Question 15 (4 points) Listen To ensure consistency, the same staff should be responsible for the numbers in the strategic plan, the annual budget, and the accounting system. True False Question 16 (4 points) Listen The difference between strategy formulation and strategic planning is: Strategic planning is the process of developing new strategies while strategy formulation is concerned with how to implement new strategies. Strategy formulation concentrates on long-range goals while strategic planning concentrates on short- term goals. There is no differences - the terms can be used interchangeably. Strategy formulation is the process of deciding on new strategies, while strategic planning is the process of determining how to implement strategies.