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Are Strategic or Operational Plans Needed? Does Long-Term Planning Make

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Essay

Are strategic or operational plans needed? Does long-term planning make sense in current business environment? These decisions are affected by three contingency variables. explain the three planning contingency factors and illustrate how these factors influence planning.


Definitions:

Expected Frequency

The predicted count of occurrences for a particular category or event in a statistical distribution, based on a theoretical probability.

Sample Size

The number of observations or data points that are selected from a larger population for purposes of statistical analysis; essential to the reliability of study results.

Goodness-of-Fit Test

A statistical test used to determine how well observed data fit a specific distribution.

Contingency Table

A table often used in statistics to display the frequency distribution of variables to analyze the relationship between categorical variables.

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