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It should also be noted that the need to review objectives arises from signals that may be different from, and independent of, the signals that cause a review of strategy.Each of the two cycles may take place at different times and over different periods of time.The strategic planning cycle embodied in a set of formal planning procedures, ensures that managers examine major strategic issues, or 'strategic elephants', faced by their organization.
The formal planning cycle also provides a logical framework to enable managers to tackle their strategic elephants in a systematic way, and so ensure that no major issues are left unaddressed.
This need for a logical and thorough system is expressed in the amazing variety of corporate planning cycle diagrams on offer.
The strategic planning process cycle consist of five essential procedures as follows - The second stage of the strategic, or corporate planning cycle, about purpose and target setting involves acceptance, by management, of the purpose.
This is determined by the founders and governors of the organization, and managers agree with them a set of targets for this overall performance.
Sometimes there are different sector viewpoints that influence the design of the strategic planning cycle.
For example some public sector organizations are governed by funding and budget cycle considerations, as well as the need to explicitly take into account a multiplicity of constituencies in the planning process.
Objectives are not influenced by strategic decisions.
It should be noted that the factors that affect the choice of corporate objectives are, or may be, wholly different from the factors that are taken into account when selecting a strategy; that is why I have separated them into two different elements in the chart.
This is a small sampling of the literally thousands of planning cycle diagrams available on the Internet.
The variations represent different levels of abstraction, ways of defining stage boundaries, grouping of sub-steps or tasks into larger stages or phases, and so on.