New CEO Tony Sparks told his executive team, "Every two years, on a rolling basis, we will develop a new plan that will address our high-level mission, objectives, and approaches to conduct business for the next five years. The plan will guide decision making that is consistent with our long-term goals and strategies." The five-year plan is an example of a ________ plan.
A) strategic
B) single-use
C) standing
D) contingency
E) SWOT

Question

Quizplus · Accepted Answer

A five-year plan that guides decision making and is consistent with long-term goals and strategies is an example of a strategic plan. Single-use plans are designed for a specific, one-time goal, standing plans are ongoing and used for repetitive activities, contingency plans are created to address unexpected events, and SWOT analysis is a tool used to identify strengths, weaknesses, opportunities, and threats.

New CEO Tony Sparks Told His Executive Team, "Every Two