International Business College has recognised the need to formalise its planning and budgeting procedures and its Human Resource Director has been assigned to co-ordinate the budgets for five years to 31 December 2022. He recently attended a course on Financial Planning, Budgeting and Balanced Scorecard and has been puzzled by some of the concepts.
REQUIRED:
Explain the following concepts with examples to the Human Resource Director:
Strategic planning
Tactical planning
Operational planning