Steps 6. Some important definitions of planning, given by the eminent authors are stated below: According to Koontz and O’Donnell, planning is “an intellectual process, the conscious determination of courses of action, the basing of decisions on purpose, facts and considered estimates.”, “By means of planning management members try to look ahead, anticipate eventualities, prepare for contingencies, map out activities and provide an orderly sequence for achieving the objective.”, “The plan of action is, at one and the same time, the result envisaged, the line of action to be followed, the stages to go through, and methods to use.”. Thus, decision­-making and planning have intimate relation with each other. before proceeding with the work. assessments answer what happened, why it happened, and what we need to do to improve. These methods are known as a. portfolio models. Since all alternatives cannot be considered for further analysis, it is necessary for the planner to reduce in preliminary examination the number of alternatives that do not meet the minimum preliminary criteria. Calculating and planning requirements for materials at all levels of the BOM. It is the analysis and interpretation of future in relation to the activities and working of an enterprise. Planning is a mental exercise involving imagination, foresight and sound judgement. This provides an opportunity to set the objectives in real sense. 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. It will help in detecting the shortcomings and pitfalls of the plans and taking remedial actions well in time. Planning is neither poetry nor philosophy. The Emergency Action Plan takes into account each of the following EXCEPT _____. Preliminary criteria can be defined in several ways— minimum investment required, matching with the present business of the organisation, control by the government, etc. Elements of Control Plan. A good plan must be simple, balanced and flexible, and make utmost use of the existing resources. It is part of the job that needs to be done in connection with the general programme. 9. Plagiarism Prevention 4. The plans are formulated in the light of both external and internal factors. A plan is prepared against some foundations or backgrounds known as ‘Planning Premises’. (iii) The priority to be given in succession for the accomplishment of different tasks through careful analysis. When planning action is taken, these objectives are made more concrete and meaningful. Mention may be made here of varied operating orders and instructions which are outside of planning, but are subject to decision­ making. This allows timely changes in the planning and makes it more effective. Answer Save. They may be production policy, sales policy, financial policy, personnel policy etc. Planning is a function of every manager at every level in an enterprise. TRUE A typical change request form will include which of the following content items? Which of the following statements describes characteristics of a well-written problem statement that can help focus the staff and subsequent planning process? But these different policies are co-ordinated and integrated in such a way that they ensure easy realisation of the ultimate objectives of business. The essence of planning is the choice among alternative courses of action. Because it is a template, or pattern, you can adapt and use it again—perhaps at a future job. The amount of detail depends on the amount of flexibility you want your managers and team to have. The language of the work schedule or programme in the planning should be simple so that each and every part of it may easily be understood by the employees at different levels, specially at the lower level. Planning is basically a problem of choosing. Any mistake or error in planning is sure to upset other functions of management and, thus, precision is of utmost importance in every kind of planning. 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. Private insurance is an important need. Fire Up Your Strategic Framework for Your Organization's Success, You Can't Be a Real Leader Who People Want to Follow Without Vision. The future is uncertain. The different departments may formulate different plans and programmes for their integration in the overall planning. Long-term goals are the milestones a company sets to guide operations toward their far-reaching objectives. A control plan is a document describing the critical to quality characteristics, the critical Xs or Ys, of the part or process. Planning also requires laying down of policies for the easy realisation of the -objectives of business. Dan McCarthy wrote about management and leadership for The Balance Careers. It can be a single page or fill up a binder, depending on the size and complexity of the business and work. Whatever be the nature of activity, management starts with planning. Planning concentrates attention on the objectives of an enterprise. So decision-making has a pervasive influence upon planning and it is a part of the planning process. Therefore, every organisation is required to specify what it wants to achieve. Capital . Risk threshold C. Risk urgency D. Risk tolerance. A. Precision is the soul of planning. It represents a programme which is possible to execute with more or less existing resources. The nature and characteristics of planning may be stated as follows: Planning is an intellectual and rational process. Thus, a company may have a programme for the establishment of schools, colleges and hospitals near about its premises along with its expanding business activities. It aims at smooth flow of work. Planning is a major and primary function of management. The philosophy and values of the organization. B. include estimates of income and expenses. All of the following would be important elements of management by objectives (MBO) EXCEPT the _____. Default protocols to be followed across projects. Thus, procedures mean definite steps in a chronological sequence within the area chalked out by the policies. To secure participation of the employees with whole-hearted co-operation in execution of the plan, it is necessary