1.3 Strategic planning

Question 1

What are the “boundaries” of a strategy?

Answer 1

The limits beyond which a firm/charity/person will not be able to operate. This could be a major shift in sector for a business, or a personal choice for an individual.

Question 2

What are the “parameters” of a strategy?

Answer 2

The aspects which must remain constant for success. e.g. expected level of return.

Question 3

What is “gap analysis”?

Answer 3

The comparison of actual performance or events with projected or desired performance or events to understand the reason for any difference.

Question 4

Give three ways in which “today” is strategically different from the “future”?

Answer 4

1) There is no risk involved in TODAY, as all current variables are known
2) Parameters for success will change as we move toward the FUTURE.
3) There are unknown unknowns in the FUTURE that cannot be predicted.