Question : Which of the following is a step in the process of developing an operational plan?
Option 1: Conducting a SWOT analysis
Option 2: Setting long-term objectives
Option 3: Allocating financial resources
Option 4: Evaluating market trends
Correct Answer: Allocating financial resources
Solution : The correct answer is (c). Allocating financial resources
Developing an operational plan involves determining the specific actions, activities, and resource allocations required to achieve the organization's strategic goals. Allocating financial resources is an essential step in this process, as it involves determining the financial budget and resources needed to support the operational activities outlined in the plan.
Allocating financial resources entails identifying the necessary funds, budgeting for various operational expenses (e.g., labor costs, equipment, supplies, marketing, etc.), and ensuring that adequate financial resources are available to execute the planned activities effectively.
