One difference between a company's long-range planning efforts and its annual budget preparation is
A)long-range planning documents usually contain more detail than annual budgets.
B)annual budgets usually contain more detail than the long-range planning process.
C)long-range planning documents focus on the company's internal environment more than annual budgets.
D)annual budgets focus on the external environment more than the long-range planning process.

Question

Quizplus · Accepted Answer

Long-range planning is focused on setting long-term goals and strategies for achieving them. It is done with a broader perspective, considering factors such as market trends, technological changes, and global economic conditions. On the other hand, an annual budget is a more detailed plan that outlines the financial goals and objectives of a company for a specific year. It is based on the long-term plan but includes more specific information such as revenue projections, expense forecasts, and capital investment plans. Therefore, the annual budget is more detailed than the long-range planning process.

One Difference Between a Company's Long-Range Planning Efforts and Its