Come fly with me, come fly, let's fly away (ah Sinatra) - sorry I love that dreamy tune.Reminds me of our Gulfstream G700 we could use to fly away for spring break. It fliesfarther, higher, and faster than all other competitor jets. We learned a lot aboutplanning tools in class with that big G700. One tool Gulfstream used was where theyconsidered the future and developed plans to address those "potential" future issuesthat might have a big impact on their business (think Covid maybe). What planning toolwas this?O ContingencyParticipatoryBenchmarkingScenarioO Forecasting

Answered: Come fly with me, come fly, let's fly…

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

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Question

Come fly with me, come fly, let's fly away (ah Sinatra) - sorry I love that dreamy tune.
Reminds me of our Gulfstream G700 we could use to fly away for spring break. It flies
farther, higher, and faster than all other competitor jets. We learned a lot about
planning tools in class with that big G700. One tool Gulfstream used was where they
considered the future and developed plans to address those "potential" future issues
that might have a big impact on their business (think Covid maybe). What planning tool
was this?
O Contingency
Participatory
Benchmarking
Scenario
O Forecasting

Expert Solution

Step 1: Define background related to management functions

Management is an integral part of an organization. It helps in coordinating the efforts of various departments in order to achieve the organizational goals. There are several management functions such as planning, organizing, staffing, directing, leading, controlling. Each management function plays an important role in the success of the business. Management also helps in understanding the complexities of the environment that further results in a need in development of strategy. It is important to deal with the environmental factors and anticipate the risks so that the organization can be prepared to deal effectively.