Management By Objective and Planning Concepts
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Questions and Answers

What is the maximum typical duration for plans developed under Management by Objective?

  • 2 years
  • 3 months
  • 1 year (correct)
  • Indefinite

Who holds the ultimate responsibility for planning within an organization?

  • First-line supervisors
  • Entry-level managers
  • All employees
  • Top and middle management (correct)

Which factor does NOT influence the planning horizon in an organization?

  • Nature of the business
  • Market organization
  • Required details for the plans
  • Employee performance (correct)

What should be included in the plans developed under Management by Objective?

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

As a manager rises higher in an organization, what change occurs regarding their planning responsibilities?

<p>They spend more time on planning. (C)</p> Signup and view all the answers

What primary outcome should plans lead to, according to planning concepts?

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

Which of the following is NOT a phase in the development of plans according to Management by Objective?

<p>Setting a budget (B)</p> Signup and view all the answers

Which method is NOT typically classified under qualitative forecasting methods?

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

In which scenario is qualitative forecasting most appropriate?

<p>There is insufficient historical data due to market entry (A)</p> Signup and view all the answers

Which of the following is an example of quantitative information used for forecasting?

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

What is a key characteristic of quantitative forecasting methods?

<p>Dependence on historical data (A)</p> Signup and view all the answers

Which of the following is NOT an aspect that can be forecasted?

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

Which forecasting method involves collective expert opinions to reach consensus?

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

What type of forecasting would be used for predicting future training needs?

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

Which quantitative forecasting technique accounts for trends in data over time?

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

What is a common pitfall when relying solely on qualitative forecasting methods?

<p>Bias from expert opinions (D)</p> Signup and view all the answers

Which of the following is essential for effective quantitative forecasting?

<p>Historical data availability (A)</p> Signup and view all the answers

What is the primary focus of strategic planning?

<p>Selecting strategies to meet missions (C)</p> Signup and view all the answers

Which of the following labels indicates the initial point in the strategic planning diagram?

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

What is NOT one of the key areas for establishing objectives in strategic planning?

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

Which of the following statements about strategic planning is False?

<p>It relies on emotional influences for decision-making. (C)</p> Signup and view all the answers

In the context of strategic planning, what does 'Future State' represent?

<p>The goals and ambitions for the organization (A)</p> Signup and view all the answers

What should decisions in strategic planning primarily be based on?

<p>Observed facts and data (D)</p> Signup and view all the answers

Which of the following areas focuses on employee output in strategic planning?

<p>Worker Performance and Attitude (C)</p> Signup and view all the answers

Which area pertains to an organization’s commitment to ethical practices?

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

How should the 'Physical and Financial Resources' area be approached in strategic planning?

<p>Through careful allocation and analysis of resources (B)</p> Signup and view all the answers

Which of these is a necessary step towards achieving the objectives set in strategic planning?

<p>Setting measurable goals (A)</p> Signup and view all the answers

Flashcards

Management by Objective (MBO)

Involves setting specific goals for employees and providing them with the resources and guidance they need to achieve those goals.

MBO Timeline

MBO plans are typically developed for a period of 6 months to 1 year, providing a structured timeframe for achieving objectives.

Planning

The process of creating a roadmap for the future of an organization, outlining how to achieve specific goals.

Managerial Responsibility for Planning

Planning is an ongoing responsibility for all managers, regardless of their level in the organizational hierarchy.

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Planning Time Allocation

As managers rise in an organization, they spend more time on planning activities, as they are overseeing a broader scope of operations.

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Planning Horizon

The time period into the future that a plan covers.

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Factors Influencing Planning Horizon

The planning horizon varies depending on factors such as the specific industry, market conditions, and the complexity of the plans.

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Forecasting

Predicting future events or conditions, like production levels, technological advancements, or sales figures.

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Qualitative Forecasting

Forecasting that relies on subjective opinions, expert judgments, and qualitative assessments. Used when historical data is unavailable or unreliable.

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Delphi Method

A method for qualitative forecasting where a group of experts provides their individual opinions, which are then aggregated and revised through multiple rounds of feedback.

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Quantitative Forecasting

Forecasting that relies on objective data, historical patterns, and statistical analysis. Used when sufficient historical data is available.

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Moving Average

A simple quantitative forecasting method that averages past data points to predict future values. Used when no significant trends are present.

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Exponential Smoothing

A more advanced quantitative forecasting method that gives more weight to recent data points. Used when trends are present.

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Regression Analysis

A statistical method to establish a relationship between two or more variables, often used to forecast sales based on factors like advertising spending or economic growth.

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Qualitative Information

Information that is based on subjective opinions, expert judgments, and qualitative assessments.

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Quantitative Information

Information that is based on objective data, measurements, and statistical analysis.

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Sales Forecasting

Predicting future sales levels based on historical sales data, market trends, and other relevant factors.

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What is strategic planning?

A structured process for choosing strategies to achieve an organization's goals.

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What is the 'Current State' in strategic planning?

A state of an organization before implementing strategic plans. It's where the strategic planning process starts.

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What is the 'Future State' in strategic planning?

The desired future state of an organization as defined by its mission and vision. It's the destination.

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What are key areas for establishing objectives in strategic planning?

A crucial part of strategic planning that focuses on specific areas where objectives are set to achieve the vision.

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What is market share in strategic planning?

One of the key areas for establishing objectives, measuring how much of the market a company owns compared to competitors.

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What is innovation in strategic planning?

A key area for establishing objectives, focusing on creating new ideas, products, or processes.

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What is productivity in strategic planning?

A key area for establishing objectives, focused on efficiency and effectiveness in using resources to produce goods or services.

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What are physical and financial resources in strategic planning?

A key area for establishing objectives, focusing on ensuring enough financial and physical resources for the organization's operations.

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What is manager performance and development in strategic planning?

A key area for establishing objectives, focusing on developing and improving managers to lead the organization.

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What is worker performance and attitude in strategic planning?

A key area for establishing objectives, focusing on the performance and motivation of employees.

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Study Notes

Management By Objective (realness)

  • Develop work assignments based on organizational needs and goals.
  • Plans are agreed between manager and subordinate.
  • Needed resources should be determined and agreed to.
  • Plans should include employee development as well.
  • Plans are for a 6 month to 1 year time span.

Planning Concepts

  • Responsibility for planning:
    • Planning is the continuing responsibility of each manager.
    • The higher managers rise, the more time they spend on planning.
    • Ultimate responsibility lies with top and middle management.
    • Plans must lead to action.

Planning Horizon

  • Shows how far into the future do you want to plan.
  • It varies depending on:
    • The nature of the business
    • The market organization is in
    • The required details for the plans

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Description

This quiz focuses on the concepts of Management By Objective and the importance of planning within an organization. It covers the responsibilities of managers at different levels, the significance of aligning plans with organizational goals, and the planning horizon. Test your knowledge on effective planning and management strategies!

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