Identify and Briefly Describe Each of the Five Major Planning

question 98

Essay

Identify and briefly describe each of the five major planning tools and techniques that managers use.

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Definitions:

Situation

The set of circumstances or the context in which an event occurs or a condition exists.

Central Characteristics

The defining qualities, traits, or features that are at the heart of something, such as a concept, organization, or individual's personality.

Opportunity

A way of generating profit through unique, novel, or desirable products or services that have not been previously exploited.

Potential Economic Value

The projected worth or economic benefit that an asset, investment, or business initiative is expected to generate in the future.