Question

The cost of planning is generally:

• A. High
• B. Low
• C. No cost
• D. None of these

Hint:

While planning involves initial costs, its benefits in terms of achieving long-term goals and minimizing risks make it a worthwhile investment.

Answer 1

The Correct Option is A

Step 1: Understanding the cost of planning.
Planning is a crucial part of the management process, and it requires resources such as time, effort, and often financial investment. The costs involved can include market research, consultations with experts, and the development of detailed plans and strategies.
Step 2: Why planning is costly.
Effective planning involves gathering data, analyzing trends, and forecasting future conditions, all of which take time and expertise. These activities often require dedicated teams, research tools, and other resources, contributing to a high overall cost.
Step 3: Conclusion.
Although planning is essential for the success of any organization, it generally comes with a high cost due to the resources and efforts required to develop and implement comprehensive plans.