How Can Managers Effectively Plan When the External Environment Is

question 55

Multiple Choice

How can managers effectively plan when the external environment is continually changing?

• A) They should discontinue formal planning.
• B) They should set general, but rigid plans.
• C) They should be ready to change directions if environmental conditions warrant.
• D) They should continue to follow the set organizational plans as persistence will eventually pay.

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Definitions:

Goods And Services

The outputs offered by businesses and the economy to satisfy individual or collective needs or wants.

Human Capital

The skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.

Physical Capital

The stock of tangible, non-financial assets that are used in the production of goods and services, such as machinery and buildings.

Opportunity Costs

The cost of an alternative that must be forgone in order to pursue a certain action, essentially what is sacrificed to choose one option over another.