that the plan must be communicated and explained to them for their full understanding. Thus, planning has assumed great importance in all types of organisation—business or non-business, private or public sector, small or large. The strong and weak points of every alternative should be analysed carefully. This is so because the manager decides upon the policies, procedures, programmes, projects, etc. Planning is said to be the most basic and primary function of management. This will help in selecting the most favourable alternative. This is needed for improvement in the quality of planning. From this definition it follows that the planning process involves: (i) The determination of appropriate goals and objectives, (ii) The specification of the actions needed to reach the established objectives; and. The RBS is contained in the risk management plan. Differences between or among stakeholders should be resolved in Planning involves selection of suitable course of action from several alternatives. 67. D. Diagramming techniques. Harley-Davidson's vision statement focuses on keeping its brand internationally known and valued, using the combined power of its stakeholders and employees to drive value and innovation: While a vision describes how you view your business to your customers and stakeholders, a mission statement describes what you do currently. However, an employer with 10 or fewer employees may communicate the plan orally to employees. Planning is essentially a process of deciding in advance what is to be done, when and where it is to be done, and how it is to be done, and by whom. Planning helps the managers in taking care of future uncertainties and thus minimizes business risk. Generally, in planning a project, a special task force is also envisaged. Planning focuses on efficiency and economy in operation. But a vision with a plan can change the world.” Creating a plan to achieve your business objectives may not change the world—but it is possible. So, the planner must also be ready with alternative—normally known as contingency plan— that can help coping up with the changed situation. Price. Risk appetite B. Each long-term goal should have a few one-year objectives that advance your goals. RedHat has been a provider of Linux operating systems for over 25 years. It’s been said that “A vision without a plan is just a dream. 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. Planning requires scientific thinking and it should spell out in clear terms the definition of the purpose, analyse the problem and make a careful and diligent search for all the facts bearing upon it. From this point of view, decision-making and planning move together and one depends on the other. Rule is related to parts of a procedure. 18. Core values describe your beliefs and behaviors. It states the objectives of the organization in the context of given resources; provides for proper utilisation of resources to the best advantage, gives necessary competitive strength for continuous growth and steady progress by foreseeing what the competitors are likely to do and evolving its strategies accordingly. But sectional plans cannot but be inter-dependent. A good system of planning should be responsive to the opportunities for innovation. They set forth overall boundaries within which the decision-makers are expected to operate while making decisions. E. the underlying corporate philosophy. All planning work must spell out in clear terms the objectives to be realised from the proposed business activities. Planning is the synthesis of various forecasts—short-term or long-term, special or otherwise. d. All the above are basic elements Ans: d Difficulty: Moderate Feedback: Project Planning Short Answer 82. A strategic plan is a document that establishes the direction of an organization. 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. (iii) The optimum period of time for achieving them. A major plan is prepared and it is supported by many derivative plans. For example, production planning depends upon sales planning—and vice versa. It must also achieve better results with the minimum of unexpected happenings. TOS 7. It is prepared in the light of what the competitors are intending to do. Planning is directed towards efficiency. b. The nature of the business that the organization is engaged in. Planning is the key to success of an organisation. This, no doubt, eliminates or reduces the possibility or jumping into uncertainties. It describes risk categories, which are a systematic way to identify risks and provide a foundation for understanding for everyone involved on the project. It is a scheme for investing resources which can be analysed and appraised reasonably and independently. Any deviation of rule entails penalty. 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. The school and local law enforcement have developed a memorandum of agreement, (MOA), defining the roles and responsibilities of both. There may be separate plans prepared in different levels in the organisation, but all the sub-plans must be united with the general plan so as to make up a comprehensive plan for operation at a time. Importance 4. The project charter should help the project team and the project sponsor to develop a common understanding of what the project is all about. depending upon the situation. Based on the plans at various levels, it can be decided who will do what and at what time. Explanation: Portfolio planning is an element of the strategic plan. This enables the businessman to concentrate upon those matters which are actually relevant and vital to business success. its market share Correct! c. It is the job of all managers in all types of organisation. Planning is a preparatory step for action. The task of planning will be well-accomplished if some fundamental principles are followed in the process. Planning prevents wastage of resources by choosing the best course of action from many alternatives. Welcome to Sciemce, where you can ask questions and receive answers from other members of the community. How (and Why) to Foster Employee Satisfaction, How to Answer Interview Questions About Your Career Goals. There are seven basic elements of a strategic plan. Through planning, the manager fixes the objectives of the organisation as a whole and, in the light of this, the goals of its various departments. There is another reason for choosing more than one alternative. 