CSEET · Business Laws and Management · Functions of Management
Consider the statements about planning premises: (I) Planning premises are the assumptions about the future conditions under which plans will operate. (II) Planning premises are fixed after plans are implemented and are never revised. Which is correct?
Only statement I is correct. Planning premises are assumptions about future conditions on which plans are based. They are not frozen forever; if the assumptions change, such as demand or costs shifting, they are reviewed and the plans are modified accordingly.
- AOnly statement I is correctCorrect
- BOnly statement II is correct
- CBoth statements are correct
- DNeither statement is correct
Explanation
Premises are assumptions about future conditions such as demand, costs, policies and the economy, forming the base for plans. Statement II is wrong because premises are reviewed and plans adjusted when assumptions prove false.
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