What does the PGA Business Planning Model encompass?

The PGA Business Planning Model encompasses elements of both strategic planning and annual business planning, making it a comprehensive approach to managing and guiding a business over both the short term and the long term. Strategic planning involves setting long-term goals and determining the necessary actions and resources required to achieve them, while annual business planning focuses on shorter-term objectives that align with these strategic goals. By integrating both aspects, the PGA Business Planning Model allows organizations to develop a cohesive strategy that addresses immediate needs while also positioning them for future growth and success.

The other options are limited in scope. The first option focuses solely on annual budget plans, which are just one component of the broader planning process. The third option mentions only short-term objectives, neglecting the importance of strategic planning in setting a foundation for those objectives. Lastly, stating "none of the above" would disregard the key elements that the PGA Business Planning Model indeed combines, which are essential for effective business management.