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Panferova L., Ivanova E.

Strategic Planning as the Basis for Management Decision-Making

Keywords: strategy, planning, goal, objectives, role, reporting

The relevance of the role of strategic planning as the basis for management decision-making is due to the fact that every economist, accountant and manager should know not only general trends in the development of strategic planning, but to be able to master its methods and apply them in practice as well, since in a rapidly changing market situation it is thanks to them that it is possible to develop an effective strategy, tactics and identify unused reserves and implement them in the practice of the organization. Currently, there is a tendency to increase the importance of strategic planning in an organization as one of the most effective and reasonable tools to influence its activities. This article gives the concept and reveals the essence of strategic planning under free market conditions. The main objectives, purpose and principles of strategic planning, as well as its importance in making competent management decisions are determined. The main trends of strategic planning are considered, the results of numerous studies in the field of strategic planning are summarized. The study focuses on financial reporting and its role as the basis for strategic planning. The article presents the main stages of strategic analyzing the organization's performance and provides their brief description. The article also discusses the main indicators used as the basis for making management decisions, and the base used in financial analysis, such as the form "Balance sheet" and the form "Statement of financial results", it identifies the main users of information obtained in the analysis of financial statements.

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About authors

Panferova Liya V.
Candidature of Economics Sciences, Associate Professor, Department of Accounting Record, Analysis and Audit, Chuvash State University, Russia, Cheboksary (2013-leto@list.ru; )
Ivanova Evgeniya
4th Year Student of the Economics Faculty, Chuvash State University, Russia, Cheboksary (Ivanova_Eugenia_16@mail.ru; )

Article link

Panferova L., Ivanova E. Strategic Planning as the Basis for Management Decision-Making [Electronic resource] // Oeconomia et Jus. – 2019. – №3. P. 10-18. – URL: http://oecomia-et-jus.ru/en/single/2019/3/2/.