This article focuses on some changes being made to strategic planning efforts given the recent economic downturn.  I think the headline is a bit misleading because I feel that strategic planning is as important as ever, but the rigid, long-term plans of the past are becoming obsolete.  Instead, companies are striving to set more short-term plans while allowing flexibility in the long-term to nimbly change things as information become available (whether that information is about competitors, the economy, new products, etc.).  The lessons learned from the economic challenges of the past couple years will shape strategy for years to come.

Walt Shill, head of the North American management consulting practice for Accenture Ltd., is even more blunt: “Strategy, as we knew it, is dead,” he contends. “Corporate clients decided that increased flexibility and accelerated decision making are much more important than simply predicting the future.”

Companies have long planned for changing circumstances. What’s new—and a switch from the distant calendars and rigid forecasts of the past—is the heavy dose of opportunism. Office Depot stuck with its three-year planning process after the recession hit, largely to make sure employees had a common plan to rally around, Mr. Odland says. But the CEO decided to review the budget every month rather than quarterly so the office-supply chain could react faster to customers’ needs.

Theory & Practice: Strategic Plans Lose Favor — Slump Showed Bosses Value of Flexibility, Quick Decisions. Joann S. Lublin, Dana Mattioli. Wall Street Journal. (Eastern edition). New York, N.Y.: Jan 25, 2010. pg. B.7