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Strategic planning is an important component of strategic business management. It results in long-term planning for and future direction of an enterprise at a strategic level. If a strategic planning exercise is done for the first time, it results in setting the vision, mission and values for the enterprise. Strategic planning cycles can vary from three to five years and are industry-dependent. For a set vision and mission, the goals are normally reviewed and revised from one cycle to another. Every strategy cycle results in new or updated goals to achieve the vision of the enterprise. The strategy implementation phase deals with the delivery of the set strategic goals. The following is a step-by-step approach to the strategic planning activity using COBIT® 5 guidelines.Read the rest of the article here
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