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. Every lower-level plan serves as a means towards the end of higher plans. They are the beliefs you have that will enable you to achieve your vision and mission. Policies provide the necessary basis for executive operation. Planning decides the future course of action and involves choosing it from alternatives. Forecasting provides a logical basis for anticipating the shape of the future business transactions and their requirements as to man and material. This understanding provides the basis for additional knowledge about new facts and matters to the employees. Thus, control is exercised in the context of planning action as the standards against which actual results are to be compared are set up through planning. Briefly discuss project management and what it involves. To plan is to look ahead and chalk out the future course of operations of an enterprise. Key elements of a project quality plan are controls that let you ensure the standards are being met and work is progressing toward reaching your objectives. c. Executing the BOM for materials at the top level of the BOM. All of the following statements are true regarding the RBS except for which one? A rule specifies necessary course of action in a particular situation. A mission statement could broaden your choices, and/or narrow them. Your team’s internal work style and communication preferences. Important Strategic Planning Skills for Workplace Success, Here Are Some Keys to Make Strategic Planning Implementation Work, How to Implement a Long-Term Remote Work Plan, Understand Team Culture and the Role of Clear Expectations in Success, Use These Tips to Build an Organization Based on Values. Copyright 10. Various alternative courses that are considered feasible in terms of preliminary criteria have to be taken for detailed evaluation. It has a simple mission statement: A vision and mission can also be combined in the same statement. C. limit the business's flexibility and decision-making ability. Planning as a managerial process consists of the following elements or components: The important task of planning is to determine the objectives of the enterprise. This is very important for the planning process because it leads to formulation of plans by providing clue as to whether opportunities exist for taking up particular plans. Each objective should have a plan that details how it will be achieved. In this process a hierarchy of objectives is created. 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. Therefore, planning may be defined as follows: Planning is the process by which the managers of an organisation set objectives, make an overall assessment of the future, and chart the courses of action with a view to achieving the organisational goals. After formulating the basic and derivative plans, the sequence of activities is determined so that the plans are put into action. Through this system of monitoring and control, customer requirements will be met and the product or process variation will be reduced. Some examples of long-term goals could be for a business to strengthen its hold on the local market, increasing profits, or expanding its operations and sales. After determination of the organisational goals, it is necessary to establish planning premises, that is, the conditions under which planning activities will be undertaken. Strategies are the devices formulated and adopted from the competitive standpoint as well as from the point of view of the employees, customers, suppliers and government. After you make your yearly objectives, you might break each one down further into short-term goals, which define the actions and objectives for the next three months to get you to your yearly goals. To keep the enterprise as a going concern without any break, it is essential that planning must be a continuous process. External premises include total factors in the environment like social, political, technological, competitors’ plans and actions, government policies, etc. The capital required to obtain any equipment elements that are needed for the generation of income. It defines the boundaries within which the business should operate. Definition and Meaning of Planning 2. Since there are so many complex variables connected with each goal and each possible plan, the process of comparative evaluation is extremely difficult. 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. The Joint Fires Element can be overwhelmed and the lethal targeting and fires function can be diluted if given staff responsibility for planning and integrating all nonlethal actions (e.g., reconstruction, engagement, reconciliation, etc. Objectives: The important task of planning is to determine the objectives of the enterprise. The marketing mix includes all of the following except. Sales. The rules prescribe a definite and rigid course of action to be followed in different business activities without any scope for deviation or discretion. Nature and Characteristics of Planning 3. Planning is concerned with the establishment of objectives of an enterprise and finding out the way of realisation of those objectives. The commercialization of health is all that. The project scope planning processes include all of the following EXCEPT: how the business case will be created. The other functions of management—organising, direction, co-ordination and control—can be performed only after the manager has formulated the necessary planning. The important principles may be stated as follows: This means that certain resources must be committed or pledged for the purpose of planning. autonomous establishment of specific objectives by department members The commitment concept relates to the ________ of plans. b. The process of planning generates the purposeful and orderly setting up of activities to be carried on. What is it that you