Managers involved in strategic planning aim at translating the broad intentions of the firm into more concrete and measurable strategic plans, policies and budget allocations. There are various steps involved in the strategic planning process. Which of the following steps in the strategic planning process usually precedes the others?

(a)	Formulating strategy
(b)	Assessing organizational resources, risks and opportunities
(c)	Developing organizational objectives
(d)	Implementing strategy
(e)	Monitoring and adopting strategic plans