Omega Corp. has a goal of increasing its production and reducing its overhead costs. To achieve this goal, the company has developed four alternate action plans. Its idea is to monitor how these plans work and then invest more in the plan that shows maximum results. This type of planning that allows for flexibility is known as _____.
A) reverse planning
B) options-based planning
C) time-based planning
D) traditional planning

Question

Quizplus · Accepted Answer

The type of planning described in this scenario is known as options-based planning. This approach involves developing multiple alternate action plans and then monitoring and evaluating the results to determine the best course of action. It allows for flexibility and adaptability in achieving goals, which is necessary in a constantly changing business environment. Reverse planning involves working backward from a desired outcome to develop a plan, time-based planning focuses on achieving goals within a specific timeframe, and traditional planning typically involves creating a single fixed plan. None of these approaches fit the scenario described as well as options-based planning.