The most complete description of the planning process for a business is:
A) setting objectives, long-term plans and short-term plans.
B) setting objectives and short-term plans.
C) setting objectives and detailed budgets.
D) setting long-term objectives and long-term plans.

Question

Quizplus · Accepted Answer

The most complete description of the planning process for a business includes setting objectives, long-term plans (which outline the steps required to achieve the objectives over a period of years) and short-term plans (which break down the long-term plans into specific actions that can be taken in the next few weeks or months). Detailed budgets may also be included in the planning process, but are not as comprehensive as setting both long-term and short-term plans. Setting only objectives and short-term plans leaves out the important step of developing a long-term strategy for achieving those objectives. Setting only long-term objectives and plans also fails to provide the detailed actions necessary to achieve success in the short-term.

The Most Complete Description of the Planning Process for a Business