what is the amount of expenses that will appear in the consolidated income statement fo rthe year ended december 31 2019 1965600 g
Answers
Add all of your costs to the comparable costs of each of your subsidiaries. To arrive at each consolidated expense, deduct all associated costs from inter company transactions from each outcome.
Consolidated Sales are the total net sales of the Company and its subsidiaries for the relevant time period as stated in the Company's Annual Report on Form 10-K. A parent company's financial statement and the financial statements of its branches costs are combined to form a consolidated financial statement. The sum of the assets, liabilities, and equity on each independent balance sheet from each of the participating companies should equal the total assets, liabilities, and equity on the consolidated balance sheet.
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Related Questions
Analyse the implications to Mr Flake’s business if: In May and June Mr Flake fell ill and he had to pay somebody else £1200 a month to run the business as well as himself? Answer: He received 6 more party bookings for September?
Answers
Answer:
1. Paying somebody else and himself represent cash outflow.
2. Party bookings represents forecasted cash inflow.
Explanation:
Remember, a cash flow shows where money is coming from into the accounts of a business and where money goes to from the accounts of the business. Inflows represent credit transactions into the business account, while the outflows represents debit transactions to external sources.
Thus, paying somebody else £1200 a month to run the business as well as himself (Mr Flake) both represents outflow of cash from his ice-cream business. But the 6 more party bookings for September represents cash inflows since he will be receiving a pay from the clients.
Managers are accountable to some stakeholders whose interests they represent. These
stakeholders are:
Customers
Employees
Owners
Shareholders
Society
Government
1. Conduct a research to explain how is management responsible to EACH of these stakeholders. [18 marks]
pls help me
Answers
Answer:
see explanation
Explanation:
Stakeholder is anyone interest in the operation of a company or affected by the decision of the company.
Each stakeholder has its own interest and this is listed below :
Customers
They expect to receive value for money out of the firm products or services.
Employees
They are looking up to management for better remuneration for their manpower.
Owners
They seeking a maximum return from their investment in the company. Management run the company on their behalf as stewards.
Shareholders
They also seek maximum return from their investment in the company.
Society
The community expects the company to be a good corporate citizen and improve the social factors of employment, sustainability and environmental issues
Government
The government expects the company to be tax compliant and to pay its dues on time.
identify any advantages of having intercollegiate athletic programs run by students rather than professional managers, or is the current model for management far superior?
Answers
The existence of intercollegiate athletics encourages student engagement, offers a way of engaging the community, and is frequently seen as a crucial component of the entire collegiate experience.
The phrase "intercollegiate athletics " refers to a collegiate sport for which a national body for the promotion or regulation of college sports has established qualifying rules for student athletes. Sports leagues, contests, and tournaments known as "intramurals" take place only at one university. The fact that Rockhurst's NCAA Division II teams compete against other institutions and that the majority of its athletes are on athletic scholarships distinguishes intercollegiate sports from intramurals. Different college divisions approve intercollegiate competition. The National Collegiate Athletic Association (NCAA), which has three divisions, the National Association of Intercollegiate Athletics (NAIA), and the National Junior College Athletic Association are the largest and most significant of all (NJCAA).
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Explain how the forms of demand supply will eliminate a market surplus
Answers
Answer and Explanation: 1
Answer and Explanation: 1A market surplus is when the quantity supplied of a good is greater than the quantity demanded. We can also say there is excess supply. This happens at a certain price that is above the market equilibrium which causes more of a product to be supplied than consumers are willing to buy. It is the opposite of a shortage.
Answer and Explanation: 1A market surplus is when the quantity supplied of a good is greater than the quantity demanded. We can also say there is excess supply. This happens at a certain price that is above the market equilibrium which causes more of a product to be supplied than consumers are willing to buy. It is the opposite of a shortage.The market attempts to resolve the surplus by pushing the price down until it is at its equilibrium. A lower price will reduce the quantity supplied and increase the quantity demanded.
Bond funds: a) Will lose all value if a single bond defaults b) Are investment bargains because their price is so low c) Are riskier than owning individual corporate bonds d) Spread the risk of individual bonds by collectively owning more and less-risky bonds, with higher and lower rates of return
Answers
Answer:
Spread the risk of individual bonds by collectively owning more and less-risky bonds, with higher and lower rates of return
Explanation:
A bond fund is a pooled investment vehicle that invests in various types of bonds. the types of bonds invested in includes cooperate bonds, government bonds and municipal bonds.
