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relationship between strategic thinking and strategic planning

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relationship between strategic thinking and strategic planning

To illustrate the point, for this current moment it is the poor people of the world, those without the $64.00 or so to pay for a barrel of oil, who must do without. The main difference between strategic thinking and strategic planning is planning doesn’t predict a future state of where the organization wants to be (13). It helps in defining if the strategies that are implemented and worked upon properly. At the Strategy Management Group, we suggest that “strategic planning/management” and “strategic thinking” exist in a symbiotic relationship. Likewise, we find that many are hungering for an organizational culture which is bettered trained and more engaged in thinking strategically. Key words: strategic planning, strategic thinking, strategic management, strategy, company. I am honored that you would ask me such a question. By James Rickards Posted September 8, 2017, Jim Rickards’ open letter to President Trump on the threat of new world money, known as special drawing rights. First, you have to identify the end state that you want to achieve. A key distinction between strategic thinking and strategic planning is that the former occurs on a regular basis, as part of our daily activities, while the latter occurs periodically (quarterly, semi-annually or annually). Be sure that you widen your aperture beyond thinking of the mission as one of pure force-on force. But one point I want to make is that, whatever you are doing, keep on looking at your fundamental assumptions. You May Like. Now because the span between the two pillars is quite long, you need to bridge the gap with long-term strategic objectives and short-term goals. Culture of Your Community • Each First Nation has its own unique culture, comprised of its language, history, stories and legends, art and dance, and the personality of its people. Strategic management is a step ahead of strategic planning. Issue based . Previous Previous post: Strategic Thinking and Strategic Planning Next Next post: Strategic Thinking Process. If innovative thinking is the hippies and artists of the organization’s project management, strategic planning is the architects and engineers. You can have a different strategy for each section of the bridge, or you can have a consistent strategy for the whole thing. Here’s Bill Bonner on why the issue of Civil War statues goes…, By James Rickards Posted November 27, 2020, By James Rickards Posted November 23, 2020, By James Rickards Posted November 12, 2020, There’s plenty of gold to support the monetary system — you just need to set the right price…, The coronavirus could take a big chunk out of first-quarter U.S. GDP…, The optimistic case for the stock market… “In the short term, the stock market is a voting machine. Contents. Recently a client asked a very simple, and yet extremely complex, question: “What’s the difference between ‘strategic thinking’ and ‘strategic planning’?” Great question! And eventually,…well, you get the picture. It is just a question of time. Strategically, people can think about these things. In a world of shorter and shorter product times, and tighter and tighter decision loops, research and development efforts are critical to successful implementation of any strategy. Finally, during the all-important evaluation and control phase, strategic thinking ensures that an organization is measuring those drivers which best lead to success of the overall mission. Today, our co-founder Addison Wiggin shows you the role demographics has played in the West’s great political revolutions. Don’t count on it. For these souls, the oil age has ended in the past tow or three years. Sure, you are in the middle of a war zone, where people are shooting at you and trying to blow you up, and you have to watch your back and fight like hell. The strategic planning process will allow businesses to identify the possible factors that could threaten or hamper growth and success via SWOT analysis so they can be better dealt with. In the past decades the strategic management literature has witnessed an impressive growth. Generally speaking, the emphasis on implementation is where strategic planning and strategic management differ. Organic. The strategic plan is high-level thinking, without the details, defining strategic focus. But the raw data, and even the identifiable trends that clearly indicate an impending “peak” in oil and gas production within certain time frames, do not in and of themselves create or lead to a “strategy,” let alone offer up a strategic plan. The term “Peak Oil” is a short-hand way of describing trends that will lead to a global energy problem, but it by no means presents a self-evident strategy or strategic plan that moves towards a solution. At some high level, for example with FDR during the Pacific War, the formulation of the strategic concept was founded on a profound sense of strategic intent and purpose. Strategic planning without strategic thinking will digress into a sluggish and lifeless process of setting goals and measuring objectives. In the world of business, there is a school of thought that claims to be able to develop strategy simply by “asking the customers what they want.” But this confuses what is, at root, short-term marketing with long range strategy. Alan Mullaly, formerly of Boeing and now running Ford Motor Company, illustrated the point in a recent talk by referring to what might have happened if the original Henry Ford had asked people what they wanted. “They probably would have told Henry Ford that they wanted better horses,” said Mullaly.  