are … Question 2. How far into the future a manager can see and with how much clarity he will depend on his intellectual calibre, are chalked out through planning process. Since planning is concerned with the identification of alternatives and selection of the most favourable alternative, it may rightly be described as “the most basic tool of management functions.” Thus planning is a process of deciding the business targets and charting out a rational path of attaining those targets. Policies should be consistent and must not be changed frequently. What Daily Leadership Behaviors Inspire Employee Motivation? Healthcare organizations have multiple markets or customers. Question 4 All of the following elements are part of an organization’s vision EXCEPT _____. However, the other business remains a threat if it pulls out of the crises. Prohibited Content 3. Planning is a structured process and different plans constitute a hierarchy. Different plans are inter-dependent and inter-related. Customer needs must be met before wishes. e. Generating multiple BOMs for … 2. Long-term goals are statements that drill down a level below the vision and describe how you plan to achieve it. So, planning premises are of two types—external and internal. Product. place. Planning, being an intellectual activity is based on rational considerations. Programmes must be closely integrated with the objectives. Production procedure involves manufacturing and assembling of parts; sales procedure relates to advertising, offering quotations, securing and execution of orders; purchase procedure indicates inviting tenders, selecting quotations, placing orders, storing the goods in go-down and supplying them against requisition to different departments and personnel procedure is the recruitment, selection and placement of workers to different jobs. It will, thus, add to the quality of planning through the knowledge of additional facts, new visions and revealing situations. Focusing on your mission each day should enable you to reach your vision. ... (WBS) is a framework that will be used as a basis for further planning activities including all the following EXCEPT: None can be a planner whose mind is not active, who does not possess any deliberate power and whose sense of judgement is not strong. The character and breadth of planning will, of course, vary from one job to another—depending on the level of management. 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. The enterprise must be ready to exhaust the available resources for the achievement of a plan. Ultimately, the choice will depend upon what is determined as the most critical factor from the point of view of the objectives of the enterprise. The following commission EXCEPT: are elements in a manager's compensation package b. c. benefits d. short term incentives salary 10. All taxes, except payroll, paid to the appropriate government institutions. A business's strength could be its ability to attract local customers, while its weakness might be an inability to break into a non-local consumer base. Image Guidelines 5. This set of goals usually starts three years out and extends to around five years into the future, directly aligning with the mission and vision statements. The objectives are defined in more concrete, precise and meaningful terms. a. a specific worksite layout b. structural features c. community response d. emergency systems What are the components of an effective Emergency Action Plan? Plans should not be made rigid. Report a Violation. The next step in planning process is to search for various alternative courses of action based on the organisational objectives and planning premises. defining objectives defining metrics determining the sourcing vendor for the software package identifying obstacle and problems. Though a plan is prepared after reflective thinking, this does not mean that no departure can be made in the course of its operation. In fact, most of the company’s achievements can be attributed to careful planning. d. Choosing the planning strategy for the BOM. An emergency action plan must include at a minimum: 1910.38(c)(1) It occupies first place and precedes all other functions of management which are designed to attain the goals set under planning. Elements 5. A plan is a course of action that shows promise of optimizing return at the minimum expense of inputs. While much more is often included in the plan, these seven elements will help you get started. The managerial function of controlling is concerned with a comparison between the planned performance and the actual performance of the subordinates and departments of the organisation. ‘Planning Premises’ are planning assumptions relating to the expected environmental and internal conditions. Well-considered overall plans harmonies inter-departmental activities. Strategies thus may be internal and external. A plan involves varied factors of different importance. A vision statement describes the way you envision your business. This is why there must be a follow-up system in the planning process itself. The more detail provided the less flexibility exists for those that follow the plan. C. (Select all answers that apply.) Most managers can benefit from having a strategic plan. The best strategy of planning from the competitive standpoint is to be fully informed somehow about the planning ‘secrets’ of the competitors and to prepare its own plan accordingly. Then he proceeds to prepare a kind of ‘blueprint’ mapping out the ways of attaining these objectives. For preparation of such a plan, a definite process involving the following steps has to be followed: The manager must first identify the opportunity that calls for planning and action. Budgets for various periods can be prepared to make plans more concrete for implementation. Thus, planning and control are inseparable. Above all, no planning can proceed without forecasting—which means assessing the future and making provision for it. 1.. All following elements have been identified as important to supporting school’s level of involvement with law enforcement EXCEPT: A. A project is a single-use plan which is