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The Essentials of Finance and Accounting for Nonfinancial Managers, 2nd Edition by Edward FIELDS

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CHAPTER TWELVEBusiness Planningand the Budget

The planning process is a cohesive management effort that organizes management knowledge, mobilizes the company’s resources, and focuses those resources on achieving the company’s goals. The first phase of this annual effort is somewhat strategic in nature. It might be best done off site because it requires managers to think about the business and to brainstorm ideas. A database of past information is helpful because there is a great deal to be learned, both positive and negative, from what has happened in the past. Considerable research is required in the areas of:

image Markets

Technology

The economic ...

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