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Which of the following steps in the planning process should be completed before the others can be addressed?

Which of the following steps in the planning process should be completed before the others can be addressed? Correct Answer Stating organizational objectives

The correct answer is Stating organizational objectives.

Key Points

  • Planning is concerned with defining goals for a company’s future direction and determining the resources required to achieve those goals.
    • Common components of a business plan include external and internal analyses, marketing and branding, investments, debt, resource allocation, suppliers, production processes, competition, and research and development.

Additional Information

  • The step-wise process of planning-
    • Setting Objectives
    • Developing Planning Premises
    • Identifying Alternative Courses of Action
    • Evaluating Alternative Course of Action
    • Selecting One Best Alternative
    • Implementing the Plan
    • Follow Up Action 
  • As we can see that Stating organizational objectives is the first step and others are addressed thereafter.

Related Questions

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3. Reducing tax liability and increasing the ability to make contributions towards retirement plans are critical for success.
4. Tax planning comprises various considerations such as size, the timing of income, timing of purchases, and planning are concerned with other kinds of expenditures.
5. The chosen investments and the various retirement plans should go hand-in-hand with the tax filing status as well as the deductions in order to create the best possible outcome.
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