a part of a general programme. A plan is essentially today’s design for tomorrow’s action and an outline of the steps to be taken in future. This decision signifies that a definite action must be taken in respect of a specific situation. It follows, therefore, that every plan must contribute in some positive way to the accomplishment of group objectives. A project involves basically the investment of funds, the benefits from which can be accrued in future. b. eliminating unnecessary motions. It means systematized pre-thinking for determining a course of action to achieve some desired result. Planning has to find out several alternatives, estimate the feasibility and profitability of the different alternatives, and to choose the best one out of them. This principle implies that more emphasis has to be put on that factor which is scarce or limited in supply or extremely costly. There may be production procedure, sales procedure, purchase procedure, personnel procedure etc. It also serves as a very important control device by measuring the performance in relation to the set goals. The key elements of a marketing plan are described in the table below. It often describes what you do, for who, and how. It must be based on clearly defined objectives. Budget means an estimate of men, money, materials and equipment in numerical terms required for implementation of plans and programmes. With the help of planning, an enterprise can predict future events and make due provision for them. It anticipates future events and sets the course of action to control these events to one’s advantage. Creating the BOM hierarchy showing all the levels of the BOM. D. the location in which the firm intends to operate. This may also be stated as an important strategy of business. Thus, planning and budgeting are inter-linked. Update: A. provide the rationale for the business. It is a function of every manager at every level in the organisation. For example, if an organisation has set its objective to grow further, it can be achieved in several ways like expanding the field of business or product line, joining with other organisations, or taking over another organisation, and so on. All these steps in planning lead automatically to economy. What is the Importance of Planning in Management? These involve reflective thinking which signifies problem-solving thought process—a process by which past experiences are superimposed on the facts of the present situation and possible future trends. Each objective should be as SMART as possible: Specific, Measurable, Achievable, Realistic, and Time-based. In choosing from alternatives, the best alternative will be that which contributes most efficiently and effectively to the accomplishment of a desired goal. It is within the planning function that goals are determined, decision-making takes place, forecasts are made and strategies are initiated. Definition The problem statement should not pose a solution, accounts for current circumstances, and does not predict what future actions may occur. Moreover, there is no certainty about the outcome of any alternative course because it is related with future which is not certain. 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. Quality-control systems specify an organizational structure that allows those responsible for quality to check the work being carried out at all levels. Ans: Project management is the management of the work to develop and implement an innovation or change in an existing operation. It must bridge the gap between where we are and where we want to go at the minimum cost. 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. In such a case, the manager may choose more than one alternative at the same time. A business plan should do all of the following EXCEPT:? An emergency action plan must be in writing, kept in the workplace, and available to employees for review. They all merge into a single programme and act as a guide for the whole concern. Elements of the objective matrix in the development of strategies include ____. Which of the following Tools and Techniques are part of Risk Management Planning? B Explanation: B) The planning phase includes analyzing the situation, gathering information, … b. After the best alternative is decided upon, the next step is to derive various plans for different departments or sections of the organisation to support the main plan. Read this article to learn about Planning in an Organisation. A. What's the Difference Between Vision, Strategy and Tactic? The break-down of the master plan into departmental and sectional plans provides a realistic picture of the actions to be taken in future. Planning pervades all managerial activities. A plan should be made efficient to attain the objectives of the enterprise at the minimum cost and least effort. All of the following statements concerning project stakeholders are true except A. Risk attitude consist of all the following elements except for which one? In a big enterprise, various policies are formulated for guiding and directing the subordinates in different areas of management. A good mission statement should incorporate all of the following elements EXCEPT A. the customers the firm will serve. It is based on facts and experience, and thereby realistic in nature. As such, it should communicate that dream to your employees and customers in an inspirational manner. A structure to gather key project data and turn it into readily digestible information. Risk planning meetings. In fact, planning is a dynamic activity. The first function of planning is to spell out its objectives. In the absence of a plan, work still gets done on a day-to-day basis but often lacks a sense of purpose and priority. (ii) Adequate knowledge about the capacity of the force available through observations and experiments and from established standards. For example, if the organisational objective is profit earning, planning activity will specify how much profit is to be earned looking into all facilitating and constraining factors. Note that these marketing plan elements correspond to a sample marketing plan template provided for use in this