Abstract
Aim: This article aims to establish how strategic planning influences the management of business environmental risks in the supply chain industry.
Design/Method: This article uses quantitative and Python approaches to evaluate the supply chain dataset. The data contains variables such as the order status, the shipping time, per-customer sale, and delivery status. The ‘Order Item Total’ was taken as the dependent variable. Linear regression and Random Forest models have been used to examine the data.
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Strategic planning is one of the areas that should be considered when it comes to organizations intending to achieve their long-term goals and objectives (Steiss, 2019). It involves coordinating decisions to shape work and measuring the extent to which the objectives of an organization are met. Strategic planning is, therefore, essential in business as it provides guidelines to place future business operations within the company’s vision by directing all resources and activities toward achieving that vision. This alignment is crucial so that all the segments of the business are well aligned towards the achievement of clearly stated objectives since this fosters the proper utilization of available resources, hence the creation of competitive advantage in the enterprise. Every organization operates within an environment that has different threats that can destabilize its operation and its very existence (Habersang et al., 2019). These are regulatory factors, competition, business cycles, technologies, and physical mobility factors, which include catastrophes. As clearly explained, socio-political risks are distinct from other risks; therefore, to tackle them, individuals must propose different good strategies for managing such risks.
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