Strategic Planning and Management as it applies to an accounting organization
STRATEGIC PLANNING AND MANAGEMENT
Strategic planning is a management tool. As with any management tool, it is used for one purpose only: to help an organization do a better job. Strategic planning is a disciplined effort to produce fundamental decisions and actions that shape and guide an organization.
1. Strategic planning develops through the organization's leadership, culture, size, expertise of planners and complexity of the organization's environment.
2. Traditional forecasting techniques predicts significant changes in a firm’s external environment, when the change is rapid and turbulent and when the information is limited.
3. Strategic planning and management clearly defines the purpose of the organization to establish realistic goals and objectives consistent in a defined time frame within the organization’s capacity for implementation
4. Strategic management in accounting is a concept of information that is effective for a wide range of objectives from corporate management to proprietorships to a specific venture.
5. Strategic planning and analysis has to be executed at an internal level as well as an external level to identify all opportunities and threats of the external environment as well as the strengths and weaknesses of the other organizations.
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