Planning comprises the open-ended determination of strategy – and tracks its implementation. Analogously to the differences between strategic management and operational management, one also needs to differentiate between strategic and operational planning.

The key differentiating factor, however, is not the position on the time-axis (i.e. short-, medium- or long-term), but rather the focus of the actual plan: strategic planning is focused on developing new and maintaining current profit potentials, whilst operational planning is focused on the most effective exploitation of existing profit potentials (realising success) and ensuring the liquidity of an institution.

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