Answer the following question either true or false.

Here are the answers to the true or false questions: Strategic planning is concerned with the long-term plans of a company. True* In a continuous production process, components and materials are added as the product moves through the line. True* After a company decides its strategic plan, they will conduct environmental analysis. False (Environmental analysis is typically done before or during* strategic planning.) The macro environment involves the actual market in which the company operates. False* (The macro environment refers to broader external forces, not just the immediate market.) A lack of skillful people and limited financial resources are both examples of strengths that can be present in a company. False* (These are examples of weaknesses.) When using a concentration strategy, an organisation will concentrate on developing the current markets they operate in more intensely or they will develop new markets for their products. True* Tactical planning is about matching supply with demand. True* Capital tied up in inventory is seen as an asset to be sold for money. True* The company itself can be seen as a supplier in the supply chain. True* The theory of constraints was developed by Dr Eli Goldratt. True* The main reason why a bottleneck occurs is because there are no products being processed in a particular production process. False (A bottleneck occurs due to limited capacity, causing a build-up* of products.) Finance is responsible for the development of a company's product and the product line. False* (Product development is primarily handled by R&D, marketing, and operations.) One of the goals of the lean manufacturing concept is to eliminate waste. True* The master production schedule is developed in the strategic planning phase. False* (The master production schedule is an operational plan, not part of strategic planning.) A constraint is anything that prevents a system from achieving more of its goal. True* Send me the next one 📸