Fundamentals of Planning in Management

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Questions and Answers

Which dimension of plans refers to the level of the organization at which the plan is directed?

  • Scope
  • Time
  • Repetitiveness
  • Level (correct)

What does MBO stand for in the context of management?

  • Modeling Business Objectives
  • Mastering Business Operations
  • Managing Business Operations
  • Management by Objectives (correct)

What is a potential disadvantage of MBO?

  • Simplified employee appraisal
  • Clear understanding of goals by employees
  • Inflexibility when the environment changes (correct)
  • Improved employee motivation

Which type in the Miles and Snow Typology is typically involved in a high growth innovative industry and continually looks for new opportunities and markets?

<p>Prospector (C)</p> Signup and view all the answers

What does SWOT stand for in the context of business analysis?

<p>Strengths, Weaknesses, Opportunities, Threats (A)</p> Signup and view all the answers

What is the main focus of Operational Planning?

<p>Day-to-day functions and immediate action (C)</p> Signup and view all the answers

What is one technique for improving the planning process at a business level?

<p>SWOT Analysis (A)</p> Signup and view all the answers

What is one potential disadvantage of Management by Objectives (MBO)?

<p>Goal incompatibility between different units (C)</p> Signup and view all the answers

Which type in the Miles and Snow Typology maintains growth levels by protecting current territory and keeping current customers well served?

<p>Defender (C)</p> Signup and view all the answers

What is the main objective of planning?

<p>To bridge the gap between current and desired state (B)</p> Signup and view all the answers

Which type of planning involves interpretation of strategic plans?

<p>Tactical planning (B)</p> Signup and view all the answers

What is the time orientation of tactical planning?

<p>Medium term (A)</p> Signup and view all the answers

Which type of risk is concerned with day-to-day operations?

<p>Operational risk (A)</p> Signup and view all the answers

What is the time horizon for strategic planning?

<p>&gt;5 years (D)</p> Signup and view all the answers

Which type of risk relates to the potential for financial loss or loss of reputation?

<p>Reputational Risk (D)</p> Signup and view all the answers

What is the primary focus of tactical planning?

<p>Interpretation of strategic plans (A)</p> Signup and view all the answers

Which type of planning takes place at the top level of an organization?

<p>Strategic planning (A)</p> Signup and view all the answers

What does operational risk primarily deal with?

<p>Day-to-day operational challenges (A)</p> Signup and view all the answers

What is the purpose of reducing risk and uncertainty in an organization's operations?

<p>To achieve long-term objectives (D)</p> Signup and view all the answers

What is the primary focus of Management by Objectives (MBO)?

<p>Improving the performance of an organization by defining clear objectives agreed to by both management and employees (B)</p> Signup and view all the answers

What is one potential disadvantage of Management by Objectives (MBO)?

<p>Capacity for goal incompatibility between different units (D)</p> Signup and view all the answers

Which type in the Miles and Snow Typology is typically involved in a high growth innovative industry and continually looks for new opportunities and markets?

<p>Prospector (B)</p> Signup and view all the answers

What does SWOT stand for in the context of business analysis?

<p>Strengths, Weaknesses, Opportunities, Threats (A)</p> Signup and view all the answers

Which type of risk is concerned with day-to-day operations?

<p>Operational risk (D)</p> Signup and view all the answers

What is the time horizon for strategic planning?

<p>Long term (A)</p> Signup and view all the answers

Which type of planning takes place at the top level of an organization?

<p>Strategic planning (A)</p> Signup and view all the answers

Which dimension of plans refers to the level of the organization at which the plan is directed?

<p>Level (A)</p> Signup and view all the answers

What is one technique for improving the planning process at a business level?

<p>SWOT Analysis (A)</p> Signup and view all the answers

What is one potential disadvantage of MBO?

<p>Agreement on objectives can cause inflexibility when the environment changes (A)</p> Signup and view all the answers

What is the primary focus of strategic planning?

<p>Long term objectives and mission (C)</p> Signup and view all the answers

What is the main purpose of tactical planning?

<p>Dealing with ongoing operations (B)</p> Signup and view all the answers

Which type of risk is concerned with adherence to laws and regulations?

<p>Compliance Risk (C)</p> Signup and view all the answers

What is the time orientation of tactical planning?

<p>&lt;5 years (B)</p> Signup and view all the answers

Which type in the Miles and Snow Typology seeks continuous innovation and new opportunities?

<p>Prospector (B)</p> Signup and view all the answers

What does SWOT stand for in the context of business analysis?

<p>Strengths, Weaknesses, Opportunities, Threats (B)</p> Signup and view all the answers

What is the primary purpose of planning in management?

<p>To bridge the gap between current and desired state (D)</p> Signup and view all the answers

What is the primary focus of tactical planning?

<p>Interpretation of strategic plans (A)</p> Signup and view all the answers

Which type of risk is concerned with maintaining growth levels by protecting current territory and customers?

<p>Strategic Risk (C)</p> Signup and view all the answers

What is the time orientation of strategic planning?

<p>Long term (&gt;5 years) (B)</p> Signup and view all the answers

Which type in the Miles and Snow Typology seeks continuous innovation and new opportunities?

<p>Prospector (C)</p> Signup and view all the answers

What does SWOT stand for in the context of business analysis?

<p>Strengths, Weaknesses, Opportunities, Threats (C)</p> Signup and view all the answers

Which type of risk relates to potential financial loss or loss of reputation?

<p>Reputational Risk (A)</p> Signup and view all the answers

What is the main objective of operational planning?

<p>Ensuring day-to-day operational efficiency (A)</p> Signup and view all the answers

What is one potential disadvantage of Management by Objectives (MBO)?

<p>Lack of clarity in goal setting (D)</p> Signup and view all the answers

Which type in the Miles and Snow Typology maintains growth levels by protecting current territory and keeping current customers well served?

<p>Defender (D)</p> Signup and view all the answers

What is the primary focus of operational planning?

<p>Short term planning of day to day functions (D)</p> Signup and view all the answers

What does MBO stand for in the context of management?

<p>Management by Objectives (B)</p> Signup and view all the answers

Which type in the Miles and Snow Typology maintains growth levels by protecting current territory and keeping current customers well served?

<p>Defender (B)</p> Signup and view all the answers

What is one potential disadvantage of Management by Objectives (MBO)?

<p>Capacity for goal incompatibility between different units (D)</p> Signup and view all the answers

What is one technique for improving the planning process at a business level?

<p>SWOT Analysis (A)</p> Signup and view all the answers

Which type of risk relates to the potential for financial loss or loss of reputation?

<p>Financial risk (A)</p> Signup and view all the answers

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