CSS Strategic Planning Flashcards

When prioritizing strategic initiatives, which factor pairing is most commonly weighed?

Answer: Impact versus effort or feasibility

Initiatives are often prioritized by balancing their potential impact against the effort or feasibility required.

What is a competitive advantage in strategic terms?

Answer: An attribute that allows an organization to outperform rivals

Competitive advantage is a distinctive capability or resource that lets a firm outperform competitors.

Which best describes a 'critical success factor' (CSF)?

Answer: An area where satisfactory results are essential to achieving goals

Critical success factors are the few key areas where things must go right to meet objectives.

In strategic planning, what is meant by 'cascading' objectives?

Answer: Aligning high-level goals down through departments and individuals

Cascading translates organizational goals into aligned departmental and individual objectives.

What role does resource allocation play in executing a strategic plan?

Answer: It directs funding, people, and time toward priority initiatives

Effective resource allocation channels money, staff, and time to the highest-priority strategic initiatives.

Why is stakeholder engagement important during strategy formulation?

Answer: It builds buy-in and surfaces diverse insights that improve the plan

Engaging stakeholders increases commitment and brings valuable perspectives into the strategy.

What is the danger of 'analysis paralysis' in strategic planning?

Answer: Excessive analysis delays decisions and stalls action

Analysis paralysis occurs when over-analysis prevents timely decisions and action.