Explain the role of budgets in the planning process

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Reference no: EM133546729

Problem

Read Module on Planning and Mission and answer all questions below:

I. Tell me the difference between a mission and vision in business.

II. Explain how a values statement can support the goals of an organization.

III. Explain the benefits of planning.

IV. Explain the drawbacks of planning.

V. Explain the stages of the planning cycle.

VI. Explain why the planning cycle is an essential part of running a business.

VII. Differentiate between the uses of long-term plans, short-term plans, and operational plans

VIII. Differentiate between standing plans and single-use plans.

IX. Explain how policies, procedures, and regulations impact operational plans.

X. Explain the role of budgets in the planning process.

XI. Differentiate between forecasting, scenario planning, and contingency planning.

XII. Explain the use of "management by objectives" (MBO), SMART goals, and benchmarking in planning

Reference no: EM133546729

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