What is the primary purpose of planning in business management?

• To hire new employees

• To analyze competitors

• To create a budget

• To meet goals by making decisions

Which of the following is NOT a benefit of planning?

• Gives direction

• Reduces risk of uncertainties

• Increases employee turnover

• Improves resource utilization

Which of the following is a benefit of planning?

• Improves resource utilization

• Increases the likelihood of failure

• Creates confusion among team members

• Limits strategic thinking

Who is primarily responsible for creating a strategic plan?

• Team leaders

• CEO and top level authorities

• Middle management

• Junior level employees

In a business development project, Kai and his team are planning their strategy for the upcoming product fair. What is the time frame for a tactical plan they should consider?

• 1-3 years

• 3-5 years

• Daily or weekly

• 6 months to 1 year

Which type of plan is focused on daily or weekly operations?

• Strategic Plan

• Tactical Plan

• Contingency Plan

• Operational Plan

What does SWOT stand for in the context of strategic planning?

• Standards, Workflows, Objectives, Timelines

• Strategies, Workflows, Operations, Tactics

• Systems, Workflows, Objectives, Targets

• Strengths, Weaknesses, Opportunities, Threats

Which management level is involved in operational planning?

• All employees

• Top management

• Middle management

• Junior level employees

What is a characteristic of a strategic plan?

• Immediate actions

• Long-term goals

• Daily tasks

• Short-term focus

Benjamin decided to create a plan for a one-time corporate event, such as an anniversary fair. What type of plan is he using?

• Tactical plan

• Operational plan

• Single use plan

• Standard plan