
Advantages and disadvantages of strategic planning
What is strategic planning? Strategic planning is very important as it charts the direction of an organisation. Organisations often engage in it in order to develop, implement and evaluate their strategies. Strategic planning refers to the decision-making and planning process that guides the long-term direction of an organisation (Plunkett & Attner, 1994). According to Martin (2014) strategic planning has three parts i.e. mission/vision statements, list of initiatives, and the conversion of the initiatives into financials. It is worth noting that, there are some advantages and disadvantages of strategic planning that […]
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