The words ‘Strategy’ and ‘Strategic Planning’ and sometimes even just plain old ‘planning’ are often used interchangeably. In fact, they are not the same, and should not be confused with one another.
Strategy: in its simplest definition, strategy is WHAT you need to do to get from where you are to where you need to be.
Essential for the success and realization of the strategy is a Road Map that explicitly states what and when actions will be taken. This road map will produce a Portfolio of Projects and Initiatives, as well as the necessary financial and other resources needed to turn this road map into a reality.
All of these must be aligned with the Strategy, and carried out through a careful Plan that articulates cost, timeline, resources, risks and challenges, and a mechanism for change management.
Strategic Planning is this essential process mentioned above. It involves creating a Road Map, a Portfolio of (investment) Projects and Initiatives. Closely tied to Strategic Planning is Change Management where people, culture, processes and technology need to be examined and changes made as necessary.
Planning or Project Planning is the disciplined process by which explicit tasks, resources (human, time, financial, machines, soft assets, etc…) are carefully integrated to accomplish the goals of one or more project or a portfolio of projects.
Integral to project planning is Outcome Measurements. Many project management practitioners measure the success of a project based on the ‘cliché’ of on-time and on-budget. Although this is not a bad thing to measure, the reality is, most projects morph and change from their initial state and goals. When evaluating the outcome of project, one must ask these two questions:
1- Have Things been done Right: This the discipline of Process Improvement through lessons learned, and it is a Management responsibility.
2- Have the Right Things been done?: This is where mapping the outcome of the project to strategy is critical. You may have done things right, but was it the right thing to do, based on your organization’s objectives and strategy? This is a Leadership responsibility.