Strategic planning is a management activity and a process that defines the direction and the objective of an organization over the long term (what should the firm do on the long run?) and that defines how should resources should be allocated to pursue this objectives.
Strategic planning refers to develop a plan of action to achieve a particular goal. It includes an evaluation of the organization and the context. It has a focus on the future. It serves as a guide to allocate resources over the long run, but also as a guide to middle manager.
Taken as an ongoing process, it strategic planning can be a key asset of an organization.
The Internet of Things is a network of devices, that are able to gather and exchange information among them and with other computers or servers; and to take decisions by themselves or to receive instructions from other devices or servers.
Crude oil can be classified mainly according to it’s density and according to it’s sulfur content.
The density measures how compact or concentrated the crude oil is. A light crude oil has a lower density and a heavy crude oil has a larger density. Light crude oil has relatively lower costs of extraction and refining. Gasoline and diesel fuel are cheaply produced from light crude oil.
Perpetual resources are renewable resources that cannot be exhausted, regardless of their rate of use. Perpetual resources are natural resources, because they are provided by nature without human intervention. But not all natural resources are perpetual resources: some natural resources can cease to be renewable if used in excess or unsustainably.
Examples of perpetual resources
- Solar energy.
- Waves and Tides.
- Geothermal Energy.
Financial planning is a process that evaluates the situation of a business in relation to it’s financial resources and needs and determines how to manage the liquid assets, taking the future inflows and outflows of funds into accounts.
Capital budgeting is a process that assess the convenience of carrying out an investment or not. If there are many profitable investments available, the capital budgeting tries to find out which one is more advisable.
The term “political economy” was used from the 18 century and until the 19 century, as a synonym of what was understood as economics or economic science during that time. Nowadays, there is a discipline called political economy and it’s not a synonym of economy. It is a branch of social sciences that studies the relations between society, state, markets and people. It is the study of the state administration, taking into account economic, political and sociological elements.