Wednesday, 31 December 2014

Terms of the Day Human Capital and Strategic Planning

For those of us who have Read Steven Covey and "Begin with an End in Mind" - Strategic Planning comes Easy.

strategic planning
 

Term of the Day

Strategic planning

systematic process of envisioning a desired future, and translating this vision into broadly defined goals or objectives and a sequence of steps toachieve them. In contrast to long-term planning (which begins with the currentstatus and lays down a path to meet estimated future needs), strategic planning begins with the desired-end and works backward to the current status.
  • At every stage of long-range planning the planner asks, "What must be done here to reach the next (higher) stage?"
  • At every stage of strategic-planning the planner asks, "What must be done at the previous (lower) stage to reach here?"
Also, in contrast to tactical planning (which focuses at achieving narrowly defined interim ...
Learn more about this term
Usage Example Unlike other types of planning, strategic planning starts with the desired-end result and works backwards to find out ways to meet the desired goal.
I find these Terms of the Day Quotes useful. I subscribe to this Newsletter from businessdictionary.com which send me:
1. Term of the Day and
2. Investor Words of the Day.
IMHO, both are great Refreshers in the morning for a C Suite Player.  See another example below about a Much Over-used Term:
Term of the Day

Human capital

The set of skills which an employee acquires on the job, through training andexperience, and which increase that employee's value in the marketplace.
Learn more about this term
Usage ExampleHuman capital is like any other type of capital; therefore, it should be invested in through education and additional training.
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