Final answer:
Strategy analysis is the advance work that must be done to effectively formulate and implement strategies. It involves examining internal and external factors to identify opportunities and threats.
Step-by-step explanation:
Strategy analysis may be considered the "advance work" that must be done in order to effectively formulate and implement strategies. Strategy analysis involves examining internal and external factors to understand the current situation and identify opportunities and threats. By analyzing the organization's strengths, weaknesses, opportunities, and threats, managers can develop strategies that align with the organization's goals and objectives.