Question

Why and/or why not are planning and strategy both similar and different and do you believe that good strategy coupled with good execution equals good management?

Answer 1

Planning ans stratigy is often used interchangeably however there lies a small yet important difference between them.

Planning is thinking before acting. It includes how a goal is to be achieved. It includes forcasting,budgeting, framing policies and also stratigizing certain elements. So planning is a wider concept.

Both planning and stratigies work together to achieve a common goal. Stratigy is basically a comprehensive plan,relating to choosing what to be done out of the available alternatives.

However planning and stratigy differs in certain aspect.

1.For example: planning is made by top level decision makers like CEOs , CFOs etc , while stratigy is done by all the levels of organisation.

2.Planning is all about doing things right , whereas stratigy is about doing the right thing.

3. Planning is a road map of how the goal is to be achieved, whereas which path is to be choosen is a part of stratigy. For example- to increase sales new variety of products is to be launched - is a plan, but which kinds of products is to be launched - is a stratigy.

A plan and a stratigy are just mere what and how thibgs are to be done. However the outcome/goal fulfillment is totally depended upon execution. Mere planning will give no outcome if it is not implemented. A good management tries to build a good plan and a stratigy considering the welfare of all the sections of the society and also tries to execute the plan in the best possible way. Definately a good planning with stratigy coupled with proper execution will lead to great result.