Question

1.) What is strategic planning? Is strategic planning an effective or ineffective tool for organizations? What elements make for an effective strategic planning process in organizations?

Your answers will be short essays and should be three full paragraphs or longer.

Answer 1

Strategic planning is effective tool for an organization, with this process and associated tools, organization build a future direction for their business, it further establishes about what are the objectives to be met by business organization and what about the current position of the business, what targets, goals are to be achieved and what practices are to be followed to achieve such goals, objectives and targets of that business organization. With this process, we document organizational mission statement, organizational vision and values with long terms and short terms action plan. Such activities are to be defined that in turn will help us to reach and meet organizational goals and objectives. We should build a well written strategic plan as it can build better response to the organizational opportunities, threats and challenges.

Strategic planning is definitely an effective tool for a business organization, as with strategic planning, we can achieve several objectives within the work sites, these are as stated below:

• With application of strategic planning tool, we can engage organizational employees and other stakeholders. It increases communication or information flow across the team members.
• With such tool, we can increase productivity level of the organization, as sense of accountability gets increased for the employees.
• We can build better business perspective and set the future direction of organization.
• We can identify key issues, strengths, and weakness, etc. all such are essential for organizational growing.
• Further, with the tools of strategic planning process, we can exploit various organizational opportunities, eliminate and manage and build response to organizational issues, threats.

Now let me state various elements of strategic planning process within an organization, these are as stated below:

• First, we will document organizational mission statement, vision and aspirations.
• Next, we will craft various core values and associated statements.
• Then, we will prepare SWOT analysis. It will focus on building strength, weakness, opportunities and threats as application to an organizational business.
• Next, we will define and document various strategies, objectives and operational processes, which are essential in this context.
• Then, we will measure the performance against targets, objectives as defined and scheduled. We will also craft funding analysis for establishing future fund requirements.