Do you have questions about LC Business?

Benefits: (1) Quick Decision Making (2) Effective in certain situations e.g Low Skilled Factories/ Manufacturing
Drawbacks: (1) Demotivates Staff (2) Over Reliance on Managers - Managers are overloaded with decisions and may struggle to cope.

Answer

Operational Planning

This type of planning typically describes the day-to-day running of the company..

Strategic Planning

Strategic planning includes a high-level overview of the entire business. It’s the foundational basis of the organization and will dictate long-term decisions. The scope of strategic planning can be anywhere from the next two years to the next 10 years.

Tactical Planning

Tactical planning supports strategic planning. It includes tactics that the organization plans to use to achieve what’s outlined in the strategic plan. Often, the scope is less than one year and breaks down the strategic plan into actionable chunks.