Which of the following is incorrect regarding a firm's financial planning?

Select one:

a. Planning, if it is done right, forces the financial manager to think about events that could upset the firm's progress and to devise strategies to be held in reserve for counterattack when unfortunate surprises occur.

b. The financial plan establishes financial goals and is a benchmark for evaluating subsequent performance. Usually it also describes why that strategy was chosen and how the plan's financial goals are to be achieved.

c. Planning is just like forecasting and both deal with the most likely outcome. Planners do not have to think about events that may occur, though unlikely.

d. Most firms take financial planning seriously and devote considerable resources to it. The tangible product of the planning process is a financial plan describing the firm's financial strategy and projecting its future consequences by means of pro forma balance sheets, income statements, and statements of sources and uses of funds.