Final answer:
A Strategic Plan provides guidance, specifies goals, action steps, and necessary resources, and is updated every few years to keep the organization aligned with its long-term goals.
Step-by-step explanation:
The document that provides guidance, articulates specific goals, describes action steps and resources needed, and is updated every 3-5 years is known as a Strategic Plan. A Strategic Plan is essential for organizations as it outlines long-term goals and the strategies to achieve them. Key components include a vision for the future, action plans for reaching objectives, resource allocation, and an assessment of the internal and external environments that can affect goal achievement.
Having a well-defined Strategic Plan helps ensure that everyone in an organization is working towards the same goals, and it makes those goals achievable and appropriate. It acts as a roadmap, providing clear directions on how to proceed. After goals are set using the SMART criteria, the Strategic Plan lays out the necessary action steps to take in order to accomplish these objectives.