Budgeting and Long-Range Planning Are Both Important Aids to Management

question 156

Essay

Budgeting and long-range planning are both important aids to management in achieving a company's goals and objectives. Briefly distinguish between budgeting and long-range planning and indicate how they help managers perform their functions.

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Definitions:

Solar Panel Companies

Businesses that specialize in the production and sale of solar panels, which convert sunlight into electricity.

Government Subsidies

Financial assistance provided by the government to businesses, individuals, or institutions to support economic activities deemed beneficial.

Sockeye Salmon

A species of salmon found in the Pacific Ocean, known for its red flesh and considered a significant fishery resource.

Individual Transferable Quotas

Regulatory tools in environmental policy and fisheries management, allowing for the controlled production or harvest of resources by assigning quotas that can be traded among individuals.