But Henry Ford had a different view of the future, and so he invented it. Unlike the additional work that is created by the process of strategic planning, we can understand strategic thinking as using a new lens to view the business. 2. Frequent readers know that I have written quite a lot about Clausewitz, and his development of the concepts of strategy while writing his opus On War in the 1820s (published in 1832). After FDR made his broad decision first to invade and liberate the Philippines, it fell to the military commanders MacArthur and Nimitz to crystallize the next level of strategic guidance by means of a series of operational plans. Thus strategic thinking is a continuing process, and must respect (if not yield to) the concrete requirements for operational planning and careful husbanding of scarce resources. And strategic thinking has to be resident in the minds of the highest-level managers or commanders throughout the organization. Strategic thinking must guide the commander’s choices on a daily basis.  It is a process that is often difficult to measure, let alone to monitor. Applied Strategic Thinking is the ability to anticipate and begin exploiting tomorrow’s opportunities today. The following are the differences between strategic planning and operational planning: The planning to pursue the organization’s vision is known as Strategic Planning. Here is where the strategic planning has to occur. First, strategic thinking is grounded in a strong understanding of the complex relationship between the organization and its environment. What comes next? Intuitions are knowledge derived from accumulated experience. However, strategic planning is useful to help in strategic thinking, strategy development, decision-making, performance improvement, and to build camaraderie (14). performance management KPI / performance measurement. You May Like. The difference between strategic planning and strategic management is what happens after the goals are defined. UNIT 1: Understanding Strategic Planning 81931_NMAC 8/7/03 11:57 AM Page 9. Package theft, or porch piracy, is on the rise and with Christmas coming quickly it’s important to protect yourself, and your goods. Strategic thinking can look forward and identify a profound problem, as worldwide production of fossil fuels such as oil and natural gas hits a peak, bumps along a plateau and then commences an irreversible decline. As a result, both employees and managers tend to become more innovative and creative, which fosters further growth of the company. Strategic management and strategic In the realm of strategic thought, formulating and implementing strategy tends to be an interactive and iterative process, and not a series of discrete and sequential actions. This is the kind of thinking and visions embedded in grandiose plans for massive programs to create liquid fuels from plants, or from a set of coal-to-liquid processes. But can individuals, can businesses, can governments, and can nations strategically “plan” their way around this impending dilemma? . 1. Or is the crux of the problem going to be “too much demand” for nonexistent (in the future) traditional energy sources, thus creating the circumstances for what is euphemistically called “demand destruction?” What is the strategic plan for this scenario? Peak Oil is real, of course, and so are market mechanisms. The planning to achieve the tactical objectives of the organization is known as Operational Planning. A strategy is a plan of action designed to achieve a series of objectives or a particular goal. The application of strategic planning in business is a result of difficult managerial decisions that comprise good and less desirable courses of action. Strategic thinking informs strategic planning/management.  