What is the first step in strategic planning?
Strategic planning begins with defining the organization’s mission, vision, and core values to align actions with long-term goals.
What is a SWOT analysis used for?
SWOT analysis is used to evaluate an organization's strengths, weaknesses, opportunities, and threats to create effective strategies.
What is the role of business analysis in strategic planning?
Business analysis identifies key problems and opportunities, helping to inform decision-making and align strategic actions with business goals.
What is the purpose of defining key performance indicators (KPIs)?
KPIs are used to measure progress toward strategic goals, ensuring that the organization is on track to achieve its objectives.
What is the balanced scorecard approach?
The balanced scorecard approach is a strategic planning tool that measures organizational performance across financial, customer, internal process, and learning/growth perspectives.
How does the PESTLE analysis contribute to strategic planning?
PESTLE analysis evaluates external factors (political, economic, social, technological, legal, and environmental) that could impact the organization’s strategy.
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Why is stakeholder analysis crucial in business analysis?
Stakeholder analysis identifies the key individuals or groups affected by a strategy, ensuring that their needs and concerns are addressed in the planning process.
What is scenario planning in strategic management?
Scenario planning involves preparing for different future possibilities by analyzing potential changes in the environment and developing strategies for each scenario.
What is the role of risk management in business analysis?
Risk management identifies potential risks to a strategy and develops plans to mitigate or avoid those risks to ensure the strategy’s success.