The primary objective of bond funds is to generate revenue for investors
Because bond fund is an aggregation of various types of bonds, the risk of the bond fund is lower than the risk of holding any corporate bonds. This is because risks are spread.
1. Unit 8 provided several examples of businesses in which pricing plays an essential role in the business's identity. Think of an example of a business in your community whose reputation is also based on an aspect of pricing and explain how pricing forms the identity of the brand.
Answers
Answer:
Examples of businesses in which pricing plays an essential role in the business's identity are;
1) PEP, 2) Market Square, 3) Walmart, 4) Target, 5) Eko Hotel
Shoprite
Pricing forms the the identity of the Shoprite brand because the charges for the items sold are reduced to the lowest minimum, such that customers are attracted to their outlets as a customer can get a wide variety of popular, local, and rear at affordable prices
Explanation:
business communication helps establish, build and maintain our __________ with our audience.
Answers
Business communication helps to establish, build and maintain our relationship with our audience.
Business communication is the act of sharing information and messages between those that work in a business and the public.
Effective communication in the business place is very necessary because it helps to foster a better relationship in the work place.
It helps the organization also to meet with its goals and improve the business as well as the reduction of errors.
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differences between an entrepreneur and an employee
Answers
The differences between an entrepreneur and an employee is: an entrepreneur has to do with business or trading while employee has to do with working for another person.
What is entrepreneur and employee?An entrepreneur is someone who owns a business or someone that engage in trading while employee can be defined as a person who work for another person for a salary.
An entrepreneur sole aims to make profit or generate sales from their business while an employee depends on salary based on the fact that an employer is the person responsible for an employee salary.
Inconclusion entrepreneur has to do with business while employee has to do with working for another person.
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Question 2(Multiple Choice Worth 5 points)
(02.06 MC)
In general, what kind of people earn the most money?
O People with skills that are in high demand and high in supply
O People with skills that are in high demand but low in supply
O People with skills that are in low demand and low in supply
People with skills that are in low demand but high in supply
Answers
They earn the most money since skills also follow the law of supply and demand, so consumers are willing to pay more due to low supply
Last year, you set aside an advertising budget of $5,000 to place ads in different newspapers, social media platforms, and the local radio station, The
local radio station typically costs $2,500 for a three-month advertising season. But as a first-time advertiser, the station offers you a deal and provides you
with a $500 discount
calculate the budget variance and identify wether its a budget surplus or a budget deficit.
Answers
Based on the discount offered and the cost of advertising, your budget variance is $500 and it is a surplus.
How much do you spend on advertising?You need to advertise for 6 months which means that you will pay for two three-month advertising seasons.
The first season will cost $2,000 because of the discount and the second season will cost $2,500. Total cost is:
= 2,000 + 2,500
= $4,500
What is the Budget surplus?= Budget - Amount spent
= 5,000 - 4,500
= $500
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Help plz
What is persuassive writing?
Answers
Answer: something to like negotiate someone to do something and give good reasoning
Explanation: for example, someone would want to dye their hair and they would write a letter to their mom saying why their mom should let them dye their hair
When a customer returns a product for a refund, in which account is the entry recorded?a. purchase returnb. purchase discountc. sales returnd. sales discount
Answers
When a customer returns a product for a refund, the entry is recorded in the sales return account.
What is a product?A product is a tangible or intangible item that is created or manufactured for sale or consumption. It can be a physical item like a car or a smartphone, or a service like healthcare or education. A product is typically designed to meet the needs or wants of consumers, and it can be marketed and sold through various channels such as online stores, brick-and-mortar shops, or direct sales. The success of a product is often measured by its sales performance, customer satisfaction, and brand reputation. Developing a successful product requires a combination of creativity, innovation, market research, and business strategy.
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In 2017, approximately 250 million people in the United States were above the age of 18. Assuming that each individual purchased $906 worth of gifts, what was the total deadweight loss associated with gift-giving in the United States?
Round your answer to the nearest billion dollars.
Answers
$22,560,000 is the total deadweight loss associated with gift-giving in the country.
The deadweight loss refers cost that occurs when supply and demand are out of equilibrium and thus, creates market inefficiency.
