Asked by Elizabeth Barkhudaryan on Apr 26, 2024
Verified
Which of the following can help ensure that everyone understands what they have to do in the coming year?
A) Making different people accountable for same tasks
B) The business planning process
C) Comparing actuals with budgets
D) Making accurate financial plans
Business Planning Process
A formal strategy to set goals, determine the resources needed to achieve these goals, and outline the plan for executing the activities.
Budgets
Estimates of income and expenditure for a set period of time, serving as a financial plan for individuals or organizations.
- Familiarize yourself with the parts and purposes of various business planning types, including those focused on operations, strategy, budgeting, and forecasting.
- Identify the importance of business strategy in defining clarity of goals and guidance for managers.
Verified Answer
SS
Stanley SetiawanMay 01, 2024
Final Answer :
B
Explanation :
The business planning process involves setting goals and outlining tasks and responsibilities for the coming year, thus making sure that everyone understands what they have to do. Making different people accountable for the same tasks (A) can cause confusion and redundancy, while comparing actuals with budgets (C) and making accurate financial plans (D) are important for tracking progress and financial stability, but do not necessarily ensure everyone understanding their tasks for the year.
Learning Objectives
- Familiarize yourself with the parts and purposes of various business planning types, including those focused on operations, strategy, budgeting, and forecasting.
- Identify the importance of business strategy in defining clarity of goals and guidance for managers.