thinking and planning decades in the future? The purpose of strategic planning The purpose of strategic planning is to set overall goals for your business or organization and then develop plans to achieve them. The most difficult part of strategic planning is to go outside of what we consider is possible now, and imagine what is possible for the future.
In order to use strategic planning in the organization, the company should have foundation basic of the organization which is vision, objectives, and value. This plan is the foundational basis of the organization and will dictate decisions in the long-term. Normally the period time of this plan is about two, three, five, or even ten years. Manager need to have a strategic plan to guide the decision in the strategic level. It will also influence the culture within an organization and how it interacts
finance in relation to strategic management Financial planning determines how managers carry out planning process in organizations so as to meet the business needs. An organization comes up with the right direction to take, goal set and how to meet the objectives therein. This is accomplished by gathering and data analyzation , implementation and evaluation and monitoring of results. The strategy to adopt must be figured out depending on the total cost. Strategic planning offers a road map, areas
institutional stature and engage more with society. However, nowadays higher education institutions often face significant challenges in achieving those goals. There is wide consensus that if strategic planning is implemented properly will offer universities a solid approach to achieve their aims. Furthermore, strategic planning methods can guide and help upper level management which is the leader in the higher institutions while aligning their everyday activities in order to achieve institutional goals.
According Rev Esp Cardiol (2012), strategic planning is a process that can allows us to both study and conduct simulations of the future. The process can show hidden opportunities or threats and providing the way to apply on them early. Thus, it is a living, dynamic document. It drives your business and must be integrated into every fiber of your organization so every employee helps move the company in the same direction. Strategic planning gives a clear framework with criteria for us to make day-to-day
. The similarities and differences between prescriptive and descriptive schools of strategy Both prescriptive and descriptive schools of strategy do not engage to a fixed, repetitive strategic planning because managers using descriptive analysis are willing to receive the unpredictability of decision making process. Otherwise, managers using prescriptive analysis supposed that the strategies will be designed thoughtfully in advance, and they are not taking considerations of changing factors as well
Criteria 2: Strategic Planning Summited by: Bikram Prajapati, King’s college International American University Subject: BUS 700 Capstone Submitted to: Dr. Joe Siegmund and Dr. Raj Kumar Sharma Date: Dec 3, 2014 Criteria 2: Strategic Management This chapter covers current status of Strategic management of the organization, Jobs Dynamics. It is revealed that Jobs Dynamics has made remarkable progress in Strategic Planning. The purpose of this section is to analyze the strategic development
Smallbusiness.chron.com defines functional business strategy as “an area of operational management based on a specific department or discipline within an organization, such as human resources, finance or marketing. To say that a business has a functional level strategy for product development, for instance, means that the company has developed a strategy for selling its goods and services to customers. Functional business strategy is part of an organization's wider strategic plan.” These functional strategies
notability of to integrate business strategy and human resource management, this research will not focus on the alignment of business strategy and human resource management and why the need for such alignment should exist. This study postulates that given the relative acceptance of the need for alignment between business strategy and human resources management, what is HR’s role in formulating and executing strategies. First, we examine the prevailing HR role and its role as a strategic partner. In order