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Importance Of Business Planning In An Environment Lacking Economic Predictability

Author

Listed:
  • Ciumara, Tudor

    (Centre for Financial and Monetary Research “Victor Slăvescu”, Romanian Academy)

Abstract

The importance of business planning in an environment that lacks economic predictability is enhanced because it increases the ability of firms to be proactive. It is however necessary to accept the fundamental assumption that planning activity is conducted in a turbulent environment, where unpredictable events occur frequently. Planning is possible even when changes are common and difficult to predict, by adopting a flexible model to address all significant aspects.

Suggested Citation

  • Ciumara, Tudor, 2010. "Importance Of Business Planning In An Environment Lacking Economic Predictability," Studii Financiare (Financial Studies), Centre of Financial and Monetary Research "Victor Slavescu", vol. 14(3), pages 147-151.
  • Handle: RePEc:vls:finstu:v:14:y:2010:i:3:p:147-151
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    More about this item

    Keywords

    business planning; predictability; strategy;

    JEL classification:

    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure
    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • M13 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - New Firms; Startups

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