Examination Of Planning Techniques And Contingency Strands In Strategic Management Feasibility: A Discourse
Abstract
The objective of this manuscript is to theoretically and empirically evaluate the application of planning techniques and associated contingency strands in the strategic management processes. Planning itself is the process of setting objectives and the decision of how they are to be achieved. The end product of planning is a plan irrespective of its continuous nature. The paper examined the relevance and characteristics of planning, patterns of planning, and contingency planning. The planning techniques dealt with in this paper that would ensure effective strategic management feasibility include forecasting, both quantitative and qualitative perspectives, with relevant examples; including forecasting usefulness, general purpose of forecasting and types. Other techniques of planning and applications explored and applications in the study are budgeting, scheduling and sequencing, in addition to types of schedules and techniques that would statistically enhance strategic management processes feasibility. The adoption of relevant planning techniques and the feasibility is therefore recommended. The study also recommends the need for contingency plans with time and space.
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