Explain the Differences Between Strategic, Tactical, Operational, and Contingency Planning

question 171

Essay

Explain the differences between strategic, tactical, operational, and contingency planning.

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Definitions:

Credit Sales

Sales made on account, allowing customers to pay for goods or services at a later date.

Direct Labor

The wages paid to employees who are directly involved in the production of goods or provision of services, considered a variable cost.

Direct Labor Rate

The cost per hour for labor directly involved in the production of goods or services.

Indirect Labor Rate

The cost of labor that cannot be directly traced to the production of goods or services, but is necessary for the process.