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?

<p>A person who looks for information or solutions. (C)</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 a 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 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 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 in the BCG Matrix?

<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 Star in the BCG Matrix?

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

What is a Cash Cow in the BCG Matrix?

<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.

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Avoider

A person who tends to evade making decisions.

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Solver

A person who actively seeks to resolve problems.

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Seeker

A person who looks for information or solutions.

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Planning

The process of making plans for something.

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Objectives

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

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Short Range Plans

Plans that cover a period of one year or less.

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Long Range Plans

Plans that cover a period of more than one year.

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Strategic Plans

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

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Operational/tactical Plans

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

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Policy

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

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Rules

Explicit regulations or principles governing conduct or procedure.

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Procedures

Established or official ways of doing something.

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Budgets

Financial plans that outline expected revenues and expenditures.

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Project

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

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Forecasting

The process of predicting future trends based on historical data.

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Contingency Planning

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

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Scenario Planning

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

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Benchmarking

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

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Competitive Advantage

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

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Strategy

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

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Strategy Formulation

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

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SWOT Analysis

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

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Pest+C Analysis

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

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BCG Matrix

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

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Question Mark

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

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Star

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

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Dog

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

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Cash Cow

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

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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.

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