Asked by Chloe Cluchey on Jun 07, 2024
Verified
Two key components of a plan are
A) an objective and an action statement.
B) a budget and an alternative plan.
C) a strategy and an estimated budget.
D) a sales forecast and an operations analysis.
E) a time line and an action statement.
Plan Components
The essential elements that make up a strategic or operational plan, including objectives, strategies, measures, and timelines.
Objective
A goal or aim that is clearly defined and measurable.
Action Statement
A clear, concise declaration outlining a specific action to be taken to achieve a particular objective.
- Distinguish the principal constituents and necessity of planning in the management field.
Verified Answer
NM
Nicole MachieleJun 08, 2024
Final Answer :
A
Explanation :
An objective defines the goal or outcome desired, and an action statement outlines the steps to be taken to achieve the objective. Both these components are critical to a plan because they provide direction and ensure that efforts are directed towards achieving a specific goal. Budget, strategy, sales forecast, operations analysis, and time line are all important components of a plan, but they do not capture the essence of what a plan is – a roadmap to achieving a goal.
Learning Objectives
- Distinguish the principal constituents and necessity of planning in the management field.
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