Key Planning Concepts

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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. (correct)

A person who actively seeks to resolve problems.

A person who looks for information or solutions.

What is a seeker?

A person who looks for information or solutions. Signup and view all the answers

What is planning?

The process of making plans for something. Signup and view all the answers

What are objectives?

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

What are short range plans?

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

What are strategic plans?

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

What are operational/tactical plans?

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

What is a policy?

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

What are rules?

Explicit regulations or principles governing conduct or procedure. Signup and view all the answers

What are procedures?

Established or official ways of doing something. Signup and view all the answers

What is forecasting?

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

What is contingency planning?

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

What is scenario planning?

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

What is benchmarking?

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

What is a competitive advantage?

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

What is strategy?

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

What is strategy formulation?

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

What is SWOT analysis?

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

What is a BCG Matrix?

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

What is a Question Mark in the BCG Matrix?

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

What is a Star in the BCG Matrix?

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

What is a Cash Cow in the BCG Matrix?

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

Study Notes

Key Planning Concepts

Decision: A conclusion reached after considering options.
Programmed Decision: A choice based on pre-defined rules or processes.
Non-Programmed Decision: A response to a unique, novel situation.
Crisis: A situation of intense difficulty requiring immediate action.
Decision-Making Styles:
- Avoider: Someone who avoids making decisions.
- Solver: Someone actively seeking problem resolution.
- Seeker: Someone looking for information or solutions.
Planning: The process of creating plans for actions.
Objectives: Specific, measurable outcomes within a timeframe.
Short-Range Plans: Plans covering a year or less.
Long-Range Plans: Plans exceeding one year.
Strategic Plans: Long-term organizational goals and their realization.
Operational/Tactical Plans: Detailed steps to implement strategic plans.
Policies: Principles guiding decisions for rational outcomes.
Rules: Explicit regulations governing actions or procedures.
Procedures: Established ways of handling tasks.
Budgets: Financial plans detailing expected revenue and expenses.
Projects: Temporary undertakings to produce unique products or services.
Forecasting: Predicting future trends based on historical data.
Contingency Planning: Creating back-up plans for unforeseen events.
Scenario Planning: A method for flexible long-term planning.
Benchmarking: Comparing processes and performance to industry best practices.
Competitive Advantage: A superior position within a business context.
Strategy: A plan to achieve overall goals.
Strategy Formulation: Defining an organization's strategic direction.
SWOT Analysis: Identifying Strengths, Weaknesses, Opportunities, and Threats.
PESTLE/PEST+C Analysis: Analyzing factors impacting an organization (Political, Economic, Social, Technological, Legal, Environmental, and Competitive).
BCG Matrix: Evaluating strategic positions of a business's product portfolio.
Question Mark (BCG): Low market share in a high-growth market.
Star (BCG): High market share in a high-growth market.
Dog (BCG): Low market share in a low-growth market.
Cash Cow (BCG): High market share in a low-growth market.

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Description

This quiz covers essential concepts in decision-making and planning. It explores various types of decisions, planning styles, and the distinctions between short-range and long-range plans. Test your understanding of these foundational elements critical for effective organization and strategy.