What is the term for the process of identifying long-term organizational goals and strategies?

The correct answer is strategic planning, which refers to the process of defining an organization’s direction and making decisions on allocating its resources to pursue this direction. It involves identifying long-term goals, setting clear objectives, and developing strategies to achieve those objectives. Strategic planning is essential because it helps organizations assess their position, the competitive landscape, and the resources needed to achieve desired outcomes over time.

In contrast, operational management focuses on the day-to-day operations of a business and is more concerned with short-term processes and activities. Tactical planning is related to the specific actions and resources that will be utilized to implement strategies, usually in a shorter time frame compared to strategic planning. Project management involves planning, executing, and closing specific projects, which may have defined scopes and timelines but does not encompass the broader, long-term focus of setting organizational goals and strategies.