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</p> Signup and view all the answers

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

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

    What is the main focus of Operational Planning?

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

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

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

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

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

    What is the main objective of planning?

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

    Which type of planning involves interpretation of strategic plans?

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

    What is the time orientation of tactical planning?

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

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

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

    What is the time horizon for strategic planning?

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

    What is the primary focus of tactical planning?

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

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

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

    What does operational risk primarily deal with?

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

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

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

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

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

    What is the time horizon for strategic planning?

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

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

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

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

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

    What is the primary focus of strategic planning?

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

    What is the main purpose of tactical planning?

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

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

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

    What is the time orientation of tactical planning?

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

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

    <p>Prospector</p> Signup and view all the answers

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

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

    What is the primary focus of tactical planning?

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

    What is the time orientation of strategic planning?

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

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

    <p>Prospector</p> Signup and view all the answers

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

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

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

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

    What is the main objective of operational planning?

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

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

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

    What is the primary focus of operational planning?

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

    What does MBO stand for in the context of management?

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

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

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

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