Benefits and Challenges to Strategic Planning in Public Institutions
Keywords:Public Institutions, Strategy, Planning, Financial Institutions, Government.
AbstractPublic institutions represent a major investment for a country. Their existence is externally justified and primarily aimed at improving the lives of citizens. Much hype has been made on increasing the accountability in government and public institutions. To achieve their goals with transparency to its constituency, an institution must think and act strategically. This requires the use of strategic planning models and frameworks; however, much of the research and empirical evidence lies with corporations. The purpose of this paper is to illustrate public institution characteristics and highlight areas where changes to corporate models are required. Benefits and challenges to public institution implementation will be discussed. Finally, the paper will argue for the need to focus more on research and collection of data on strategic planning initiatives worldwide. This would create a greater basin of tools for public institutions and avoid costly mistakes.
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