ECONOMICS
BUDGETING
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Analyzing past and future financial data to increase competitiveness
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Any method or course of action used to achieve the firm’s objectives
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The process of considering or discussing how the firm might best go about achieving its objectives in the future.
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Controlling and monitoring the current budget to ensure the variance is not adverse
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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. The process includes establishing the sequence in which those goals should be realized so that the organization can reach its stated vision.
Detailed explanation-2: -The purpose of strategic planning is to set overall goals for your business and to develop a plan to achieve them. It involves stepping back from your day-to-day operations and asking where your business is headed and what its priorities should be.
Detailed explanation-3: -Solution(By Examveda Team) Strategic planning is long term planning. Strategic planning is based on establishing a long-term plan to achieve a specified mission, through the attainment of broad-ranging objectives.
Detailed explanation-4: -Strategic planning is an organization’s process of defining its strategy or direction, and making decisions on allocating its resources to attain strategic goals.