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Strategic Plans

Strategic Plans

Q Class: This week discuss differences between strategic plans and strategic planning. Also, is strategic thinking part of a planning cycle? Consider the length of time a strategic plan should address, how many years, should the plan be updated each year, assessed each year, and who to include in the process.?

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There are hardly any kind of accurate differences between strategic plans and strategic planning and to some extent both are some. A strategic planning suggests to help with direction and focus to the company in order to move forward whereas strategic plans provide an idea of structure for defining the strategy. At the initial stage of strategy making, strategic plans are used, however, later while determining the future endeavours of the company, the strategic planning has been used.