Question

Which of the following statements about strategic planning are true?

a. It is management's vision of what they desire the organization to achieve over the long term.
b. It is created by employees of a company and shared with management for execution
c. It is management's vision of individual professional development goals over the long term.
d. It is created as a thought exercise for long-term planning purposes, but it does not relate to daily activities.

Answer 1

Strategic planning is faithful to the management's vision of long-term professional development goals for each individual.

Strategic plan: A strategic plan is a thorough blueprint for the future of the business. The company's aims, vision, and plans for achieving those goals and vision are all included. A strategic plan is management's vision created so that everyone in the business is working in the same direction and is focused on the organization's purpose.

Variation in direct material costs: A management's vision is the difference between the actual cost of a direct material and its standard cost. Two factors, price variation and quantity variance, may be the cause of the material variance. Material price variance is the strategic plan phrase used to describe a difference in variance that results from differing unit prices for the same material.

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