EAS104 Principles of Management - Unit 3 Quiz

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Questions and Answers

What is the primary purpose of planning in management?

The primary purpose of planning is to establish objectives and determine the courses of action needed to achieve those objectives.

How does planning provide direction to management decisions?

Planning provides direction by setting specific goals and identifying the methods to achieve them.

What are the two main components involved in the planning process?

The two main components are establishing objectives (what) and determining courses of action (how).

Why is planning considered the 'Siamese twins of management'?

<p>Planning is considered the 'Siamese twins of management' because it closely relates to controlling, as both functions are essential for measuring and monitoring performance.</p> Signup and view all the answers

What benefit does planning provide in terms of opportunity and threat identification?

<p>Planning helps identify potential opportunities and threats by assessing future courses of action.</p> Signup and view all the answers

How can planning prevent 'piecemeal decision making'?

<p>Planning provides a unifying framework which helps avoid 'piecemeal decision making' by ensuring that all decisions are aligned with the overall objectives.</p> Signup and view all the answers

In what way does planning facilitate managerial control?

<p>Planning facilitates managerial control by establishing standards which can be used to monitor and measure performance.</p> Signup and view all the answers

What does it mean to make 'tomorrow’s decisions today' in the context of planning?

<p>Making 'tomorrow’s decisions today' means that planning involves preemptively determining actions to be taken in the future based on current assessments.</p> Signup and view all the answers

What is the primary purpose of setting an objective in the management planning process?

<p>The primary purpose is to define the desired end state at the conclusion of the planning period.</p> Signup and view all the answers

Why is it important for managers to develop forecasts and planning premises?

<p>It's important because they provide insights about opportunities and threats needed for informed decision-making.</p> Signup and view all the answers

What should managers consider when determining alternative courses of action?

<p>Managers should consider multiple creative options and how to effectively expand their search for solutions.</p> Signup and view all the answers

What role does evaluating alternative courses of action play in the management planning process?

<p>Evaluating alternatives helps managers think through the consequences of each option before making decisions.</p> Signup and view all the answers

How can the SMART criteria enhance the goal-setting process for managers?

<p>The SMART criteria ensure that goals are specific, measurable, attainable, relevant, and timely, making them clearer and more achievable.</p> Signup and view all the answers

What might be a typical assumption made when developing planning premises related to economic trends?

<p>A typical assumption could be that 'the economy will expand by 5% per year for the next 5 years.'</p> Signup and view all the answers

What are the benefits of implementing the chosen alternative in the planning process?

<p>Implementing the chosen alternative ensures that actions are taken to achieve the specified objectives.</p> Signup and view all the answers

In what way can a manager's ability to set and achieve objectives impact their appraisal?

<p>A manager's ability to set and achieve objectives directly impacts their appraisal, as it reflects their effectiveness in driving results.</p> Signup and view all the answers

Flashcards

Planning

The process of setting objectives and courses of action to achieve them.

Objectives/Goals

Specific results desired by individuals, groups, or organizations.

Plans

Courses of action used to accomplish objectives.

Planning Process

The steps involved in establishing objectives and action plans.

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Benefits of Planning

Improved decision-making, direction, measures, opportunities, and control.

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Primary Management Function (Planning)

Planning is the foundational function, setting the basis for other management tasks.

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Decision Making in Planning

Planning is about making current decisions for the future.

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Planning and Controlling

Complementary processes in management; planning sets standards, enabling control to measure against them.

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Management Planning

A structured process of setting goals, forecasting, analyzing alternatives & selecting a course of action to achieve organizational objectives.

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SMART Goals

Specific, Measurable, Achievable, Relevant, and Time-bound goals that increase the likelihood of success.

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Planning Premises

Assumptions about the future used to develop plans.

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Situation Analysis

An examination of market conditions, trends, and opportunities to inform strategic decisions.

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Alternative Courses of Action

Different strategies or approaches that can be taken to achieve objectives.

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Evaluating Alternatives

Assessing the potential impact and consequences of each chosen course of action.

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Implementing the Plan

Putting the chosen course of action into practice.

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Setting Objectives

Defining desired future outcomes in clear, measurable terms.

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Study Notes

EAS104 Principles of Management - Unit 3: Basic Planning Process (Part 1)

  • Course: EAS104 Principles of Management
  • Instructor: Prof.Dr. Åžerife EyüpoÄŸlu
  • Course Unit: Unit 3: The Basic Planning Process (Part 1)

Topics

  • The Nature and Purpose of Planning:

    • Planning is the process of setting objectives (what) and courses of action (how) before taking action.
    • Managerial decisions forming organizational plans are crucial.
    • Objectives/goals are specific results individuals, groups, or the organization aim to achieve
    • Example objective: Increasing sales by 10% by the end of 2021.
    • Courses of action (plans) detail how to accomplish goals, such as increasing advertising by 20% to boost sales.

  • What Planning Entails:

    • Managers develop both objectives and plans during the planning process.
    • Planning involves making future decisions today.
    • Planning also includes evaluating potential consequences of future actions.

  • What Planning Accomplishes:

    • Enables decision-making by anticipating consequences and establishing a unified framework.
    • Helps avoid piecemeal decision-making.
    • Facilitates identification of opportunities and threats.
    • Planning and control are critical management components, like "Siamese twins."

  • Planning - The Primary Management Function:

    • Forms the foundation of management, providing a basis for control, organizing, and leading.
    • Without planning, managers struggle to organize and lead effectively.
    • Planning doesn't guarantee reaching goals, but it increases the chance of success.

  • The Management Planning Process:

    • 1. Set an objective: Determine the desired end state (e.g., "where do we want to be at the end of the period?"). SMART goals (Specific, Measurable, Achievable, Relevant, Timely) are essential.
    • 2. Develop forecast and planning premises: Analyze the situation and predict future opportunities and possible threats; this involves assumptions about the future. Example: "the economy will expand by 5% per year for the next 5 years."
    • 3. Determine alternative courses of action: Generate multiple options to achieve the goal – be inventive!
    • 4. Evaluate alternative courses of action: Consider the possible outcomes of each course of action.
    • 5. Choose the alternative (plan) and implement: Select the best course of action and initiate it.

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EAS104 Principles of Management - Unit 3, Part 1 PDF

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