Question

WEEK 6: BUDGETING

What are the three levels of planning? Please describe one.

Answer 1

The Three Levels of Planning are :-

1. Strategic Planning
2. Operational Planning
3. Tactical Planning

Strategic Planning

Strategic Planning the organizational activity which is used to set the priorities, focus resources and ensure that the employees and the other stakeholders are working on the common goal of the organization . It decides the objectives of the organization and decide the resources used to attain these objective. This set ups the policies to manage the acquisition, use of the resources.

Operational Planning

Operational Planning is deciding the most effective use of resources already allocated.

Tactical Planning

Tactical Planning is the systematic determination and scheduling of the short term activities required in achieving the objectives of the organisation.