Which of the following statements about financial planning is most correct? a. The planning process...

Which of the following statements about financial planning is most correct?

a. The planning process typically takes place in January and February.

b. The financial plan is created independently of the business’s strategic plan.

c. The financial plan is created independently of the business’ operating (five-year) plan.

d. The financial plan is part of the administration and human resources plan.

e. None of the above statements are correct.

Expert Solution

a. The planning process typically takes place in January and February.

Not Correct : Financial planning is a process which is typically process which requires a periodical review. So it is incorrect to state that such process typically takes place in January and February.

b. The financial plan is created independently of the business’s strategic plan.

Not Correct : Business Strategic Planning includes overall Mission, Vision and Aspirations of the organization. It's a strategy to achieve overall goal of business. Any plan created for organization must be in scope as defined in the Business strategic Plan. So financial plan can be crated independently of the Business Strategic Plan.

c. The financial plan is created independently of the business’ operating (five-year) plan.

Not Correct : Business Operating Plan provides outline or scope for the human, financial and physical resources allocation for short term goals to achieve long term goals. So your financial plan should also be congruent with the medium and long term operating plan.

d. The financial plan is part of the administration and human resources plan.

Not Correct : Administration and human resources planning helps organization to deploy have right employees in right numbers to achieve it's goals. Financial planning is one of the process that helps organization to deploy it's financial resources to achieve overall organizational goals.Thee two process work together but financial process is not part of administration and human resources plan.

e. None of the above statements are correct.

Correct: As non of the options above provides correct statement regarding financial planning.

jeff jeffy answered 4 months ago

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