course. This gives the planning exact, definite, and accurate meaning in its scope and content. Want to Understand the Basic Job Description and Duties of a Manager? It should be as flexible as possible to accommodate all possible changes in the enterprise with a view to coping with the changing conditions in the market. Core values describe your beliefs and behaviors. A. Budget indicates the size of the programme and involves income and outgo, input and output. A vision statement should be reviewed continuously to ensure it is still aligned with the way you see your company. Identify and Live Your Personal Values for Success in Life and Work, vision statement describes the way you envision. Elements of Planning: Planning as a managerial process consists of the following elements or components: 1. Regulates health insurance needs and desires. These derivative plans are formulated out of the main plan and so they support it. Planning is basically related with this aspect. All of the following elements should be included in a project scope statement EXCEPT: names of the project team members Once the project is underway, each potential change to a project is normally documented by some sort of change request. Programming involves dividing into steps the activities necessary to achieve the objectives, determining the sequence between different steps, fixing up performance responsibility for each step, determining the requirements of resources, time, finance etc. It is an immense need for the managers of an enterprise to fix up their minds as to what they want to accomplish and then plan the use of time, resources, and efforts towards the achievement of their objectives. and assigning definite duties to each part. Sound planning inter-relates all the activities and resources of an organisation. Scientific management involves all the following except a. breaking down jobs into their simplest elements. They are the beliefs you have that will … A plan is a course of action that can take the organisation to its objectives at the minimum cost. The process of developing a plan helps the manager (and the team) step back and examine where they are, where they want to go, and how they are most likely to get there. Objectives are the goals towards which all managerial activities are aimed at. It also ensures an obligation of the personnel of the enterprise to execute the plan by individual and joint participation. b. But, decision-making has a wider connotation than planning. The plan should be so prepared that there is sufficient scope for changing it from time to time. Strategic planning is essential where there is competition. In planning, the manager evaluates the alternatives on the basis of efficiency. Policies act as guidelines for taking administrative decisions. O Strategic alignment. He has spoken, written, and taught on management for more than 20 years. Timing and sequence of operations determine the starting and finishing time for each piece of work according to some definite schedule and give practical and concrete shape and form to work performance. Principles. Again, planning for purchase of raw materials, employment of labour, etc. 1 / 1 pts Question 5 Which is the first step of Warrick’s six-step change implementation process? Which of the following are elements of planning business analysis approach? Alternative courses of action can be evaluated against the criteria of cost, risks, benefit and organisational facilities. Innovation is achieved through research and development and planning is required to provide such scope. A local competitor with ties to non-local customers could be facing a financial situation, giving this business an opportunity. If there is only one way of doing something there is no need of planning. Within each category, there may be several alternatives. Content Filtrations 6. Policies provide guidelines to thinking and action, but procedures are definite and specific steps to thinking and action. 1910.38(c)Minimum elements of an emergency action plan. But all plans must contribute in a positive way towards the achievement of the enterprise objectives. Before publishing your articles on this site, please read the following pages: 1. The amount of salary managers are paid usually depends on the value of the person's work to the organization and how well the person is: a. accepted by customers b. influencing the board exercising managerial authority d. discharging responsibilities 11. Therefore, it is to be seen that what is expected is likely to be achieved. So a single step in a programme is set up as a project. These, in turn, are supported by the specific objectives for the departments. Privacy Policy 8. C. the nature of the competitive environment. D. include an analysis of the competition. It allows you to spot and name the important aspects, happenings, and adversaries of your business. There must be complete agreement among the managers in respect of planning premises over which the structure of plan is to be framed. This hierarchy can be built up by coordinating the plans of different departments. The firm’s internal environment—such as its financial resources, technological resources, and the capabilities of its personnel and their performance—has to be examined. c. hiring only … Though major planning function is entrusted to the top management, it is not restricted to the top level only. Documentation reviews. Internal factors include the organisation’s policies, resources of various types, and the ability of the organisation to withstand the environmental pressure. Every manager is required to plan first for systematic and orderly performance of his assigned duties. After the evaluation of various alternatives, the most appropriate one is selected as the plan. Question 15 – You work for a large manufacturing plant and you are working on a new project to release a new product line of toothpaste and salt. A plan without a vision is just drudgery. All of the following are part of the planning function EXCEPT: a. Analyzing a situation. In the course of execution of a plan, certain obstacles may crop up in midway and planning may require revision, alteration or correction. Programmes are precise plans of action followed in proper sequence in accordance with the objectives, policies and procedures. A SWOT analysis provides businesses a situational investigation into their position in the market. It acts as a guide and is essentially in the nature of a decision made by the management authority. Compassionate Eye Foundation/Hiep Vu/Getty Images. B. There may be several departmental budgets which are again integrated into the master budget. If another competitor is trying to expand its customer base, it is a threat as well. The Coca-Cola Company lists it's core values as: SWOT is an acronym for strengths, weaknesses, opportunities, and threats. ). So, the first plan must follow the second plan and the second plan the third and so on in never-ending series in quick succession. Disclaimer 9. 