A strategy is an overall approach and plan. So, strategic planning is the overall planning thatfacilitates the good management of a process. Strategic planning takes you outside the day to- day activities of your organization or project. It provides you with the big picture of what you are doing andwhere you are going. Strategic planning gives you clarity about what you actually want to achieve and how to go about achieving it, rather than a plan of action for day to-day operations.
A strategicplan is not the same thing as an operational plan. The former should be visionary, conceptual and directional in contrast to an operational plan which is likely to be shorter term, tactical, focused,implementable and measurable. As an example, compare the process of planning a vacation (where, when, duration, budget, who goes, how travel are all strategic issues) with the final preparations(tasks, deadlines, funding, weather, packing, transport and so on are all operational matters).
As the precursor to developing a strategic plan, it is desirable to clearly identify the current status,objectives and strategies of an existing business or the latest thinking in respect of a new venture. Correctly defined, these can be used as the basis for a critical examination to probe existing orperceived Strengths, Weaknesses, Threats and Opportunities. This then leads to strategy development covering the following issues:
ProgramsDecision Making Using Probability
If we have two events A and B then P(A|B) is the probability of A given that B has occurred.
Utility companies – forecast periods of high demand:
P(Highdemand|air temperature is below normal) = 0.6
P(High demand|air temperature is normal) = 0.2
P(High demand|air temperature is above normal) = 0.05.
• Conditional Probability
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