Explanation:

Solution and Explanation:

The statement describes planning as an intellectual process requiring logical thinking rather than relying on hope or assumptions. This highlights planning as a "Mental Exercise."

• Futuristic: Planning does involve future forecasting, but the statement focuses on logical reasoning rather than future aspects.
• Continuous: While planning is an ongoing process, the emphasis here is on the thought process behind it.
• Mental Exercise (Correct Answer): Planning involves analysis, reasoning, and logical thinking, making option 3 (Mental Exercise) the correct choice.
• Pervasive: Planning applies to all levels of management, but that is not the key focus of the statement.

Correct Answer: Option 3 (Mental Exercise)