Flashcards in Chapter 6: Financial Planning and Forecasting Deck (6):
What is mission statement?
- Condensed version of firm's strategic plan
What is corporate scope?
- The firm's lines of business and geographical area of operations
What is statement of corporate objectives?
- Goals to guide management
What are corporate strategies?
- Approaches to obtain firm's goals
- Big picture
What is an operating plan?
- Detailed implementation guidance for management to reach corporate objectives
- Based on corporate strategies