Strategic planning/management gives voice, action and structure to strategic thinking. How to Cultivate a Growth Mindset at Workplace January 23, 2020. Applied Strategic Thinking Applied Strategic Thinking is a way of scanning your environment, finding ways to perform more efficiently, being more innovative, and reacting to outside challenges and opportunities with more confidence because you have already considered variables. How you build the bridge is your strategy. Where strategic management … Is the crux of the problem going to be simply “not enough oil supply,” and thus arises the need to find a substitute for, say, gasoline that is now derived from oil? 1. The willingness to cross older functional boundaries in the search for analytic concepts elegant enough to make sense out of progressively sophisticated data. Today our co-founder and Executive Publisher, Addison Wiggin, asks a new question: Could the cashless society represent a threat to free speech? The Difference Notice that the main difference between these definitions is the timing. In working with our clients, we find that most have a relatively strong understanding and appreciation for the value of strategic planning/management. The Difference Notice that the main difference between these definitions is the timing. The following views on the relationship between strategic thinking and strategic planning are found in the literature: Strategic Planning and Strategic Thinking are Two Distinct Thinking Modes, and Strategic Thinking Should Precede Strategic Planning According to this view, planning cannot produce strategies because it is a programmatic, formalised and analytical process; … A critical link between technology and strategy exists; the only real choice is whether managers want to see it. But who will win in 2024?…, The 5,000-year old solution to wipe out America’s debt?…, Uh-oh — CNBC says the economic expansion is “alive and well”…, By Nilus Mattive Posted November 16, 2019, There are a ton of resources available online to help you sell products through Amazon’s FBA program. Figure out what you want, and then work backwards from that point, and forward from where you are, to devise the pathways to get there. For example, experience from reading a lot of speeches allows me to intuitively recognize the main message of the speech apart from the jumbles of rhetorics and details. The Strategic Thinking Process . The way that a strategic plan is developed depends on a variety of factors such as the nature of the organisation's leadership and the culture of the organisation. Strategic thinking tends to focus on the planning process itself as a critical value-adding element. “It is not the plan,” said General Eisenhower during the … and A Chain of Linked Engagements. In the arena of energy strategy, for example, it is important for policy makers and strategists to know at least the aggregate of world oil and natural gas production statistics. Find out why the real story Wall Street is…, The Wall Street Journal wags a finger at China…, Trump will win reelection this year. Operational. Scenario planning. At the Strategy Management Group, we suggest that “strategic planning/management” and “strategic thinking” exist in a symbiotic relationship. Ahead of the Curve: A Guide to Applied Strategic Thinking was our first book on strategy. This term describes a process of looking at minutiae – voluminous measurements of mere stuff — in a misplaced effort to discern the large-scale trends and to create a proposed pathway for the future. “This is,” states Mercer, “like driving while looking at the speedometer and odometer, but not the road ahead; come the next curve, a crash is inevitable.” Of course, metrics have their uses and are important in their own ways. THE RELATIONSHIP BETWEEN STRATEGIC PLANNING AND GROWTH IN SMALL INDUSTRIAL BUSINESSES IN PALESTINE CASE STUDY: THE GAZA STRIP BY MUEEN GHAZI ARAFAT EL-MOBAYED SUPERVISED BY Dr. MUHAMAD AL-MADHOUN DISERTATION PRESENTED IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE DEGREE IN MASTER OF BUSINESS … The two not only work together…but they require each other. UNIT 1: Understanding Strategic Planning 81931_NMAC 8/7/03 11:57 AM Page 9. Previous Previous post: Strategic Thinking and Strategic Planning Next Next post: Strategic Thinking Process. by Randy Rollinson | Dec 30, 2015 | Uncategorized | 0 comments. Strategic Thinking is a planning process that applies innovation, ... Tregoe and Zimmerman outlined the relationship between strategy and operations in their work on strategy, “Top Management Strategy: What It Is and How To Make It Work”. The truth to know before you go to your nearest jeweller…, A Russian-Chinese plan to encircle Eurasia?…, Would the U.S. have actually invaded Saudi Arabia to seize its oil?… How the U.S. Congress may provoke the Saudis into dropping…, By James Rickards Posted November 26, 2018, “Now it’s Saudi Arabia’s turn to get even by reducing supply and driving prices higher”…, Might the Fed’s bailout of repo market exceed the entire Wall Street bailout of 2007–10?…, Best-Selling author, Nomi Prins takes a deep dive into the Federal Reserve’s impact on Wall Street banks and what that means for…, Here’s Nomi Prins with the latest analysis on the Fed’s repo market action. First, let’s just ask the question, What is Strategy? I have discussed the basics of strategy in numerous previous articles.  