Bullets Of Planning Analysis of internal environment. Analysis of external environment. Weaknesses are not weaknesses but they are the areas of improvements. - SWOT Analysis Setting Objectives. S - Specific. M - Measurable. A - Achievable. R - Realistic. T - Time Bounded. Framing alternate plan. Studying alternatives. ( Cost benefit Analysis. ) Select best plan. Formation of derivative plans. Operating plans are required to implement overall plan. Establishing sequence of activity. Implementation. Review.