Question

What are some strengths and weaknesses in strategic planning?

Answer 1

Strategic Planning allign individual,departmental and organizational goals and identify an entirely new process to meet stakeholders and customer golas

Strengths of strategic Planning

1. Helps to define the purpose of organisation
2. Establish realistic and acheivable goals of organisation
3. Helps to communicate goals and objectives to organisation's consttituents
4. Develop a sense of ownership in plan
5. Develop strategies to acheive the goals
6. Ensure the most efective use of organisation's resource
7. Provide a base from which progress can be measured
8. provide a mechanism for informed change as needed
9. Buld a consensus about where the organization is going

Weakness of strategic planning

1. Lack of Knowledge

Requires lot of knowledge,training and experience. If the managers do not have knowledge and skill to prepare strategic plans,the desired results will not be acheived and results in huge financial losses

2.Interdependence of Unit

If the planning is not properly co-ordinated it can create problems in the implementation of strategic plan

3.Managerial perception
In order to avoid risky plans and goals , managers may end up in creating sub-optimal goals and plans

4.Finanacial consideration

requires huge amount of time, money and energy. managers are constrained by these factors in making effective strategic plans.