Which of the statements regarding the organizational planning cycle is CORRECT?

The organizational planning cycle consists of five elements: external assessment, internal assessment, mission and vision statement, service strategies, and action plan.

Organizational plan is not necessary because our future and outside world are forever changing.

Organizational planning is a one$-$time intellectual exercise, and it is usually done when people try to start a business.

Organizational planning is concerned of drafting up a five$-$year action plan.