Strategic planning is essential in regulated industries. Most regulators look for top down governance as part of compliance which starts with the strategic plan.
Almost all regulatory issues of fact controlling aspects of strategic plans. Regulatory issues in the coal industry are an example of issues that drastically change strategic planning.
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There are three basic activities in Strategic Planning. Strategic Analysis which requires some sort of review of the company's driving force and environment. Setting Strategic Direction which requires coming to conclusions and setting strategic goals based on the issues facing the company. Action Planning involves the carefully laid out plan or gameplay needed to achieve a successful outcome.
1986-1987, strategic planning
Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. Various business analysis techniques can be used in strategic planning, including swot-analysis (Strengths, Weaknesses, Opportunities, and Threats ) and pest-analysis (Political, Economic, Social, and Technological analysis) or STEER analysis (Socio-cultural, Technological, Economic, Ecological, and Regulatory factors) and EPISTEL (Environment, Political, Informatic, Social, Technological, Economic and Legal).
Absolutely. In fact strategic planning is done extensively in education. K-12 and higher education both use strategic planning. The links provided offer specific models for IT strategic planning in higher education.
Strategic context refers to the broader environment and circumstances that influence decision-making and planning within an organization. It encompasses factors such as market conditions, competitive landscape, regulatory frameworks, and internal capabilities. Understanding the strategic context helps organizations align their goals and actions with external realities, ensuring that strategies are relevant and effective. Ultimately, it provides a framework for analyzing opportunities and threats that can impact organizational success.
Conducting strategic planning means that you are planning ways to meet the strategic objectives of your organization. Having a strategic mindset refers to the way you think each day for work and in life.
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A federal regulatory agency can be considered part of an organization's external environment. It influences the organization's operations through regulations, compliance requirements, and oversight, which can affect decision-making and strategic planning. Organizations must stay informed about these regulations to ensure compliance and avoid potential penalties. Additionally, the agency's policies can impact industry standards and competitive dynamics.
Strategic planning is the first phase of project selection.