Which of the following statements about the financial planning process are true? Check all that apply.

- The firm will need to calculate the amount of funds it will be able to generate internally. If that is not enough capital to support the financial plan, the firm will need to raise external funds to support the financial plan or the plan will have to be revised to focus on the highest value opportunities.

- Management must monitor operations after implementing a financial plan to detect deviations from the plan and adjust accordingly.

- A firms performance-based compensation system should be focused on an employees ability to create short-run profits because this will ultimately keep the firms stock price the highest.