source: https://keydifferences.com/difference-between-planning-and-strategy.html
Planning is “Thinking before the action takes place”. It decides beforehand what, when, and how the task is to be accomplished. It is not exactly the same as strategy, which is nothing but “a comprehensive plan.” The strategy is all about using a trick to gain success for a particular purpose. It is the skill of managing the affairs of the enterprise.
In business, one might come across with the terms planning and strategy, end number of times. Planning is the basic function of management that tries to take a peep into the future. On the other hand, strategy is one of the components of planning and is also known as interpretative planning. The two terms have different meanings and usage in the business world. So, have a glance at the article that explains the difference between planning and strategy.
| Basis for Comparison | Planning | Strategy |
|---|---|---|
| Meaning | Planning is thinking in advance, for the actions which are going to take place in the future. | Best plan opted for achieving the desired outcome. |
| What is it? | Planning is a road map for accomplishing any task. | Strategy is the path chosen for achieving the objectives. |
| Related to | Thinking | Action |
| Basis | Assumptions | Practical considerations |
| Term | Depending upon the circumstances. | Long Term |
| Nature | Preventive | Competitive |
| Part of Management Functions | Yes | Sub-part of Decision Making |
| Sequence | Second | First |
Planning is an organized process of thinking in advance about a future action. It means the preparation of the plan, i.e. the sequence of steps which will help in achieving organizational objectives. Planning is among the five management functions apart from organizing, controlling, motivating & leading and decision-making.
Planning is a future-oriented activity that takes place in routine decisions of a family, a friend group, a college, government and most importantly, in business management. It requires good judgment skills to choose which action is to be done earlier or later to avoid overlapping in actions.
Planning process
Planning needs goal setting for which planning needs to be done. After that, alternative courses of action are found, and finally, deciding which plan will lead to your destination successfully. It doesn’t mean that everything will go according to your plan, or it may also happen that the plan may fail midway, so the second list of plans is also prepared, which act as a complementary plan to the original plan if it fails, for achieving the goals successfully in the limited time.
The creation of complementary plans is also a part of the planning procedure. Planning needs to be flexible in nature so that any change can be done if required by the organization. With the help of planning, an organization can exercise control over the action, i.e. whether everything is going as per plan or not.