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Questions and Answers
Which of the following is NOT a type of environmental scanning?
Which of the following is NOT a type of environmental scanning?
What is the primary purpose of competitive intelligence?
What is the primary purpose of competitive intelligence?
Which of the following is an example of a digital tool for data analysis and processing?
Which of the following is an example of a digital tool for data analysis and processing?
What is the main purpose of environmental scanning in an organization?
What is the main purpose of environmental scanning in an organization?
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Which of the following is an example of a specific environment component?
Which of the following is an example of a specific environment component?
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What is a potential application of Virtual Reality in an organization?
What is a potential application of Virtual Reality in an organization?
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What is the relationship between business intelligence and digital tools?
What is the relationship between business intelligence and digital tools?
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Which of the following is a component of the general environment in environmental scanning?
Which of the following is a component of the general environment in environmental scanning?
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What is the purpose of gathering information about competitors through competitive intelligence?
What is the purpose of gathering information about competitors through competitive intelligence?
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Which of the following is an example of a digital tool used for environmental scanning?
Which of the following is an example of a digital tool used for environmental scanning?
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Study Notes
What is Planning?
- Planning is a management function that involves setting goals, establishing strategies, and developing plans to integrate and coordinate work activities.
- Formal planning involves specific, time-oriented goals that are written and shared.
- It provides direction and reduces uncertainty.
Importance of Planning
- Minimizes waste and redundancy.
- Establishes goals and standards for controlling.
- Associated with positive financial results.
Goals and Plans
- Goals are desired outcomes or targets.
- Plans are documents that outline how goals are going to be met.
- Objectives provide management with direction and serve as a means to measure progress.
- Real objectives are what the organization actually pursues, while stated objectives are official statements of what the organization wants the public to believe.
Types of Plans
- Strategic plans apply to the entire organization and establish overall goals.
- Long-term plans have a time frame beyond three years.
- Operational plans encompass a particular area of the organization.
- Short-term plans cover one year or less.
- Directional plans are flexible and set out general guidelines.
- Specific plans are clearly defined and leave no room for interpretation.
- Single-used plans are designed to meet the needs of a unique situation.
- Standing plans provide guidance for activities performed repeatedly.
Contingency Factors in Planning
- Degree of environmental uncertainty.
- Level in the organization.
- Length of future commitments.
Planning in the Organizational Hierarchy
- Strategic planning involves top management.
- Operational planning involves middle-level managers and first-level managers.
Approaches to Setting Objectives
- Traditional approach: top management sets objectives that flow down through the organization.
- Management by Objectives (MBO): a process of setting mutually agreed-upon goals and using those goals to evaluate employee performance.
Planning Effectively
- Get employees involved in planning.
- Develop specific but flexible plans.
- Use environmental scanning to detect emerging trends.
Environmental Scanning
- Involves screening information to detect emerging trends.
- Includes scanning the general environment (political, economic, social, and technological).
- Includes scanning the specific environment (industry, competitors, suppliers, and customers).
- Competitive intelligence involves gathering information about competitors to anticipate their actions.
- Business intelligence involves using digital tools for data analysis and processing.
Digital Tools for Environmental Scanning
- Virtual reality can be used for interviewing job candidates, virtual meetings, complex job training, and previewing office or plant layouts.
- Social media is becoming increasingly important for extracting competitive intelligence.
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Description
This quiz covers the basics of planning in an organization, including the nature and purposes of planning, types of plans, contingency factors, and objective setting approaches.