Total amount of gift purchased = Total people * Each individual gift worth
Total amount of gift purchased = $250,000,000 * 906
Total amount of gift purchased = $226,500,000,000
Average recipient's valuation = 90 * $906 / 100
Average recipient's valuation = $81,540/ 100
Average recipient's valuation = $815.4
Total average recipient's valuation = Total people * Average recipient's valuation
Total average recipient's valuation = 250,000,000 * $815.4
Total average recipient's valuation = $203,850,000,000
Deadweight loss = Total amount of gift purchased - Total average recipient's valuation
Deadweight loss = $226,500,000,000 - $203,850,000,000
Deadweight loss = $22,650,000,000
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Has been renting a two-bedroom apartment with her husband and 3 kids; wants to move into a three-
bedroom home instead
Took her five years, but she has saved $20,000 for a down payment
Homes in her small town are typically selling for $75,000 to $95,000
Is preapproved for a 6.98% interest rate on a 30-year fixed mortgage
Needs her monthly payment to be less than $550
Property Tax $150
4. Rounded to the nearest $500, what's the most expensive house Carlin could buy?
$79,500
5. How much total interest will she pay over the course of the mortgage for this house?
$45,000
6. What month and year does Carlin pay off her house?
7. If Carlin could add just $50 to each monthly payment, how much money would she save on interest?
8. What month and year does Carlin pay off her house if she makes the higher monthly payment?
9. What are some strategies Carlin could use to make sure she has an extra $50/month for her mortgage?
Answers
5. Carlin will pay a total of $32,000 in interest over the course of the mortgage
6. Carlin will pay off her house in January 2053.
7. If Carlin could add just $50 to each monthly payment, the total interest savings would be $5,091
8. Carlin would pay off her house in June 2051 if she makes the higher monthly payment.
How did we get these values?To calculate the total interest Carlin will pay over the course of the mortgage, we can use the formula for calculating the total cost of a mortgage:
Total cost = (Monthly payment x Number of payments) - Loan amount
First, we need to calculate the loan amount, which is the total cost of the house minus the down payment:
Loan amount = $79,500 - $20,000 = $59,500
Next, we need to calculate the number of payments, which is the total number of years multiplied by 12:
Number of payments = 30 years x 12 months/year = 360
Now we can calculate the monthly payment using the formula for a fixed-rate mortgage:
Monthly payment = (Loan amount x Monthly interest rate) / (1 - (1 + Monthly interest rate)^(-Number of payments))
where the monthly interest rate is the annual interest rate divided by 12:
Monthly interest rate = 6.98% / 12 = 0.582%
Plugging in the values, we get:
Monthly payment = ($59,500 x 0.00582) / (1 - (1 + 0.00582)^(-360)) = $372.80
Finally, we can calculate the total interest paid over the course of the mortgage:
Total interest = (Monthly payment x Number of payments) - Loan amount = ($372.80 x 360) - $59,500 = $31,968
Rounding this to the nearest $1,000, we get:
Total interest = $32,000
So Carlin will pay a total of $32,000 in interest over the course of the mortgage.
6. To calculate the month and year when Carlin will pay off her house, we need to use an amortization table, which shows the breakdown of each monthly payment into principal and interest. Based on the total cost of the house, the down payment, the interest rate, and the number of payments, we can calculate the amortization table. From the table, we can see that Carlin will pay off her house in January 2053.
7. If Carlin could add $50 to each monthly payment, she would save money on interest and pay off her house sooner. To calculate how much money she would save on interest, we can calculate the new monthly payment using the same formula as before, but with a slightly lower loan amount:
New loan amount = $59,500 - ($50 x 12) = $58,900
New monthly payment = ($58,900 x 0.00582) / (1 - (1 + 0.00582)^(-360)) = $402.52
The total interest paid over the course of the mortgage with the higher monthly payment would be:
Total interest = ($402.52 x 360) - $58,900 = $26,909
The total interest savings would be:
Interest savings = $32,000 - $26,909 = $5,091
8. Using the higher monthly payment, Carlin would pay off her house sooner. To calculate the month and year when she would pay off her house, we can use the same amortization table as before. From the table, we can see that Carlin would pay off her house in June 2051.
9. To make sure she has an extra $50/month for her mortgage, Carlin could consider the following strategies:
Cut back on discretionary expenses such as eating out, entertainment, and travel.Find ways to save on household expenses such as utilities, groceries, and insurance.Increase her income by taking on a side hustle, asking for a raise, or finding a higher-paying job.Sell unwanted items or find ways to make.learn more about total interest: https://brainly.com/question/2294792
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Before starting an enrollment, what benefit information are agents required to provide to the consumer?.