In an article entitled Strategic Ladder I used a critical period during the Second World War, the events in the Western Pacific Ocean leading up to the Battle of Leyte Gulf in the fall of 1944, to illustrate some of the basic points of strategy. Semper Fi. In order for your strategy to win, you must first conquer your doubts and fears. Strategic planning is often used to refer to a programmatic, analytical thought process, and strategic thinking to refer to … Without mission and vision, the plan exists in a vacuum, as the mission is the starting point for planning, the vision is the destination, and the strategic plan is the roadmap that helps you navigate from one to the other. God bless you all. The two not only work together…but they require each other. In today's environment rapid changes and technological explosion, almost all the management writers' emphasis on the need of updated and sophisticated techniques to outperform others or at least to survive. ONE OF OUR dear readers – one of the dearest readers, let me say, for reasons that you will discern in the next sentence — sent me an email, short and sweet.  Charles, an officer of the U.S. Marine Corps, transmitted this from western Iraq: “Byron, you write a lot about strategy…Even when you write about George Washington and the French and Indian War, or Clausewitz examining the campaigns of Napoleon, you give me ideas that I can use. But can you write something about the difference between strategic thinking and strategic planning?”. On the contrary, strategic management is a series of decisions or moves taken by the top managers in relation to the … By James RickardsPosted November 27, 2020, “Green” energy isn’t always so green… Is Earth actually cooling, despite mainstream claims?… Only the rich can afford green energy…, Janet Yellen is coming back… The real reason Biden Picked Yellen as Treasury Secretary?…, By James RickardsPosted November 23, 2020, Compelling evidence about lockdowns… The Great Business Lockdown Part II… Why the great exodus from cities is bad for the country…, By Charles Hugh SmithPosted November 21, 2020, The worst thing the Russians ever did to America… Going abroad in search of monsters to destroy… Does the world really want American democracy?…, The greed glands are pumping on Wall Street… Two graphic images proving that the stock market is not the economy…, Readers denounce George Gilder — and The Daily Reckoning…, Gold will return to the global monetary system. If you’re sighing and thinking, “Great, one more thing I have to start doing…”, hold up! A second tactic is to … Here’s the full…, By James Rickards Posted September 5, 2017, Jim Rickards’ reveals the global elites roadmap for how to use cryptocurrencies against their populations. It is the habit of visualizing alternative futures for the organization and their impact on others. Well Charles, of the U.S. Marine Corps and serving in Iraq, I hope that I have given you some more ideas. You are over there, and I am not, so I am reluctant to get too specific with any advice for you in the realm of strategic thinking or planning. How you build the bridge is your strategy. relationship between them. It is a skill that can be used on a daily basis, on your own or in groups. Strategic Planning & Policy Development, Woodward and Company (May 16, 2006) 5 Issues to Consider 1. Describe what a strategic plan is not. It’s not just a way of thinking what could be, but also a way of seeing what should be. Best wishes for the new year. Strategy has never been more challenging, or more important, than in today’s environment of global competition, in which, corporate strategies must transcend the borders of nations and markets. Strategic Thinking and Strategic Planning: Two Pieces of the Same Puzzle Strategic planning without strategic thinking will digress into a sluggish and lifeless process of setting goals and measuring objectives. You can have a different strategy for each section of the bridge, or you can have a consistent strategy for the whole thing. Eventually, the working classes will feel the pinch and they too will exit the oil age.  Then it will be the turn of the lower middle classes. JEL classification: L1, M1 . Real time . Be completely realistic, to the point of engaging with enemies if for no other reason than to gain access to tactical intelligence. Our research is based on a literature review. The strategic question is, What is the desired end state? The keeping of primary interpretive focus on the ways in which the key decisions of business affect or are affected by variations in technology and not on those variations t… But what comes next? Exactly. strategic planning is to align a company’s mission with its vision. Paul, the CEO of a widget-producing company, wants his executives to improve the strategic process of his company and to understand the difference between strategic thinking and strategic planning. Jim Rickards’ analysis…, By Addison Wiggin Posted September 4, 2020. Strategic thinking is more than just “thinking outside the box” . What happens if (or when) we realize that one or more fundamental assumptions are no longer valid? Differentiate between strategic management, strategic thinking, strategic planning, and managing strategic momentum. How shall we execute the plan? Who is responsible for making things happen?  