Strategy prepares for effective operations. It seeks in particular to develop an organization’s market position and core competencies. These can also be described as intellectual capital, and can be effectively measured by actuarial values or forecasting techniques. Strategic risk is defined in this paper as a by-product of strategy, and can also be evaluated using appraisal values or the modelling of future scenarios. The paper then discusses the use of scenario planning, Delphi techniques and real option analysis to assist in the development of comprehensive strategic plans and the risks that threaten their successful implementation.