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How can strategic planning and management techniques and theories be applied to your personal life? Give...

How can strategic planning and management techniques and theories be applied to your personal life? Give examples.


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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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