At which stages do we reassess the entire matter? At the Strategy Management Group, we suggest that “strategic planning/management” and “strategic thinking” exist in a symbiotic relationship. State the reasons for strategic planning. Understanding strategic planning vs. operational planning doesn’t mean you choose between them! But metrics are a means of identifying progress towards some goal or another, and certainly not the way originally to establish the desired end state. In conclusion: Strategic thinking is about where you are, where you want to be, identify the gap and create the alternate approaches to anticipate and provide solutions; whereas system thinking looks at the whole pictures, the interaction and relationships holistically, and involves the sequential alignment of a series of steps in already identified strategic approaches. From the standpoint of military strategy, in mid-1944 the desired end state was to defeat Japan. This was the goal. After the strategy was formulated by FDR, specifically the immediate strategic goal of  liberating the Philippines, it was necessary for the operational commanders to set out the possible courses of action and to write up the prescriptive documentation to achieve the end. Strategy is what you do and it is, in many respects, where you invest your funds and resources. Introduction . Strategic thinking is a skill set that can be applied to any complex problem solving process. The relationship between the two ideas of strategic planning and strategic thinking is by no means clear in the literature, which is in a state of confusion over this issue. Thank you for reading Whiskey & Gunpowder. This is one form of strategic planning, albeit rather linear, just extrapolating the past oil age into the future and attempting to reinvent what no longer will exist. Strategic planning is one of the several components of project management that a high-functioning organization requires to operate at its maximum operating level. What is the relationship between Strategic Thinking and Strategic Planning? The following points are substantial so far as the difference between strategic planning and strategic management is concerned: A future-oriented activity which tends to ascertain the organizational strategy and used to set priorities, is called strategic planning. According to strategy guru Michael Porter, “Competitive strategy is about being different. Strategic planning is often used to refer to a programmatic, analytical thought process, and strategic thinking to refer to creative, divergent though process. The Mercer paper also uses the expression “strategy by spreadsheet” as a means of illustrating, disparaging and warning against another extreme of strategic planning. The relationship between the two ideas of strategic planning and strategic thinking is by no means clear in the literature, which is in a state of confusion over this issue. relationship between them. We live in two different Americas, argues Charles Hugh Smith in today’s reckoning. Alternatively, if you want to cut through all this material quickly and effectively, we do provide strategic thinking training and strategic thinking workshops. Through this focus, the company can ensure that their operations are as efficient and effective as possible. Strategic management and strategic planning give an organization a direction to move in. Here’s what’s hiding in plain sight and…, Donald Trump’s positioning has put the U.S military one step closer to the next phase of the Korean War. Yes, some of these technologies will work and, if constructed to scale, produce liquid fuels to substitute for what will no longer be available from oil. If you are the type of person who likes to shop in store, this…, By Nilus Mattive Posted November 21, 2019. “I don’t even look at the price. In a well-known paper published in 2004, entitled Strategic Planning Redux, Mercer Management issued a dire warning against strategic planning becoming a “sterile…exercise in template completion.” The worst scenario is when the strategic planning process becomes “burdensome, bureaucratic, vague and divorced from reality.” This highlights the problem that “without a clear strategy, managers have no guide with which to make tradeoffs, so initiatives proliferate and sap organizational resources.” Again, this gets back to the idea of strategy as a means of identifying the desired end state and matching that end state with the available resources. When you use your resources to accomplish one effort, by definition those resources are not available to use in another effort.  