Strategic planning management

As per wikipedia, Strategic Planning management is the conduct of drafting, implementing and evaluating cross-functional decisions that will enable an organization to achieve its long-term objectives. It is the process of specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs.

Strategic management is an ongoing process that evaluates and controls the business and the industries in which the company is involved; assesses its competitors and sets goals and strategies to meet all existing and potential competitors; and then reassesses each strategy annually or quarterly [i.e. regularly] to determine how it has been implemented and whether it has succeeded or needs replacement by a new strategy to meet changed circumstances, new technology, new competitors, a new economic environment., or a new social, financial, or political environment. (Lamb, 1984)

In the current changing competitive business era and its practice made significant move towards the close integration of project management with business elements like linking organizational strategy with projects through project portfolio management and Strategic planning management. Strategic management is carried on in most organizations today, and most organizations that practice it benefit significantly.

Role of strategic Management:

Strategic management plays an key role in placing different strategies of an organization like business strategies, Brand positioning, Business networking, Advertising strategies, Marketing strategies, competitive strategies, turnaround strategies, collaborative strategies ,M&A strategies, account strategies and human resources strategies. From the above all strategies accounting and human resources management plays vital role in the development organization.

The main objective of Strategic Management is to make internal analyses through SWOT analysis and enhancing awareness. It also helps in strategy formulation. Timely and correct decisions will have positive impact on business. Various forecasts related to business activities are possible through Strategic Management Accounting. It also helps in allocation as well as fuller utilization of resources. Strategic Management Accounting is an integrated system which consists of so many systems, subsystems, methods, techniques and methodologies. Knowledge of financial accounting, cost accounting, mathematics, statistics, operations research and economics is required for application of different branches of Management Accounting. Budgeting, marginal costing, auditing and forecasting are the important tools for successful implementation of Management Accounting. Budgeting is one the major tools which helps in controlling different costs. The strategic role of HRM in organizations is basically to support the long-term business objectives and vision with the optimum utilization of the human resources. This requires the most efficient and effective practices for the whole range of HRM functions in organizations.

The tasks of strategic planning Management:

The tasks of Strategic planning Management may differ from one organization to organization.

Below are the common features of Strategic planning Management:

Setting up the project objectives according to the organizational strategy.

Choosing an approach for project selection.

The allocation of the project priorities.

Providing strategic resources, getting financing funds, finding sponsors, partners, key specialists, as well as necessary support by authorities, NGOs and mass media, etc.

Strategic monitoring and control.

Taking a decision on the introduction and development of a project management approach.

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