BUSINESS ADMINISTRATION
PRINCIPLES AND PRACTICE OF MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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operational plan
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strategic plan
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tactical plan
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single-use plan
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Detailed explanation-1: -The five stages of the process are goal-setting, analysis, strategy formation, strategy implementation and strategy monitoring.
Detailed explanation-2: -The purpose of strategic planning Spending time on identifying exactly where you want to take your business-and how you will get there-should help you reduce and manage those risks.
Detailed explanation-3: -Strategic plans are based on longest-term planning horizon, operational plans shortest planning horizon (even on a day-to-day basis), and tactical plans, in between. In terms of relationships, operational plans lead to the achievement of tactical plans, which in turn lead to the attainment of strategic plans.
Detailed explanation-4: -It establishes future goals and targets and describes the strategies it will implement to reach them.” In other words, a business plan describes a current business or a specific new project. A strategic plan talks about how you want to change your company to grow or be ready for the future.