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Contingency planning

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1) How does strategic planning differ from tactical planning?

2) Why is contingency planning important?

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Difference between Strategic Planning and Tactical Planning
In the business organization, it is essential for the management to understand the difference between strategic planning and tactical planning. Every organization has different types of goals (long term and short term), so it is essential for the business owners to analyze the strategic and tactical planning.

Strategic Planning: Strategic planning could be defined as planning at the macro level, which involves each and every aspect of business strategies in the external environment. Strategic planning particularly includes the long term objectives and goals of the organizations which usually have 3 to 5 years' time frame. It emphasizes a big picture of planning. In order to develop long tem objectives and take basic decisions in the organization, management prefers strategic planning. This planning gives a shape to the actions for achieving the goals of the organization. It also helps to direct a long term goal and development of
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