Question

In the context of management planning, _____ refers to high-level, long-term planning that establishes a vision for the company, defines long-term objectives and priorities, determines broad action steps, and allocates resources. Question 6 options: operational planning strategic planning contingency planning tactical planning.

Answer 1

Answer:

Strategic Planning

Explanation:

Strategic plan accounts for long term goals and vision of a company. While planning strategically, leaders draw the road map for their company which solves how-to questions in achieving those goals. Moreover, through their set priorities, the company's value and vision would also be sorted out. As there are multiple planning dimensions, strategic planning can be differentiated from the others by identifying these 2 factors.

1. Time Horizon: Strategic planning is done for the long term usually for 5-6 years.
2. Formation of plan: Within the hierarchy of an organization only high-level leaders are the ones responsible to come up with strategic planning.