As a result of such attention, it becomes possible for the planners to determine the policies, procedures, programmes and the rules for an orderly advance towards the ultimate goals desired to be achieved. Mention may be made here of varied operating orders and instructions which are outside of planning, but are subject to decision­ making. Your team’s internal work style and communication preferences. It must be based on clearly defined objectives. If there is only one way of doing something there is no need of planning. b. e. Generating multiple BOMs for … Update: A. provide the rationale for the business. Sales. It will, thus, add to the quality of planning through the knowledge of additional facts, new visions and revealing situations. It acts as a guide and is essentially in the nature of a decision made by the management authority. When planning action is taken, these objectives are made more concrete and meaningful. This decision signifies that a definite action must be taken in respect of a specific situation. In thinking of objectives, alternative courses of action and, above all, in making decision for choosing certain alternatives, the planner goes through an intellectual process. This principle implies that more emphasis has to be put on that factor which is scarce or limited in supply or extremely costly. O Strategic alignment. The aspects of this changing environment include changes in technology, government policies, the nature of competition, social norms and attitudes etc. A good mission statement should incorporate all of the following elements EXCEPT A. the customers the firm will serve. Thus, planning and budgeting are inter-linked. It provides a unifying framework. A vision statement should be reviewed continuously to ensure it is still aligned with the way you see your company. This may also be stated as an important strategy of business. The more detail provided the less flexibility exists for those that follow the plan. It is a scheme for investing resources which can be analysed and appraised reasonably and independently. Some of the most successful corporations started in garages, and through planning became industry giants. Policies are statements or principles that guide and direct different managers at various levels in making decisions. In fact, most of the company’s achievements can be attributed to careful planning. A strategic plan is a document that establishes the direction of an organization. Internal factors include the organisation’s policies, resources of various types, and the ability of the organisation to withstand the environmental pressure. Briefly discuss project management and what it involves. This, no doubt, eliminates or reduces the possibility or jumping into uncertainties. Compassionate Eye Foundation/Hiep Vu/Getty Images. Week 3 - Quiz: MGT435: Organizational Change … Therefore, every organisation is required to specify what it wants to achieve. Which of the following are elements of planning business analysis approach? 18. However, to plan any kind of work, the following facts demand utmost attention: (i) The nature, quality and quantity of work to be done, the best way of doing it, the time available for its accomplishment, how to do it, when it is to be done and who are to do it. The following commission EXCEPT: are elements in a manager's compensation package b. c. benefits d. short term incentives salary 10. Then he proceeds to prepare a kind of ‘blueprint’ mapping out the ways of attaining these objectives. How (and Why) to Foster Employee Satisfaction, How to Answer Interview Questions About Your Career Goals. It occupies first place and precedes all other functions of management which are designed to attain the goals set under planning. The project charter should help the project team and the project sponsor to develop a common understanding of what the project is all about. It requires a mental disposition of thinking before’ acting in the light of facts rather than guess. The character and breadth of planning will, of course, vary from one job to another—depending on the level of management. Similarly, in respect of sales procedure, rule may be enforced that all orders should be confirmed the very next day. A plan should be made efficient to attain the objectives of the enterprise at the minimum cost and least effort. It has a simple mission statement: A vision and mission can also be combined in the same statement. The philosophy and values of the organization. A. Planning is neither poetry nor philosophy. A plan is a course of action that shows promise of optimizing return at the minimum expense of inputs. (Select all answers that apply.) Which of the following statements describes characteristics of a well-written problem statement that can help focus the staff and subsequent planning process? The next step in the planning process lies in the setting up of objectives to be achieved by the enterprise in the clearest possible terms keeping in view its strength and limitation. Answer: A 9. Planning leads to achieve a coordinated structure of operations. Explanation: Portfolio planning is an element of the strategic plan. Elements of the objective matrix in the development of strategies include ____. Planning prevents wastage of resources by choosing the best course of action from many alternatives. Perception of opportunities includes a preliminary look at possible opportunities and the ability to see them clearly and completely, an understanding of why the organisation wants to solve the uncertainties and a vision what it expects to gain. Forecasting provides a logical basis for anticipating the shape of the future business transactions and their requirements as to man and material. Again, there are many managerial functions like motivating the employees, disapproving their work or discharging them form service which call for decision-making, but these functions cannot be included within planning from the point of view of analytical study of different management processes. A rule specifies necessary course of action in a particular situation. Identify and Live Your Personal Values for Success in Life and Work, vision statement describes the way you envision. (iii) The priority to be given in succession for the accomplishment of different tasks through careful analysis. The plan should be so prepared that there is sufficient scope for changing it from time to time. Again, planning for purchase of raw materials, employment of labour, etc. Note that these marketing plan elements correspond to a sample marketing plan template provided for use in this course. These derivative plans are formulated out of the main plan and so they support it. Importance 4. Therefore, it is to be seen that what is expected is likely to be achieved. Alternative courses of action can be evaluated against the criteria of cost, risks, benefit and organisational facilities. The essence of planning is the choice among alternative courses of action. The different departments may formulate different plans and programmes for their integration in the overall planning. 1 / 1 pts Question 5 Which is the first step of Warrick’s six-step change implementation process? For example, one alternative may be the most profitable but requires heavy investment; another may be less profitable but also involves less risk. They are applied as and when required. The key elements of the benefits management plan are all of the following EXCEPT Benefits owner. Risk threshold C. Risk urgency D. Risk tolerance. Objectives specify the results expected in measurable terms and indicate the end points of what is to be done; where the primary emphasis is to be placed, and what is to be accomplished by various types of plans. The commercialization of health is all that. Business planning has become imperative due to the fact that an enterprise operates in a changing and dynamic environment. Once the organization has identified and classified all of its SBUs, some method must be established to determine how resources should be allocated among the various SBUs. Risk attitude consist of all the following elements except for which one? Steps 6. The project scope planning processes include all of the following EXCEPT: how the business case will be created. All of the following would be important elements of management by objectives (MBO) EXCEPT the _____. Fire Up Your Strategic Framework for Your Organization's Success, You Can't Be a Real Leader Who People Want to Follow Without Vision. In other words, procedures are the methods by means of which policies are enforced. The important principles may be stated as follows: This means that certain resources must be committed or pledged for the purpose of planning. B Explanation: B) The planning phase includes analyzing the situation, gathering information, … Ans: Project management is the management of the work to develop and implement an innovation or change in an existing operation. Objectives are the goals towards which all managerial activities are aimed at. A vision statement describes the way you envision your business. Planning is concerned with the establishment of objectives of an enterprise and finding out the way of realisation of those objectives. Planning is a mental exercise involving imagination, foresight and sound judgement. Every lower-level plan serves as a means towards the end of higher plans. Planning is a major and primary function of management. Planning is directed towards efficiency. So, necessary help is to be taken from experts. For ensuring that the selected plans are proceeding with the right lines, it is of paramount importance to devise a system of continuous evaluation and appraisal of the plan. In an organisation, there can be various derivative plans like planning for buying raw materials and equipment, developing new product, recruiting and training the personnel, etc. Generally, in planning a project, a special task force is also envisaged. Plans must be communicated in greater details to the subordinates to increase their understanding of the proposed action and for enlisting their co-operations in the execution of plans. Service and/or Product Line: In this section describe your service and product. 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