Modern techniques of strategic planning

Author:David JENNINGS, ACCA

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Keywords:strategic planning, strategic choice, business unit, implementation, business level plan

Abstract:
This article explores how these processes are conducted as part of strategic planning, and the benefits and costs associated with strategic planning.\r\nThe strategic planning process is often depicted as a number of interlinked phases, and this article presents the main traits of all the phases of the strategic planning.\r\nIt is also analyzed how the strategic planning process is modified to become consistent with the organization’s external and internal environment. These factors are examined by reference to a case study concerning the development of a UK energy company.\r\nThe professional auditors and accountants also must be aware of the fact that the strategic planning cannot guarantee strategic and financial success.\r\nThey should, however, remain sensitive to the need for the planning process – as with any other management process or technique – to be developed in a way which is appropriate to the specific context in which it is to operate.

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