Perhaps you can use the same resources sequentially, meaning that Campaign B follows Campaign A, but in almost no case can you use the same resources simultaneously. This is part and parcel of the classic axiom of military doctrine, not to divide one’s forces. Keep in mind one last bit of strategic advice. Strategic thinking vs. strategic planning. In the past decades the strategic management literature has witnessed an impressive growth. Importance of Culture in Strategy to Execute June 20, 2019. Intuitively anyone recognizes the contrast between operational and strategic: “Operational” is something that helps things to work smoothly today, and requires constant attention, while “Strategic” is something from the world of top managers, defined for a longer-term, often less tangible, but still very important. It means deliberately choosing a different set of activities to deliver a unique mix of value.” Strategy is the “what” part of the […] “The strategy falls into the no-man’s-land between vision statement and concrete action. Because the strategy is vague, it does not force the organization to make choices or to build whole-hearted organizational commitment. Strategic planning, on the other hand, is a means to manage if not to specify, the details of how to achieve the desired end state. And when I use the word “manage,” I am using it in a broad context. Once the larger strategic goals are broadly defined, it becomes necessary to formulate and implement the strategy. This can be the really hard part, particularly because the “other side” is probably going to react to whatever you determine to do. Using the Pacific War example, MacArthur proposed first to conquer the Philippines, and then proceed on the track to Japan. The Nimitz approach was to bypass the Philippines and move more quickly and forcefully towards Japan. That is, FDR happened to hold the one office of the U.S. constitutional system of government in which was embedded the authority of the U.S. president to act as Commander in Chief. The development and execution of strategic plans is a well-thought-out plan performed in three critical steps: During the War in the Pacific, for example, the American forces had developed such innovations as radar and high-performance aircraft fuels. Thus U.S. forces could locate and track the Japanese ships and aircraft at far greater distances than the Japanese could detect U.S. forces. And once the Japanese were detected, the U.S. could send aircraft to pummel the opponent in an arena and environment of air superiority, if not air supremacy. This “investment” side of the strategic equation is part of the story of war-changing U.S. success at the Battle of Leyte Gulf. You begin to formulate a strategy with an honest assessment of where things are now, and where you want things to go. This requires a sense of both honest realism and realistic vision on the part of the strategist.  Abraham Lincoln, for example, had both a vision and the national resources (at least from the Northern half of the Union) to set about to free the slaves of the Confederacy. The two not only work together…but they require each other. Strategic management and strategic planning give an organization a direction to move in. In World War II in the Pacific, for example, the key U.S. military goal was to defeat Japan and to force that nation to surrender to the U.S. and its allies. U.S. Army General Douglas MacArthur convinced President Franklin Roosevelt that the U.S. military strategy to achieve the end of defeating Japan had to include the early invasion and liberation of the Philippines, hence events led to the Battle of Leyte Gulf, above-noted.  U.S. Navy Admiral Chester Nimitz, on the other hand, did not believe that the U.S. should use its limited resources to liberate the Philippines. That is, Nimitz believed that it would be militarily feasible to bypass the Philippines, and utilize U.S. and Allied combat power to strike sooner and more directly towards the Japanese Home Islands. This Nimitz approach might, of course, have been an equally successful military strategy, and could possibly have shortened the length of the war. (Imagine what would have happened if the war in the Pacific had terminated before the U.S. atom bomb was ready for use. Would this be a different world?) It has to be conducted or carried out. Rather than a division between creative and strategic thinking, the world’s most agile companies understand that the key to successful problem solving, design and innovation is, in fact, a symbiotic interplay between ‘strategic creativity’ and ‘creative strategy’. Applied Strategic Thinking is the ability to anticipate and begin exploiting tomorrow’s opportunities today. “It is not the plan,” said General Eisenhower during the campaign in Europe in the Second World War, “it is the planning that matters.” That is, the habit of thinking strategically lends itself to making rapid changes in plans when one course of action does not meet with success. That kind of decision, and strategic vision, would have to await another president, in another era with different technology, 100 years later. We'll start with the definitions of the two kinds of strategic processes. He is a Harvard-trained geologist who has traveled to every U.S. state and territory and six of the seven continents. The two not only work together…but they require each other. Which one do you live in? One extremely helpful scholarly overview can be found in the June 1998 volume 31 of Long Range Planning, in a very high-level discussion by Loizos Heracleous entitled “Strategic Thinking or Strategic Planning?”  Heracleous presents a variety of perspectives from business academicians differentiating between the two. Strategies Available Worldwide to Help You Building Vision and Mission November 16, 2019. Create a mission and vision statement for your organization. Ask Them to Review a Flawed Strategic Plan and Identify Potential Problems. Then again, Nimitz’s strategy might not have worked out.  