Planning: Setting goals and deciding how to achieve them. It is coping with uncertainty by formulating future
courses of action to achieve specified results.
1. Set aside the time to do it
2. Make some decisions without a lot of time
A decision is a choice made plan among available alternative
4 Steps of rational decision making
1. Identify the problem or opportunity Determining the actual versus the desirable
2. Think up alternative solutions- Both the obvious & the Creativ
Business plan: a document that outlines a proposed firms goals, the strategy for achieving them, and the
standards for measuring success.
Why strategic management & strategic planning are important:
1. Providing direction and momentum teamwork
What is the Keystone XL pipeline?
Its genesis was in the early 2000s, when oil prices rose and the extraction of petroleum from the
remote tar sands in northern Canada became lucrative. Oil companies needed a quick way to
transport the oil to