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At its best, planning becomes an integrating, catalytic, creative, developmental, driving force in managing enterprise. Rather than being endured as a mandated, annual burst of activity before going back to work, planning becomes a natural part of the formal and informal processes by which management at all levels sorts its priorities, makes decisions, gets work done, and brings about change and innovation. This can only be accomplished gradually by focusing managers on tasks within an organized process they find helpful in meeting their own needs.

What are “Strategic Alliances”? Are they different from joint ventures? Professor Edward B. Roberts of M.I.T. defines them as direct co‐investments by two or more companies pooling complementary resources to achieve common goals in an arrangement that is less than a full merger or acquisition. These co‐investors are motivated by a desire to share risks and resources, gain a window on technology, obtain synergies (marketing, technological, or operational), and/or gain credibility. However, strategic alliances are not easily maintained—they require substantial commitment and mutual trust, Professor Roberts told the Business Week conference audience. Unfortunately, co‐investors are often caught in a tug‐of‐war of mismatched organizational cultures and management styles as well as a differing sense of urgency. Over time, objectives may diverge, interest may subside, or the unit's loss of autonomy may become a problem.

Bloated planning departments are history. But that doesn't mean planning's an ancient art. A number of top companies have been starting up new departments from scratch—and so can you. Here's how.

How will future events affect the way we manage? And how are top corporate executives meeting the challenge of change?

There were a lot of eager customers at the Conference Board's annual strategic planning conference in March. Many of us had just read Walter Kiechel's Fortune article about “Smart Corporate Strategy for the 1990s” (February 29, 1988), which presents a remarkable reversal of the publication's skeptical attitude toward strategic management thinking. As a result, I felt the conference theme, selected by its organizer, Walter Schaffir, was made to order for our turbulent times. If my colleagues and I are to keep our jobs in the next decade, we really need to learn all we can about “Getting Value from Strategic Planning!”

Last year's conference focused on the some of the ways in which corporate planning experts can add value to their line organizations. The theme was so well received that the conference planners decided to offer an encore this year. Once again I will approach this review essay from the perspective of a planning executive looking for new ways to add value to his or her firm.