How do strategic planning, long-range planning, and budgeting differ?
A. Strategic planninc focuses on the effects that the operating budget and other plans (capital budget) will have no cash balances. Long-range planning usually has a horizon of one year or less, and focuses on the budgeted cost of ativites requried to produce and sell products and services. Budgeting usually covers not specific time period, is quite genera, and often is not built around finanicial statements.
b. Strategic planninc covers no specific time period, is quite general, and often is not built around finaial statements. Long-range planning usually has a 5 or 10 year horizon and consisits of fiancial statements without much detail. Budgeting usually has a horizon of one year or less, and consists of financial statemensts with much detail.
c. Strategic planning usually has a 5 or 10 year horizon and consists of financial statements without much detail. long range planning usually has a horizon of one year or less, consists of financial statements with ch detail. Budgeting usually covers no specific time perod, is quite general, and otern is not built around financial statements.
d. strategic planning is an ongoing process that adds a month or a quarter as the month or qurter ended is dropped. long range plannin usually has a horizon of one year or less, consists of finanial statements with much detail. Budgeting focuses on preparing budgets for various functions over a specific time period.