Strategic planning

Definition

Strategic planning is the process of defining an organization's direction and making decisions on allocating its resources to pursue this strategy. It involves setting goals, determining actions to achieve the goals, and mobilizing resources to execute the actions.

Related terms

SWOT Analysis:

A tool used in strategic planning to identify an organization's strengths, weaknesses, opportunities, and threats.

Vision Statement:

A forward-looking declaration that outlines what an organization wants to become or achieve in the future as part of its strategic planning.

Resource Allocation:

The process of distributing available resources among various projects or business units as part of strategic planning