Final answer:
The function of determining an organization's objectives and deciding how to accomplish them is known as planning. This management process is key to adapting to changes and achieving long-term success, and it is different from concepts like outsourcing and offshoring. The correct answer is option D.
Step-by-step explanation:
Determining an organization's objectives and deciding how to accomplish them is a management function known as planning. Planning involves setting goals and outlining steps to achieve these goals. This process is central to an organization's ability to respond to changes in technology, economics, globalization, and workplace demographics. It often includes gathering information from stakeholders, conducting cost/benefit analyses, and adapting to new developments within the industry.
It is also essential to distinguish planning from related concepts like outsourcing, the hiring of external contractors to perform tasks, and offshoring, the relocation of a company’s operations to another country to capitalize on lower labor costs. These strategies aim at cost-saving and efficiency but are distinct from the strategic planning process.
Effective planning is a key factor in determining how well an organization adapts to shifts in its external environment and achieves long-term success.