Pitogo, Margarette P. Bs Accountancy 1A

PITOGO, MARGARETTE P.
BS ACCOUNTANCY 1A
MANAGEMENT SCIENCE 1
1. BUSINESS PLAN, STRATEGIC PLAN, AND CORPORATE PLAN
A business plan is a documented strategy for a business that highlight its goals and its
plans for achieving them. It outlines a company’s go-to-market plan, financial projections,
market research, business purpose, and mission statement. Key staff who are responsible for
achieving the goals may also be included in the business plan along with a timeline. A business
plan is an undeniably critical component to getting any company off the ground. It’s key to
securing financing, documenting your business model, outlining your financial projections, and
turning that nugget of a business idea into reality.
Strategic planning is a process in which an organization’s leaders define their vision for
the future and identify their organization’s goals and objectives. The process includes
establishing the sequence in which those goals should be realized so that the organization can
reach its stated vision. Strategic planning typically represents mid- to long-term goals with a life
span of three to five years, though it can go longer. This is different than business planning,
which typically focuses on short-term, tactical goals, such as how a budget is divided up.
Corporate planning is the process by which businesses create strategies for meeting
business goals and achieving objectives. It involves strategy definition, strategy direction,
decision-making and resource allocation. Corporate planning ensures that business operations
are orderly and that the team works towards the same goals. It can also help you identify
potential challenges in meeting goals, so you can provide methods to overcome them.
Corporate planning is more focused on preparing courses of action for all the activities of a
business. Understanding corporate planning can help you successfully manage a business or
help you work more effectively. In this article, we explain what corporate planning is, the types of
corporate planning and the stages involved in the creation of a corporate plan.
2. TACTICAL PLAN AND CONTINGENCY PLAN
Tactical planning refers to a strategy that helps in creating short-term and distinct plans
that help fulfil the long-term plans of a business, organization, or individual. Tactical planning
helps break down this long-term plan further into smaller, short-term goals with clearly defined
goals that enable companies to achieve them. Tactical planning is the step taken after a
business or team creates a strategic plan to break that plan into smaller objectives and goals. A
tactical plan is used to define goals and determine how they will be achieved through actions
and steps.
Contingency planning is a management tool that involves all parts of an organization.

It can help ensure timely and effective humanitarian aid to those who need it most. Making a
contingency plan involves making various decisions as an organization before an emergency
happens. These decisions range from how to manage human and financial resources, how to
best coordinate internally and with partners, and what communications procedures to put in
place.
3. OPERATIONAL PLANNING AND EXAMPLES
Operational planning creates a detailed roadmap based on a strategic plan. The

operational plan aligns timelines, action items and key milestones that finance or the business
needs to complete to execute on the strategic plan. Operational planning is the result of a team
or department working to execute a strategic plan. It is a future-oriented process that maps out
department goals, capabilities, and budgets to promote the success of team-based activities
designed to support the strategic plan. An example of operational planning would be a
manufacturer creating a plan to increase revenue by 30%. Finance partners with sales, the
marketing team, operations and other key business areas to align on the strategies needed to
support revenue growth and achieve business goals together.
4. ADVANTAGES AND DISADVANTAGES OF CORPORATE PLANNING
ADVANTAGES
• A good corporate planning helps to reduce the uncertainty in business by just
predicting the risk value.
• By corporation in company a well defined objectives and clear goals are made in
order to get success.
• A corporate planning helps in reducing the ambiguity and correctly defines unites
of organization
DISADVANTAGES
• The management become quite inflexible in this planning.
• It's quite a time consuming process.
• The individual interest in the planning may ruined the whole objectives.
• The corporate planning based on future forecast which may sometime be wrong.
5. CORORATE PLANNING AND FUNCTIONAL PLANNING
Successful corporate planning involves creating strategies to help you achieve those
business goals you’ve defined in your business plan. Specifically, how are you going to support
your company’s mission, and what steps will you and your employees need to take to reach
those goals? To get started in the corporate planning process, you’ll want to take a look into
your company’s mission, strengths, and weaknesses. Gather any relevant information on your
business’s finances and operations. Relevant documents may include cash-flow statements,
credit reports, P&L statements, and up-to-date records of business transaction. Once you’ve
gathered all of the necessary information, you can set specific, measurable goals as part of your
corporate plan. These may be goals regarding expansion, sales, employee performance, and
more.
Functional planning is developing and documenting detailed plans to achieve
objectives set at higher organizational levels. It includes specifying how resources will be used
to support activities in each functional area, such as marketing, production, human resources,
finance, and information technology. A well-designed functional plan provides a roadmap for
achieving short-term goals that contribute to the success of long-term strategic objectives.
Functional planning is a detailed plan that focuses on one or more functions. Each function’s
goals are established in this method. This is because, without functional planning, your
company may quickly lose momentum and “get bogged down” while the competition continues
to expand.

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PITOGO, MARGARETTE P.

1. BUSINESS PLAN, STRATEGIC PLAN, AND CORPORATE PLAN

2. TACTICAL PLAN AND CONTINGENCY PLAN

Contingency planning is a management tool that involves all parts of an organization.

Operational planning creates a detailed roadmap based on a strategic plan. The

4. ADVANTAGES AND DISADVANTAGES OF CORPORATE PLANNING

5. CORORATE PLANNING AND FUNCTIONAL PLANNING

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