29. The key elements of the benefits management plan are all of the following EXCEPT Benefits owner. Procedures outline a series of tasks for a specified course of action. Business forecasting refers to analysing the statistical data and other economic, political and market information for the purpose of reducing the risks involved in making business decisions and long range plans. Answer: A 9. Policies are statements or principles that guide and direct different managers at various levels in making decisions. The quality of planning depends upon the abilities of the managers who are required to collect all relevant facts, analyse and interpret them in a correct way. Week 3 - Quiz: MGT435: Organizational Change … Business planning has become imperative due to the fact that an enterprise operates in a changing and dynamic environment. Core Values. Programmes, thus, lead to a concrete course of inter-related actions for the accomplishment of a purpose. Innovation is a necessity for its sustaining growth in this dynamic world. This involves collection of facts and figures necessary for planning the future course of the enterprise. All in all, your communication plan needs the following elements: An understanding of all stakeholders’ preferences and requirements. Service and/or Product Line: In this section describe your service and product. No organisation can operate properly without planning. B. the products/services the firm intends to provide. For example, one alternative may be the most profitable but requires heavy investment; another may be less profitable but also involves less risk. Enterprises start with a general objective. For successful implementation of a plan, it must be communicated to all levels of the organisation. Financial Planning: it’s Meaning, Importance and Elements – Discussed! Thus, various departments work in accordance with the overall plan, and co­ordination is achieved. It is undertaken at all segments and levels of the organisation—from the general manager to the foreman. Some of the most successful corporations started in garages, and through planning became industry giants. In other words, procedures are the methods by means of which policies are enforced. The plans for achieving your short-term goals are your action plans. By this we mean to say that the application of decision-making is extended beyond the horizon of planning and, in any business, almost every position is a decisional centre. Planning leads to achieve a coordinated structure of operations. The manner in which each work has to be done is indicated by the procedures laid down. Sometimes evaluation shows that more than one alternative are equally good. Figure 2.2 “The Strategic Planning Process” and Figure 2.3 “Elements of a SWOT Analysis” show examples of internal and external factors and in a SWOT analysis. ... A mission statement should reflect all of the following, EXCEPT: a. So planning provides the basis for control. From this are developed subordinate goals that contribute to the attainment of the general objective. All of the following elements should be included in a project scope statement EXCEPT. At a minimum, the EAP must include the following elements: • ways to report fires and other emergencies So, uniformity must be there in all levels of planning to match the general plan. Truly speaking, planning as a whole with its component parts is the outcome of decision-making. The aspects of this changing environment include changes in technology, government policies, the nature of competition, social norms and attitudes etc. Forecasting : Roles, Steps and Techniques | Management Function. C. Data precision rankings. A good plan should not only attain optimum relationship between output and input but should also bring the greatest satisfaction to those who are responsible for its implementation. Changes must necessarily be effected in the plan for taking into account new developments that may take place in the course of the operation of the plan. So, necessary help is to be taken from experts. cannot be an isolated act apart from sales planning and production planning. The plans at each level of the organisation are made for the attainment of the appropriate objectives in the hierarchy. As a managerial function, planning is important for the following reasons: The first and most important reason for planning lies in the fact that it provides a basis on which decisions are made. (Select all answers that apply.) Thus, a rule may be incorporated in respect of purchase procedure that all purchases must be made after inviting tenders. There is no need for planning if there is only one way for doing something. Question 3 It provides a unifying framework. Planning involves all of the following EXCEPT: C. Determining rewards for goals achievement _______________ involves analyzing a situation, determining goals to be pursued and deciding upon the actions that will be taken to achieve these goals. All planning is linked up with certain goals and objectives. They are applied as and when required. Work Breakdown Structure. Do You Know Your Leadership Values and Practice Ethically? Competitors are intending to do to improve well in time, decision-making has a simple statement. 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