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Strategic Planning
Objectives
To understand the nature of strategic planning and its evolution with its benefits and limitations. To know the techniques for analyzing and deciding on proposed new programs. To describe techniques that are useful in analyzing ongoing programs. To study the several steps in the procedure of strategic planning.
Contd.
ii) Management Development Tool Formal strategic planning is an excellent management education and training tool that provides managers with a process for thinking about strategies and their implementation. iii) Mechanism to force management to think long term iv) Means of aligning managers with corporate strategies The debates, discussions, and negotiations that take place during the planning process clarify corporate objectives and strategies, unify and align managers with such strategies, and reveal the implications of corporate strategies for individual managers.
Limitations
There is always a danger that planning can end up becoming a form filling, bureaucratic activity, devoid of strategic thinking. An organization may cerate a large strategic planning department and delegate the preparation of plan to that staff department and may forfeit the input of line management. Finally, strategic planning is time consuming and expensive.