Q.11. What do you mean by operating strategic plans?
Ans. Operating plans are implemented by the different units in an organisation while strategic plans are implemented through projects. Strategic planning is considered as a part of a wider system of managing through strategy. A strategic plan is one which defines the objectives of a firm and the means by which these objectives are to be attained. It is concerned with the determination of the future posture of a business with special reference to its product’s market posture, its size, profitability and its relationships with the external environment.
Q.12. Point out any three differences between strategic and tactical plannings.
Ans. Three differences between strategic and tactical plannings are as follows:
(a) Strategic planning is a systematic and logical process while tactical planning is ad hoc.
(b) Strategic planning is a continuous process while tactical planning has fixed time
(C) Strategic planning is a formal process based on assumptions while tactical plans are
informal and exist very often in planner’s mind.
Q.13. What is the nature of strategic planning?
Ans. Strategic planning is a systematic and disciplined exercise to formulate strategies. The strategic planning gives rise to two plans those are operating and strategic plans. The operating plans are implemented by the different units in an organisation while strategic plans are implemented through projects. Strategic planning relates to the enterprise as a whole or to a particular business units. Thus, strategic planning is a forward looking exercise which determines the future posture of the enterprise with special reference to its product’s market posture, profitability, size, rate of innovation and external institutions.
Q.14. Give the steps involved in strategic plannings.
Ans. The steps involved in strategic plannings are as follows:
Step I : Establishing verifiable goals.
Step II : Establishing planning premises.
Step III : Deciding the planning period.
Step IV : Finding alternative courses of action.
Step V : Evaluating the alternative plans and selecting a course of action.
Step VI : Developing derivative plans.
Step VII : Implementating the business plan.
Step VIII : Measuring and controlling.
Q.15. What do you mean by resource analysis? (2014, 15)
Ans. Resource analysis is the interpretation in which physical quantities are ultimately translated into monetary term. The real aim of this anatomy is to measure the probable resource drain on the economy that would result from various possible actions.
Resource analysis is also likely to include an analysis of the strength and weaknesses in the business. The resource analyst has to give attention to economic costs for feasibility to obtain physical material and manpower.