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Vision is one of the four key elements making up the purpose of an organization. The organizational values, reason for being, ambitious goals, and vision. Vision is both the ability to plan the future with imagination and wisdom as well as the mental image of what the future can be. The result of vision is a vivid description of the future as a better place as the business fulfills its purpose. It captures an ideal. A compelling vision is a powerful guide and source of inspiration for an organization, and as such, a key element of a business design and strategy. The vision, coupled with long-term ambitious goals, the reason for being, and the core values of the organization

Collin's Vision --
Jim Collins (1996) has expanded the definition of vision to encompass what is most foundational to an organization, what BAi calls 'purpose'. Collins' and Porras's 1996 article Building Your Company's Vision describes this in detail. See also:

Policy --

Vision is part of policy in the policy-strategy-resource troika framework.