Answers
Before starting an enrollment, benefit information the benefit information are agents required to provide to the consumer are:
suitable information about consumer's needsgoals and financial resourcesWhy is it necessary for the agent to provide information to the consumer?It is necessary for the agent to provide information to the consumer so as to be able to make the best decision during the enrolment.
It should be noted that the agent serves as guidance for the consumers to put them on the right path.
In conclusion, Before starting an enrollment, benefit information the benefit information are agents required to provide to the consumer ais suitable information about consumer's needs.
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The clandestine collection of trade secrets or proprietary information about competitors is known as ______.
Answers
Answer:
industrial espionage
Explanation:
uppose the cost to run the ferry for each roundtrip is $750. how many ferry trips should there be to maximize the total surplus of the four business owners? a. 3 b. 1 c. 2 d. 4
Answers
Assume that each journey on the boat will cost $700. To maximize the combined excess of the four business owners, there must be two boat voyages.
The total surplus of a market acts as a barometer of the general well-being of its participants. It encapsulates everything surplus from both consumers and producers. The difference between what consumers are willing to pay and what they ultimately pay for a product is known as the consumer surplus.
When an aircraft of the kind the charterer requested is unavailable at the point of origin of the charter flight and the carrier must relocate the aircraft to and from the destination location of the charter flight, these fees are known as ferry costs.
Complete question:
A small island off the coast of Cape Cod contains two restaurants and two retail stores. Tourists need to take a ferry boat to reach the island, but with a recent slowdown in the economy, tourists are less willing to pay for the boat ride to visit the island. The owners of the restaurants and stores on the island — Restaurants 1 and 2, and Stores A and B — think that if tourists could ride the ferry for free, they would be happy to visit the island, eat and shop. The business owners are considering contributing to a pool of money that will be used to pay for roundtrip ferry service each day. The table represents their willingness to pay, that is, the maximum amount that each business owner is willing to contribute, per day, to pay for each ferry trip.
Suppose the cost to run the ferry for each roundtrip is $750. How many ferry trips should there be to maximize the total surplus of the four business owners?
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At December 31, Gill Co. reported accounts receivable of $238,000 and an allowance for uncollectible accounts of $600 (credit) before any adjustments. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. The amount of the adjustment for uncollectible accounts would be:
Answers
Answer: $7,740
Explanation:
Given, At December 31, Accounts receivable = $238,000
Allowance for uncollectible accounts = 3% of (accounts receivable)
∴ Allowance for uncollectible accounts = 3% of ($238,000 )
=$(0.03 ×238,000) [3% = 0.03]
= $ (7140)
= $7,140
Allowance for uncollectible accounts (credit) before any adjustments= $600
The amount of the adjustment for uncollectible accounts = Allowance for uncollectible accounts + $600
= $7,140 + $600
= $7,740
Hence, The amount of the adjustment for uncollectible accounts would be: $7,740.
what is meant by recession
Answers
Answer:
Spatial recession in paintings is the relationship between objects which appear to lie near to the observer and those which seem further away, and thus recede into space. ...
Explanation:
Which of the following is an example of internal data in a marketing
information system?
A. Statistics showing the relationship between the company's ad
spending and competitors' sales
B. Trends in consumers' use of social media
C. Spending levels for advertising in each type of media
D. Populations of cities where the company has customers
Answers
Answer:
c
Explanation
i think
The example of internal data in a marketing information system is spending levels for advertising in each type of media.
What is internal data in marketing?Internal data is referred to that information that resides within the business atmosphere itself and could be controlled by the managing authorities of the business.
Therefore, the budget that would be spent on advertising media is generated in the business by covering the factors of marketing plans.
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Internet privacy has become a major issue. In fact, in Europe there are privacy laws to limit how much information websites can collect from users without their permission. The United States does not have comparable laws to protect consumer privacy on the Internet. Collecting this information is beneficial for firms because then they can tailor marketing messages that better fit its users' needs. These better marketing campaigns can provide them with a competitive advantage. Acme Corporation uses cookies and other devices to collect information. Its privacy policy explicitly informs users that it collects information. However, most people do not read through the policy. Lately, some consumers have complained because they are worried that their information could be compromised. They question the security of the site. Acme wants to restore confidence and prove that it has controls in place. Refer to Scenario 3.2. What type of environmental force does this issue involve?
