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Managers that implement strategic plans in the global oil industry tend to cover ________ to ________ years; and, the planning horizon for oil exploration is up to ________ years.

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Managers that implement strategic plans in the global oil industry tend to cover four to five years; and, the planning horizon for oil exploration is up to 15 years.

The strategic management process consists of four elements: situation analysis, strategy formulation, strategy implementation, and strategy evaluation. These elements are the steps taken in sequence when developing a new strategic business plan.

Depending on its purpose, strategic management consists of four basic elements.

Environmental Scanning.

Strategic formulation. With the implementation of the

strategy.

Evaluation and Control.

Strategic management includes goal setting, competitive environment analysis, internal organization analysis, strategy evaluation, and ensuring that management implements strategy throughout the organization.

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