Key Planning Concepts Quiz
23 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to Lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is a decision?

A conclusion or resolution reached after consideration.

What is a programmed decision?

A decision that is made using a predefined process or set of rules.

What is an avoider?

A person who tends to evade making decisions.

What is a seeker?

<p>A person who looks for information or solutions.</p> Signup and view all the answers

What is planning?

<p>The process of making plans for something.</p> Signup and view all the answers

What are objectives?

<p>Specific results that a person or system aims to achieve within a time frame.</p> Signup and view all the answers

What are short-range plans?

<p>Plans that cover a period of one year or less.</p> Signup and view all the answers

What are strategic plans?

<p>Plans that outline an organization's long-term goals and the means to achieve them.</p> Signup and view all the answers

What are operational/tactical plans?

<p>Plans that specify the details of how to implement the strategic plans.</p> Signup and view all the answers

What is a policy?

<p>A principle or rule to guide decisions and achieve rational outcomes.</p> Signup and view all the answers

What are rules?

<p>Explicit regulations or principles governing conduct or procedure.</p> Signup and view all the answers

What are procedures?

<p>Established or official ways of doing something.</p> Signup and view all the answers

What is forecasting?

<p>The process of predicting future trends based on historical data.</p> Signup and view all the answers

What is contingency planning?

<p>The process of creating alternative plans to be implemented in case of unforeseen events.</p> Signup and view all the answers

What is scenario planning?

<p>A strategic planning method used to make flexible long-term plans.</p> Signup and view all the answers

What is benchmarking?

<p>The process of comparing business processes and performance metrics to industry bests.</p> Signup and view all the answers

What is competitive advantage?

<p>A condition or circumstance that puts a company in a favorable or superior business position.</p> Signup and view all the answers

What is a strategy?

<p>A plan of action designed to achieve a long-term or overall aim.</p> Signup and view all the answers

What is strategy formulation?

<p>The process of defining the strategy or direction of an organization.</p> Signup and view all the answers

What is a SWOT analysis?

<p>A strategic planning technique used to identify Strengths, Weaknesses, Opportunities, and Threats.</p> Signup and view all the answers

What is a BCG Matrix?

<p>A tool used to evaluate the strategic position of a business brand portfolio.</p> Signup and view all the answers

What is a question mark?

<p>A term used in the BCG Matrix for products with low market share in a high-growth market.</p> Signup and view all the answers

What is a cash cow?

<p>A term used in the BCG Matrix for products with high market share in a low-growth market.</p> Signup and view all the answers

Flashcards

Decision

A conclusion or resolution reached after consideration.

Programmed Decision

A decision that is made using a predefined process or set of rules.

Non Programmed Decision

A decision that is made in response to a unique or non-recurring situation.

Crisis

A time of intense difficulty or danger that requires immediate action.

Signup and view all the flashcards

Avoider

A person who tends to evade making decisions.

Signup and view all the flashcards

Solver

A person who actively seeks to resolve problems.

Signup and view all the flashcards

Seeker

A person who looks for information or solutions.

Signup and view all the flashcards

Planning

The process of making plans for something.

Signup and view all the flashcards

Objectives

Specific results that a person or system aims to achieve within a time frame.

Signup and view all the flashcards

Short Range Plans

Plans that cover a period of one year or less.

Signup and view all the flashcards

Long Range Plans

Plans that cover a period of more than one year.

Signup and view all the flashcards

Strategic Plans

Plans that outline an organization's long-term goals and the means to achieve them.

Signup and view all the flashcards

Operational/tactical Plans

Plans that specify the details of how to implement the strategic plans.

Signup and view all the flashcards

Policy

A principle or rule to guide decisions and achieve rational outcomes.

Signup and view all the flashcards

Rules

Explicit regulations or principles governing conduct or procedure.

Signup and view all the flashcards

Procedures

Established or official ways of doing something.

Signup and view all the flashcards

Budgets

Financial plans that outline expected revenues and expenditures.

Signup and view all the flashcards

Project

A temporary endeavor undertaken to create a unique product or service.

Signup and view all the flashcards

Forecasting

The process of predicting future trends based on historical data.

Signup and view all the flashcards

Contingency Planning

The process of creating alternative plans to be implemented in case of unforeseen events.

Signup and view all the flashcards

Scenario Planning

A strategic planning method used to make flexible long-term plans.

Signup and view all the flashcards

Benchmarking

The process of comparing business processes and performance metrics to industry bests.

