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Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946

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BuyFindarrow_forward

Foundations of Business - Standalo...

4th Edition
William M. Pride + 2 others
ISBN: 9781285193946
Textbook Problem

What is a plan? Differentiate between the major types of plans.

Summary Introduction

To determine: The meaning of plan and the major types of plans.

Introduction: A plan is a layout of the activities by which an association plans to achieve its objectives and targets.

Explanation

Plan: A plan is a diagram of the activities by which an company expects to achieve its objectives and goals. It is consequential from the key designed planning procedure; a company's strategic planning is its broadest preparation, created as a guide for real strategy setting and decision making practices.

The major types of plans are as follows:

  • Contingency plan: A contingency plan of action plots elective strategies that might be taken if a company's different plans are disturbed or turned out to be incapable...

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