Question : Changes and events cannot be eliminated but they can be anticipated and managerial response to them can be developed which importance of planning is highlighted in the above statement?
Option 1: Planning provide direction
Option 2: Planning reduces overlapping and wasteful activities
Option 3: Planning reduces the risk of uncertainty
Option 4: Planning facilitates decision making
Correct Answer: Planning reduces the risk of uncertainty
Solution :
Every day, organisations must deal with numerous uncertainties and unexpected situations. Planning assists managers in dealing with uncertainty because planners attempt to predict the future by making assumptions about the future based on their past experience and scanning of the business environment.
Hence, option 3 is the correct answer.
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