Why are long range predictions considered essential to managing a firm?
A) To develop plans for possible new plants.
B) To have raw materials available for future demand
C) To develop plans for future financing.
D) To have enough staff for future needs.
E) To develop plans for possible new plants and future financing, to have raw materials available for future demands and to have enough staff for future needs.

Question

Quizplus · Accepted Answer

Long range predictions are essential to managing a firm because they help in multiple aspects of planning for the future. Having long range predictions can help develop plans for possible new plants, ensure that there will be enough raw materials available for future demand, develop plans for future financing, and ensure that there will be enough staff for future needs. Therefore, the best choice is E, which includes all of these reasons.

Why Are Long Range Predictions Considered Essential to Managing a Firm