Strategic planning

Document Type:Research Paper

Subject Area:Business

Document 1

Great emphasis is required when planning and executing projects to avoid a lot of risks which might face various projects. Projects that have lacked adequate and liable strategies have ended up collapsing or bearing no economic fruit. Organizations and individuals should employ ideals strategies when planning and executing small, medium and large projects. When inadequate attention is not paid during the whole project management, there are great chances of the project to fail. Strategic planning is one of the major part of project management which ensures that a project meets the expectations of the shareholders. Through strategic thinking, one is able to think about a situation in a very intensive manner, make some analysis about the situation both in the current and future times and finally come up with a good and dependable conclusion.

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In that view, planning becomes part and parcel of strategies thinking. Since planning involves thinking and preparing for the future, it requires planners to be strategic thinkers who can be able to learn and analyze different situations which can have both negative and positive effects on a certain project. Through strategic thinking, planners are able to make logic and creative plans for the future of an organization. This step involves clarification of organizational mandates as well as the mission and vision of the organization. This is a sensitive stage and requires very serious analysis and involvement of all stakeholders. Objectives are the guiding steps and targets that a certain organization is expecting to meet. They dictate what is to be done and the time in which they should be done.

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They show the expected results that a certain project is aiming to get. Bearing this in mind, it is therefore paramount to have clear, well-analyzed and realistic objectives of a project. This will help to organization acquire more manpower and resources which are important in achieving its objectives. Moreover, the organization can also have an alternative of merging with other companies thus making it more competitive it its activities. Strategic thinking is also important during the plan development and implementation because it helps planners know the best strategic position to start their projects. Proper positioning of a project is very crucial since it determines the proximity of the project to the customers. Well positioned businesses which are close to both the raw material and consumers will definitely perform better than those that are far away from the source of raw material and consumers.

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They include internal and external factors which have indirect and direct effects on the project or the organization. External factors or premises include social, political, technological, government policies and competitors. Internal premises include policies of the organization and the resources available. This process of planning for the premises or factors that affect the project requires investors to perfectly utilize his/her critical thinking capacity. Planning strategically will help to plan for the counteractive strategies for any possible negative effects of these factors. Procurement is another important aspect of project execution. This involves managing the whole purchase and supply process of raw materials used in the project execution. When the procurement process fails, the whole project execution process can terribly fail. Only the most dependable and effective suppliers should be allowed to supply raw materials to the project.

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Unreliable suppliers may fail to supply raw materials in time or they may supply low quality raw materials. He/she ensures that all stakeholders contribute to the project in accordance to the goals and objectives of the organization. He/she acts as the leader of the project and is responsible for either failure or success of the project. For the business project to be successful, project team members are very important. These are general workers who are involved in the project development and completion. They are very important because they give direct support to the project by working in various departments which finally ensure the whole project is completed effectively and efficiently (Kerzner, 2019). It is therefore advisable for organization to embrace and encourage strategic planning among its stakeholders to perfectly attain their goals and objectives.

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