Strategic Management/Strategy Formulation

What aspects of strategy formulation do you think requires the most time? Why? "Strategy formulation includes developing a vision and mission, identifying an organization's external opportunities and threats, determining internal strengths and weaknesses, establishing long-term objectives, generating alternative strategies, and choosing particular strategies to pursue. Strategy formulation issues include deciding what new businesses to enter, what businesses to abandon, how to allocate resources, whether to expand operations or diversify, whether to enter international markets, whether …

…too many unachieved objectives. Structure influences strategy as well. What are the advantages and disadvantages of decentralizing the wage and salary functions of an organization? How could this be accomplished? Centralized wage and salary functions of an organization would be the simplest and least expensive structure. The disadvantage is that accountability is forced to the top, there is lower worker morale due to less opportunities for career advancement, and there is poor delegation of authority.