The process of planning business actions in the near future and expressing them as formal plans of action is called:

Question

Quizplus · Accepted Answer

The process described in the question is budgeting, which involves setting targets for the allocation of resources and planning actions to achieve those targets. Budgeting is an important tool for decision-making and is used by businesses of all sizes to plan for the future. Goal congruence refers to the alignment of individual goals with the overall goals of the organization, while budgetary slack refers to the intentional overestimation of expenses in order to create a cushion or safety net. Resource consumption accounting is a system for tracking and analyzing the use of resources within an organization, while financial accounting involves the preparation of financial statements for external reporting purposes.

The Process of Planning Business Actions in the near Future