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International Journal of Academic Research in Business and Social Sciences July 2012, Vol. 2, No. 7 ISSN: 22226990Strategic Planning Model Formulation Based on Balanced Scorecard: A Case Study Elated

How to fill out strategic planning model formulation

1. To fill out a strategic planning model formulation, one must first gather relevant data and information about the organization, its current situation, and its goals and objectives. This can be done through research, interviews with key stakeholders, and analysis of internal and external factors.
2. Next, the strategic planning model formulation should involve identifying and assessing potential strategies and courses of action that can help the organization achieve its goals. This can include identifying strengths, weaknesses, opportunities, and threats, as well as conducting a SWOT analysis to determine the best strategies moving forward.
3. Once potential strategies have been identified, they should be evaluated based on their feasibility, impact, and alignment with the organization's goals and objectives. This can involve assessing the organization's resources, capabilities, and limitations, as well as considering potential risks and challenges.
4. After evaluating potential strategies, the strategic planning model formulation should involve selecting the most appropriate strategies and developing an action plan for implementation. This can include determining specific objectives, setting timelines and milestones, allocating resources, and assigning responsibilities to individuals or teams.
5. Finally, it is crucial to regularly review and monitor the implementation of the strategic plan, making necessary adjustments and revisions as needed. This can involve tracking progress, evaluating outcomes, and reassessing strategies based on changing circumstances or new opportunities.

Who needs strategic planning model formulation?

1. Organizations of all sizes and types can benefit from strategic planning model formulation. This includes businesses, non-profit organizations, government agencies, educational institutions, and healthcare organizations.
2. Strategic planning model formulation is particularly important for organizations that want to proactively shape their future, set clear goals and objectives, make informed decisions, and effectively respond to internal and external challenges and opportunities.
3. Leadership teams, executives, and managers within organizations play a key role in driving the strategic planning model formulation process. This includes individuals responsible for strategic management, decision-making, and allocating resources.
4. Additionally, stakeholders such as employees, customers, investors, and community members may also benefit from being involved in the strategic planning model formulation process. This can help ensure alignment, engagement, and effective communication throughout the organization.

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