What term refers to the collection of methods used by businesses to aid decision-making?

• A. Executive summary
• B. Business plan
• C. Planning tools
• D. Strategy

Answer: (C)

Planning tools refer to the collection of methods businesses use to aid decision-making. They provide structured ways to gather data, analyze options, forecast outcomes, and allocate resources. Examples include budgeting and financial modeling, forecasting, decision trees, SWOT/PESTLE analyses, scenario planning, and project appraisal techniques. The reason this term is the best fit is that it describes the toolkit of techniques used to support choosing among alternatives, rather than a single document or a strategic aim. The other options point to specific outputs or concepts: an executive summary is a concise overview of a longer report, a business plan is the full document detailing goals and actions, and strategy is the overall plan to achieve objectives. Therefore, planning tools best captures the collective methods used to aid decision-making.