What are the components of a strategic plan?

• A. A framework for annual budgeting
• B. Priorities, focused efforts, appropriate resources
• C. Mission, vision, and core values
• D. Regulatory compliance measures

Answer: (B)

At the heart of a strategic plan is turning direction into action by deciding what matters most and how it will be achieved. The best answer captures this by highlighting priorities, focused efforts, and the resources needed to execute them. Priorities tell you what to work on first; focused efforts ensure the organization concentrates energy and actions on those priorities; and appropriate resources—people, time, money, and tools—make it feasible to carry out the planned work. Together, these elements translate strategic intent into actionable steps and real results.

The other options describe important concepts but not the execution-focused components of a strategic plan. A framework for annual budgeting is a funding process that supports strategy but isn’t the plan’s content itself. Mission, vision, and core values guide strategy, yet they define purpose and direction rather than the concrete components of the plan. Regulatory compliance measures are essential governance activities but don’t constitute the strategic plan’s core elements.