Just came across a great piece, but curiously embedded in a McKinsey Quarterly article that seems to be about something else entirely – an update of how to decide what businesses should be in a corporate portfolio. The little gem is on the evolution of strategic management – which describes how strategy has evolved from a basically financial approach, through forecasting and then externally driven strategizing, to its ultimate, described as follows:

“When this investment [in strategic planning] is successful, the ...