Strategic Planning and Forecasting

Strategic planning is the process by which an organization defines its direction and makes decisions on allocating resources to pursue its goals. It involves setting long-term objectives and identifying the steps needed to achieve them. Forecasting, on the other hand, is about predicting future trends based on historical data, market analysis, and other relevant factors. Together, these practices help organizations anticipate changes and prepare for the future, allowing them to navigate challenges effectively and seize opportunities for growth. Essentially, strategic planning outlines the "what" and "how," while forecasting informs the timing and likelihood of success.