How can strategic planning and management techniques and theories be applied to your personal life? Give examples.
Let us first know about the terms strategic planning and management techniques . Both aim to allocate resources and form strategies in such as manner , so as to increase the productive capacity of a business entity in the most efficient way . They are control mechanisms . Planning is the fundamental of every every action we take .
In personal life we plan holidays , expenditure based on income , proper investment plans for our future etc . Strategic planning and management can help a person lead a better life even in low income . In our personal life we can allocate our resources or our wealth in such a manner that it fetches us the maximum utility . As for example proper medical insurance , pension plans if done in correct time can provide coverage from many unexpected circumstances .
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