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WHAT IS CORPORATE PLANNING
Corporate planning may be described as the careful and systematic taking of strategic decisions. In contrast to a short-term plan like a budget, a corporate plan is concerned with taking a long-term
(21) of future developments and with designing a strategy so that the organization can achieve its chosen objectives. Many large companies now recognize the importance of
(22) a formal approach to developing a corporate plan. They prepare ’scenarios’ or forecasts of future developments in the
(23) in which they wish to operate, in order to examine whether decisions taken in the present will result in success in the future. In recent years, companies have been developing more sophisticated
(24) - with which to analyze the risks involved in such decisions.
(25) for example, an oil company deciding if it should invest in a new refinery. Faced with this decision, involving the
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