Answers
a. Greyhound bus system
Activities involved in buying and selling goods on a large scale.
a) gross domestic product
b) inflation rate
c) labor force
d) business cycle
e) recession
f) monopoly
g) fiscal policy
h) monetary policy
i) commerce
j) price fixing
Answers
Answer:
I think answer is price fixing
Ralph buys new furniture for his living room from Good Times Furniture. It is agreed that the goods will be placed with a common carrier for delivery. The contract between Ralph and Good Times is ambiguous regarding whether the seller had the duty to deliver the goods only to the common carrier's hands or whether the seller had the duty to deliver the goods to Ralph's home. Unfortunately, on the way to Ralph's home, through no fault of the delivery driver, the delivery truck was wrecked and the furniture was significantly damaged.
Required:
What is true regarding the risk of loss at the time the goods were damaged?
Answers
True statement regarding the risk of loss is that Ralph bears the risk of loss when the goods are damaged since the seller fulfilled their obligation by transferring them to the common carrier.
In the case where Ralph bought new furniture from Good Times Furniture, and the goods were placed with a common carrier for delivery. The contract between Ralph and Good Times is ambiguous regarding whether the seller had the duty to deliver the goods only to the common carrier's hands or whether the seller had the duty to deliver the goods to Ralph's home.
Unfortunately, on the way to Ralph's home, through no fault of the delivery driver, the delivery truck was wrecked and the furniture was significantly damaged.In this case, the Uniform Commercial Code (UCC) guidelines govern. The UCC's guidelines include provisions regarding the risk of loss in the event of loss, damage, or destruction of goods sold.
The UCC requires that the transfer of goods occur once they have been given to the carrier, and therefore, Ralph has incurred the loss.The goods were transferred to the common carrier for delivery, indicating that the seller fulfilled their obligation when the goods were delivered to the carrier.
According to the UCC, after the goods are shipped, the buyer assumes the risk of loss, which means that the buyer has to bear the consequences of the loss. In this case, Ralph has incurred the loss because the goods were shipped, and the carrier assumed responsibility for delivering them to Ralph's house.
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Cain Company reports net cash provided by operating activities of $35,000. It also reports the following information under “Adjustments to reconcile net income to net cash provided by operating activities” on its statement of cash flows (using the indirect method).
Answers
It can be seen from the solutions given that Cain's net income is $24,000.
Here is the solution:Net income = Net cash provided by operating activities - Adjustments
= $35,000 - $6,000 - $10,000 + $4,000 + $7,000 + $4,000
= $24,000
Therefore, Cain's net income is $24,000.
Here is a breakdown of the adjustments:
To determine cash flow from operations, it is necessary to include the gain on equipment sales in the net income as it is a non-cash entry.
A rise in accounts receivable implies that customers are prolonging payment of their invoices, resulting in decreased cash flow from the company's activities.
The depreciation expense is classified as a non-cash expense, hence it must be included in the calculation of cash from operations by adding it back to the net income.
A decrease in inventory indicates that the company is experiencing faster turnover of its inventory, leading to increased cash flow generated by its operations.
A rise in prepaid expenses denotes that the company is channeling more funds towards prepaid expenditures like insurance and rent, implying a reduced cash inflow from its operational activities.
A decline in the amount of wages that the company owes indicates that it is not promptly compensating its workforce. Consequently, this implies that the company's operational cash flow is reduced.
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How does the price of oil impact the price of food?
Answers
Answer:
The price of Oil effect the price of food because it all works together in the economy/system
Explanation:
B was 42 when the life insurance policy was issued. 42 is referred to as the ______ age of the policy. A
Answers
Because the assured is 42 when the life policy was issued, such age will be called an original age of the policy.
What is an original age?In a life policy, an Original Age refers to the age of an insured at the inception of a life insurance policy.
Therefore, as the the assured is 42 when the life policy was issued, such age will be called an original age of the policy.
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If you are recording your own audio clips, what is the best advice about
including a joke in a clip?
A. Effective speakers rarely include jokes in presentations.
B. It can help increase audience members' interest.
C. Jokes are not appropriate in persuasive addresses.
D. Jokes are appropriate, but only if the topic is humor
Answers
Answer:
B
Explanation:
As long as the joke is good
Drag each option to the correct location.
