MANAGEMENT

Detailed explanation-1: -Strategic planning typically represents mid-to long-term goals with a life span of three to five years, though it can go longer. This is different than business planning, which typically focuses on short-term, tactical goals, such as how a budget is divided up.

Detailed explanation-2: -Operational plans should establish the activities and budgets for each part of the organization for the next 1–3 years. They link the strategic plan with the activities the organization will deliver and the resources required to deliver them.

Detailed explanation-3: -What is a succession plan? a) Dismissing an employee for a more favourable employee. b) A formal process of planning to fill a role that will become vacant.

Detailed explanation-4: -Answer & Solution A contingency plan is a plan devised for an outcome other than in the usual (expected) plan.

Detailed explanation-5: -A contingency plan is sometimes referred to as “Plan B” or a backup plan because it can also be used as an alternative action if expected results fail to materialize. Contingency planning is a component of business continuity (BC), disaster recovery (DR) and risk management.