But we will never know, and today we can only speculate about “what if.” Whatever its merits might have been, the strategy offered by Nimitz was overruled by the Commander in Chief, FDR. Strategic planning models can include: Goal based . I. Individually they cannot support an organization alone, but when combined they provide projects with a diverse, robust set of operational capabilities. Bill Bonner By Bill Bonner Posted September 22, 2017, President Trump sinks into the swamp. Key Differences Between Strategic Planning and Strategic Management The following points are substantial so far as the difference between strategic planning and strategic management is concerned: A future-oriented activity which tends to ascertain the organizational strategy and used to set priorities, is called strategic planning. Élaboration d une stratégie Question ajoutée par Mohammad Tohamy Hussein Hussein , Chief Executive Officer & ERP Architect , Egyptian Software Group In more modern parlance, FDR was “the decider.” The broad strategic decision was FDR’s to make, because in the U.S. political system the Constitution vests such legal authority in the office of the president. Thus is strategy controlled by policy, which in turn derives from politics and legal structure. Until we meet again… Byron W. King December 28, 2006. During the high-level strategy formation phase, leaders thinking strategically will drive alignment around analyzing the opportunities from the widest possible perspective and understanding.  During the operational and implementation phase, a strategic thinking organization will ensure that the higher level strategic direction cascades throughout the day-to-day decision making at all levels. “First of Foot and Right of the Line,” Charles. He has been interviewed by dozens of major print and broadcast media outlets including The Financial Times, The Guardian, The Washington Post, MSN Money, MarketWatch, Fox Business News, and PBS Newshour. Explain the difference between strategic planning and long-range planning. Strategies Available Worldwide to Help You Building Vision and Mission November 16, 2019. Employees, managerial staff, and upper-level management will all be working together to achieve these goals. Exactly. At some point, a strategy has to be translated into something that people can do “tomorrow,” and a strategy requires that the resources be identified and supplied to the operators for its accomplishment. Poorly articulated strategy can lead to misguided and wasted efforts, overlapping or contradictory initiatives, and general organizational confusions that burn up gas and create the appearance of activity but makes for little progress. Blue-sky planning also tends not to tie strategy to financial and material resources. When the economics or logistics of a major effort are not explicit, then no one in the organization can know which metrics matter. Under these circumstances, it soon becomes impossible to understand if you are on the right path to the desired end state. There is no agreement in the literature on what strategic thinking is, what strategic planning is, or on the nature of their interrelationship. The Mercer paper labeled a concept called “blue-sky strategic planning” that emphasizes a so-called “vision” but with little attention given to the details of how to execute the vision. So, as you can see, SWOT analysis and strategic planning are distinct concepts, however, both involve the use of essential data about the business to create effective solutions for success. it is also knowing which box to think outside of! A quick Google search reveals that academics have pondered and debated this question since the early 1990’s. When I get an extra hundred grand, bam, 10,000 goes into gold”…. The blue-sky approach also fails to answer the question, ‘What do people on the front lines do differently tomorrow?’”. Through this focus, the company can ensure that their operations are as efficient and effective as possible. The first strategic question to ask is “what shall we do?” Yes, that is a good question, but just a start. Strategic thinking tends to focus on the planning process itself as a critical value-adding element. Look after your Marines, my friend. But Lincoln could never have declared in, say, 1863, that another national goal for the U.S. was to land a man on the Moon. Byron King is a Senior Geologist at Rickards’ Gold Speculator. The gold (strategic) commander must ensure that a strategy to direct police action is developed. The only question is how…, Three principal drivers powering the third major bull market in gold…, Are diamonds a big scam? Relationship Between Strategic Planning & Marketing Strategies. I have also looked at strategy through the lens of energy supply in another ongoing effort here in Whiskey & Gunpowder, my three-part (so far) series on energy entitled Planning, Policy, Strategy and Energy.

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