Thus, procedures mean definite steps in a chronological sequence within the area chalked out by the policies. Want to Understand the Basic Job Description and Duties of a Manager? What's the Difference Between Vision, Strategy and Tactic? B Explanation: B) The planning phase includes analyzing the situation, gathering information, … Definition and Meaning of Planning 2. It must bridge the gap between where we are and where we want to go at the minimum cost. A plan is a course of action that can take the organisation to its objectives at the minimum cost. The different departments may formulate different plans and programmes for their integration in the overall planning. Truly speaking, planning as a whole with its component parts is the outcome of decision-making. Examples of such investment may be outlays on land, building, machinery, research and development, etc. Ans: Project management is the management of the work to develop and implement an innovation or change in an existing operation. The following commission EXCEPT: are elements in a manager's compensation package b. c. benefits d. short term incentives salary 10. Strategies act as reserve forces to overcome resistances and reactions according to circumstances. 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. This principle implies that more emphasis has to be put on that factor which is scarce or limited in supply or extremely costly. Elements of the objective matrix in the development of strategies include ____. All of the following statements concerning project stakeholders are true except A. Planning is the key to success of an organisation. Identify and Live Your Personal Values for Success in Life and Work, vision statement describes the way you envision. Update: A. provide the rationale for the business. While much more is often included in the plan, these seven elements will help you get started. Generally, in planning a project, a special task force is also envisaged. 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. assessments answer what happened, why it happened, and what we need to do to improve. 67. All planning is linked up with certain goals and objectives. Planning is not an easy task. Private insurance is an important need. It is a function of every manager at every level in the organisation. Documentation reviews. A SWOT analysis provides businesses a situational investigation into their position in the market. 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. Before publishing your articles on this site, please read the following pages: 1. This understanding provides the basis for additional knowledge about new facts and matters to the employees. Budget means an estimate of men, money, materials and equipment in numerical terms required for implementation of plans and programmes. Planning is said to be the most basic and primary function of management. So, planning premises are of two types—external and internal. Innovation is achieved through research and development and planning is required to provide such scope. Core values describe your beliefs and behaviors. All of the following statements are true regarding the RBS except for which one? Question 4 All of the following elements are part of an organization’s vision EXCEPT _____. Planning ensures organisational effectiveness in several ways. 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.”. So planning provides the basis for control. There is no need for planning if there is only one way for doing something. Answer Save. To keep the enterprise as a going concern without any break, it is essential that planning must be a continuous process. Creating the BOM hierarchy showing all the levels of the BOM. Planning has no meaning without being related to goals and objectives. Core values describe your beliefs and behaviors. What is it that you are … Most managers can benefit from having a strategic plan. Therefore, it is to be seen that what is expected is likely to be achieved. But all plans must contribute in a positive way towards the achievement of the enterprise objectives. Plans should not be made rigid. It must be based on clearly defined objectives. Plagiarism Prevention 4. A plan is a course of action that shows promise of optimizing return at the minimum expense of inputs. This decision signifies that a definite action must be taken in respect of a specific situation. A plan without a vision is just drudgery. D. include an analysis of the competition. All the steps in the process of planning must be linked and co-ordinated with each other. The marketing mix includes all of the following except. They set forth overall boundaries within which the decision-makers are expected to operate while making decisions. A plan is prepared against some foundations or backgrounds known as ‘Planning Premises’. However, an employer with 10 or fewer employees may communicate the plan orally to employees. It is undertaken at all segments and levels of the organisation—from the general manager to the foreman. Planning pervades all managerial activities. Planning decides the future course of action and involves choosing it from alternatives. 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. 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. Steps 6. A. b. Innovation consists in creating something new for increasing satisfaction of the consumers. For example, production planning depends upon sales planning—and vice versa. Thus, planning and budgeting are inter-linked. 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. Internal factors include the organisation’s policies, resources of various types, and the ability of the organisation to withstand the environmental pressure. b. Principles. Policies are statements or principles that guide and direct different managers at various levels in making decisions. The more detail provided the less flexibility exists for those that follow the plan. Enterprises start with a general objective. Planning concentrates attention on the objectives of an enterprise. Planning prevents wastage of resources by choosing the best course of action from many alternatives. 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. A local competitor with ties to non-local customers could be facing a financial situation, giving this business an opportunity. This involves collection of facts and figures necessary for planning the future course of the enterprise. Thus, planning has assumed great importance in all types of organisation—business or non-business, private or public sector, small or large. Whether internal or external, the success of the plans demands that it should be strategy-oriented. Welcome to Sciemce, where you can ask questions and receive answers from other members of the community. c. hiring only … 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. 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. Tasks for a specified course of action from several alternatives, foresight and sound.... Some positive way towards the end of higher plans turn it into readily digestible.! 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