Signup and view all the flashcards

Competitive Advantage

A condition or circumstance that puts a company in a favorable or superior business position.

Signup and view all the flashcards

Strategy

A plan of action designed to achieve a long-term or overall aim.

Signup and view all the flashcards

Strategy Formulation

The process of defining the strategy or direction of an organization.

Signup and view all the flashcards

SWOT Analysis

A strategic planning technique used to identify Strengths, Weaknesses, Opportunities, and Threats.

Signup and view all the flashcards

Pest+C Analysis

A framework used to analyze the external environment affecting an organization, including Political, Economic, Social, Technological, and Competitive factors.

Signup and view all the flashcards

BCG Matrix

A tool used to evaluate the strategic position of a business brand portfolio.

Signup and view all the flashcards

Question Mark

A term used in the BCG Matrix for products with low market share in a high-growth market.

Signup and view all the flashcards

Star

A term used in the BCG Matrix for products with high market share in a high-growth market.

Signup and view all the flashcards

Dog

A term used in the BCG Matrix for products with low market share in a low-growth market.

Signup and view all the flashcards

Cash Cow

A term used in the BCG Matrix for products with high market share in a low-growth market.

Signup and view all the flashcards

Study Notes

Key Planning Concepts

  • Decision: A conclusion or resolution reached after careful consideration.
  • Programmed Decision: A pre-determined decision based on established rules or processes.
  • Non-Programmed Decision: A decision made in response to a unique or unusual situation.
  • Crisis: A period of intense difficulty or danger that demands immediate action.
  • Decision Maker Types:
    • Avoider: Someone who avoids making decisions.
    • Solver: Someone who actively seeks to resolve problems.
    • Seeker: Someone who actively searches for information and solutions.
  • Planning: The process of creating strategies and approaches for achieving objectives.
  • Objectives: Specific and measurable results to be achieved within a timeframe.
  • Planning Horizons:
    • Short-Range Plans: Plans covering one year or less.
    • Long-Range Plans: Plans covering more than one year.
    • Strategic Plans: Long-term plans defining organizational goals and methods.
    • Operational/Tactical Plans: Detailed plans to execute strategic plans.
  • Planning Tools & Frameworks:
    • Policies: Guiding principles for decision-making.
    • Rules: Explicit regulations governing conduct.
    • Procedures: Established methods for undertaking tasks.
    • Budgets: Financial plans outlining anticipated revenue and expenses.
    • Project: A temporary venture to create a unique product or service.
    • Forecasting: Predicting future trends based on historical data.
    • Contingency Planning: Developing alternative plans for unforeseen events.
    • Scenario Planning: A strategic planning method for flexible long-term plans.
    • Benchmarking: Comparing business practices and performance metrics to industry best practices.
    • Competitive Advantage: A superior position in the market compared to competitors.
    • Strategy: A plan of action to achieve a broader objective.
    • Strategy Formulation: Determining an organization's strategic direction.
    • SWOT Analysis: Identifying Strengths, Weaknesses, Opportunities, and Threats.
    • PESTLE Analysis: Examining Political, Economic, Social, Technological, Legal, and Environmental factors.
    • BCG Matrix: Evaluating the strategic position of a business portfolio.
      • Question Mark: Products with low market share in high-growth markets.
      • Star: Products with high market share in high-growth markets.
      • Cash Cow: Products with high market share in low-growth markets.
      • Dog: Products with low market share in low-growth markets.

Studying That Suits You

Use AI to generate personalized quizzes and flashcards to suit your learning preferences.

Quiz Team

Description

Test your knowledge on key planning concepts including decision types, planning horizons, and the roles of decision makers. This quiz covers essential strategies for effective planning and decision-making processes. Challenge yourself to understand the differences between programmed and non-programmed decisions as well as short and long-term planning.

More Like This

Nivel Estratégico: Conceptos y Funciones
10 questions

Nivel Estratégico: Conceptos y Funciones

GreatestBaroque avatar
GreatestBaroque
Management Planning Concepts
13 questions

Management Planning Concepts

WellEstablishedSeaborgium4135 avatar
WellEstablishedSeaborgium4135
Decision-Making and Planning Concepts
24 questions

Decision-Making and Planning Concepts

LovedVector683 avatar
LovedVector683
Key Planning Concepts
24 questions

Key Planning Concepts

LovedVector683 avatar
LovedVector683
Use Quizgecko on...
Browser
Open
Browser
Browser