senior management for the entire organization after taking into account the organization’s strength and weaknesses in the light of opportunities and threats in the external environment.
- They involve acquisition and allocation of resources for the attainment of organisational objectives. But operational plans on the other hand are made at the middle and lower level management.
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