Foundations of Planning Objectives
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Questions and Answers

What is the primary managerial activity that involves defining the organization’s goals, establishing an overall strategy, and developing plans for organizational work activities?

  • Planning (correct)
  • Organizing
  • Controlling
  • Decision-making
  • Which element of planning provides direction and evaluation performance criteria?

  • Procedures
  • Strategies
  • Tactics
  • Goals (correct)
  • What type of goals are related to the expected internal financial performance of the organization?

  • Strategic Goals
  • Operational Goals
  • Financial Goals (correct)
  • Performance Goals
  • What type of planning is associated with higher profits and returns on assets?

    <p>Formal planning</p> Signup and view all the answers

    What should be used for several years before it begins to affect performance, according to the text?

    <p>Formal planning</p> Signup and view all the answers

    What is the difference between stated goals and real goals in an organization?

    <p>Stated goals are the official statements of what an organization says, while real goals are the goals that an organization actually pursues.</p> Signup and view all the answers

    Which type of plan covers extended periods of time and seeks to establish the organization’s overall goals?

    <p>Strategic plans</p> Signup and view all the answers

    What is strategic flexibility in the context of strategic management?

    <p>It is the ability to recognize major external changes and quickly commit resources to address them.</p> Signup and view all the answers

    What are the benefits of developing strategic flexibility in an organization?

    <p>Ensure everyone is on the same page and monitors strategies being used.</p> Signup and view all the answers

    What does strategic management aim to achieve in organizations?

    <p>It aims to develop the organization’s strategies and cope with environmental uncertainty.</p> Signup and view all the answers

    Study Notes

    Planning in Management

    • The primary managerial activity that involves defining the organization's goals, establishing an overall strategy, and developing plans for organizational work activities is planning.

    Goal Setting

    • Direction and evaluation performance criteria are provided by objectives.
    • Financial goals, related to the expected internal financial performance of the organization, are a type of goal.

    Types of Planning

    • Long-range planning, which covers extended periods of time and seeks to establish the organization's overall goals, is a type of planning.
    • The type of planning associated with higher profits and returns on assets is strategic planning.

    Strategic Management and Flexibility

    • Strategic flexibility in the context of strategic management refers to an organization's ability to adjust quickly to changing circumstances.
    • Developing strategic flexibility in an organization provides benefits such as enabling rapid adaptation to changing market conditions and facilitating innovation.
    • Strategic management aims to achieve a sustainable competitive advantage in organizations.

    Goal Alignment

    • Stated goals represent the officially announced goals of an organization, while real goals reflect the actual priorities and values of the organization, which may differ from stated goals.
    • It takes several years of consistent effort before an organization's strategy begins to affect performance.

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    Description

    Test your understanding of the nature, purposes, types of goals, and approaches to goal-setting and planning in organizations. Explore contemporary issues in planning and its role as a primary managerial activity.

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