Match the scenarios to the factors that affect the labor market.
foreign direct investment
outsourcing
immigration
Answers
Each scenario should be matched to the factors that affect the labor market as follows:
Immigration: Carlos is moving from Mexico to the United States because he got a job in a bank. He had his interview last month, and the bank agreed to hire him because he was willing to work for 10% less than most American workers, even though he has the same qualifications.Foreign direct investment: A US supermarket chain is going to open a few supermarkets in Europe because a recent survey showed that the chain has a huge potential for profits in Europe.Outsourcing: A renowned US information technology firm has recently signed a contract with a company based in the Philippines. The Filipino company will handle the accounts of the US firm. The US firm made this decision to reduce labor costs.What is immigration?Immigration can be defined as the movement of a group of people from one geographical region to another geographical destination such as a city, especially in search of any of the following:
Good governanceSecurityBetter living conditions.WorkJobsSocial amenitiesWhat is a foreign direct investment?A foreign direct investment (FDI) simply refers to a type of investment which is made by an individual or business organization (investor) into an investment market that is located in another country.
In conclusion, an example of foreign direct investment (FDI) is a US supermarket chain that is planning to open a few supermarkets in a country in Europe.
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Answer:
Post Test: Free Market and Businesses
Unit: 2
Economics
Question #12
__________________________________________________________
This is 100% right because I took the test
Go to explanation for picture with answers
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Explanation:
Here's the picture and I hope this helped!
Have a nice day!
Tony, Juan, and Isabel live in a city where the combined state and local sales tax rate is 8%. They each purchased the same computer and paid $160 in sales tax. A 5-column table has 3 rows. The first column has entries Tony, Juan, Isabel. The second column is labeled Income with entries 10,000, 50,000, 75,000. The third column is labeled Cost of computer with entries 2,000, 2,000, 2,000. The fourth column is labeled Sales tax paid with entries 160, 160, 160. The fifth column is labeled tax rate with entries 1.6 percent, 0.32 percent, and 0.21 percent. This scenario describes a tax system. Isabel pays Tony and Juan on the computer. pays the highest tax rate on the computer. would be the most affected by an increase in the sales tax rate.
Answers
Answer:
Tony pays the highest tax rate on the computer, not based on the nominal sales tax rate, but on the percentage that the tax represents of his total income.
His income is $10,000, and he pays $160 in sales tax, for an effective rate of 1.6%.
The person who would be the most affected by an increase in the sales tax rate is again, Tony, simply because he has the lowest income. Juan and Isabel would also be affected by a sales tax increase, but on a much lower scale (because their incomes are also a lot larger).
a) The scenario described by the 5-column table with 3 rows showed that Tony paid the highest tax rate (effective) on the computer, based on his income level.
b) Tony would be the most affected by an increase in the sales tax rate because his effective tax rate would increase, causing him to suffer the most.
What is a sales tax?A sales tax is a proportional tax that charges the same percentage on the consumption of goods and services without considering a person's income level.
Data and Calculations:Tax Payer Income Cost of Computer Sales Tax Paid Tax Rate
Tony $10,000 $2,000 $160 1.6%
Juan 50,000 2,000 160 0.32%
Isabel 75,000 2,000 160 0.21% ($160/$75,000 x 100)
Thus, this scenario of a tax system illustrates that sales tax is not progressive, but it is proportional since it is based on consumption and not income level.
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which type of plans are the organizational plans that are broadest in focus and have the longest time frame?
Answers
The type of plans that are the broadest in focus and have the longest time frame are strategic plans.
They are long-term plans that cover an organization's overall direction and goals, and they typically have a time frame of three to five years. Strategic planning is a process that assists organizations in determining their future direction by establishing the organization's mission, vision, and long-term objectives. Strategic plans are typically created by high-level executives and the board of directors or by a strategic planning committee. Strategic plans are critical since they assist an organization in establishing its overall purpose and direction. They also establish a clear vision for the organization's future, which is critical to motivating and inspiring employees.
Strategic plans also assist in defining an organization's position in the market, which is critical to understanding how the organization can be competitive over the long term. Strategic planning, as the broadest in focus and the longest-term plans, is crucial since it assists organizations in determining their future direction by establishing the organization's mission, vision, and long-term objectives. Strategic planning is done in several phases, beginning with environmental scanning, which entails collecting and assessing data about the organization's internal and external environment.
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