Which of the Following Is the Best Definition of a Strategy

question 30

Multiple Choice

Which of the following is the best definition of a strategy?

• A)Plan of action by which an organization intends to reach its goal.
• B)Course of action adopted to routinely guide future decision making.
• C)Operational means used to implement a plan.
• D)A study of the past to decide now what to do in the future.
• E)None of these are even close.

Appreciate the importance of effective cash management in operations.

Estimate financial outcomes such as net income, retained earnings, and cash disbursements.

Understand the relationship between production requirements and inventory levels.

Understand and apply the principles of budget preparation, including sales, production, and direct labor budgets.

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Definitions:

Resources

Broadly refers to the inputs used to produce goods and services, including natural materials, human labor, capital, and technology.

Scarce

A situation in which available resources are limited in relation to the wants and needs of individuals or communities.

Participatory Planning

A process that involves all stakeholders in the decision-making process of planning, ensuring their views are considered.

Contingency Situations

Unexpected or emergency circumstances that require immediate and flexible responses or adaptations from individuals or organizations.