Which of the following best describes strategic planning?

Strategic planning is fundamentally focused on setting long-term goals and defining the strategies that an organization will utilize to achieve those goals. It involves a comprehensive assessment of both the internal and external environments of the organization and takes into consideration the organization's vision, mission, and values. This process helps to align resources and actions with the overall direction the organization aims to take over a period of time, allowing for flexibility and adaptability within a structured framework.

While budgeting for daily operations, implementing immediate decisions, and operational resource allocation are important aspects of management, they tend to be more tactical or operational in nature. They focus on short-term management and day-to-day functioning rather than the broader, long-term vision that strategic planning entails. Therefore, the definition that emphasizes long-term goal-setting and strategic formulation captures the essence of what strategic planning is meant to accomplish.