All of These Are Pitfalls an Organization Should Avoid in Strategic

question 71

Multiple Choice

All of these are pitfalls an organization should avoid in strategic planning except:

• A) using plans as a standard for measuring performance.
• B) using strategic planning to gain control over decisions and resources.
• C) failing to involve key employees in all phases of planning.
• D) too hastily moving from mission development to strategy formulation.
• E) being so formal in planning that flexibility and creativity are stifled.

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Definitions:

Adjusting Entry

An entry made in the accounts to reflect a correct amount of revenues and expenses for a specific period before preparing the financial statements.

Consulting Fees-Revenue

Income earned by an individual or a company for providing professional advice or services to clients.

Cash

A form of liquid asset that consists of currency, including coins and banknotes, which can be used immediately for transactions.

Supplies Expense

The cost associated with consumable supplies used during an accounting period in the operation of a business.