What is the process of defining an organization's strategy and making decisions on allocating resources to pursue that strategy known as?

The process of defining an organization's strategy and making decisions on allocating resources to pursue that strategy is known as strategic planning. This involves setting long-term goals and determining the actions required to achieve them. Strategic planning focuses on the bigger picture, considering the organization's vision, mission, and overall direction. It encompasses assessing internal and external environments, identifying strengths and weaknesses, and understanding opportunities and threats to establish a framework for decision-making.

Operational planning and tactical execution are more focused on the short-term implementation of strategies rather than the overarching strategy itself. While operational planning deals with the day-to-day activities necessary to meet immediate objectives, tactical execution involves executing specific actions to achieve those objectives. Resource management, while crucial to ensuring that resources are effectively utilized, does not encompass the broader strategic vision and decision-making process that defines strategic planning. Therefore, strategic planning is the correct term for the comprehensive process of aligning an organization's resources with its long-term goals.