Which type of plan is used for one time or for an event only? a. Strategic Plan b. Single Use Plan c. Budget d. Contingent Plan
Strategic Plan:
A strategic plan consists of a mission, a vision, values, goals & other targets. Strategic plans are all about long-term thinking, it includes a high-level overview of the business and its foundation so it can understand the base to continue to grow. The scope of strategic plans can be anywhere between the next two years to the next 10 years.
Single Use Plan:
A single use plan is made to handle non-recurring problems, they are referred to as ‘specific plans’ as they are meant to solve a particular problem. These plans are formulated to handle the non-repetitive and unique problems that arise. These plans cannot be used again as they are made with a specific goal in mind.
Budget:
A budget is an approximate estimation of revenues & expenditure of a firm for the future or a specified period of time. While preparing a budget, the process usually begins by establishing various assumptions for the upcoming budget period, the assumptions are mostly related to projected sales trends, cost trends, and the overall economic outlook of the market, industry, or overall sector. Any specific factors affecting potential expenses are addressed and monitored.
Contingent Plan:
A contingency plan or "Plan B" is essentially the backup plan of the main plan. A contingency plan is executed when an actual risk presents itself. The purpose of a contingency plan is to lessen the damage of the risk as & when it occurs. It is prepared in case of any mishap, accident, emergency, etc.
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