Chance Constrained Programming and Other Approaches to Risk in Strategic Management. Revision
TEXAS UNIV AT AUSTIN CENTER FOR CYBERNETIC STUDIES
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Plans are said to be strategic when they are to be used to guide or control other plans. For instance, a strategic marketing plan may be formulated to guide the development of marketing plans for each of several product lines. Much of the literature dealing with strategic management focuses only on the latter in terms of an overall corporate strategy which sets directions or objectives intended to relate corporate developments to future environments in which the company will or should operate. Keller 1983 is particularly strong in asserting that the focus of strategic planning should be on the latter and this should be done from the standpoint of top management involvement without cluttering detail. In treatments like the one we are undertaking, however, it is necessary to allow for variations encountered in practice as well as in the literature.
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