BUSINESS ADMINISTRATION
FINANCIAL MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Valued added
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Economic indicators
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Financial planning
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Efficiency
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Detailed explanation-1: -Strategic planning is a process in which an organization’s leaders define their vision for the future and identify their organization’s goals and objectives.
Detailed explanation-2: -A budget is a plan showing the company’s objectives and how management intends to acquire and use resources to attain those objectives. Companies, nonprofit organizations, and governmental units use many different types of budgets.
Detailed explanation-3: -Planning is ascertaining prior to what to do and how to do. It is one of the primary managerial duties. Before doing something, the manager must form an opinion on how to work on a specific job. Hence, planning is firmly correlated with discovery and creativity. But the manager would first have to set goals.
Detailed explanation-4: -There are several tools that could be involved while conducting strategic planning. The most commonly used tools are: Visioning, Metrics or charts, SWOT analysis, Pestle analysis, Affinity diagrams, Portfolio analysis and Interrelationship digraph.