3 Questions
What is an example of an aid to planning and decision making?
Data analytics and forecasting tools
What is the basis of organizing within an organization?
Specialization, chain of command, and span of control
What is the significance of planning in management?
It provides a sense of direction and reduces uncertainty about the future.
Study Notes
Planning and Decision Making
- An example of an aid to planning and decision making is a budget, which provides a financial framework for achieving organizational objectives.
Organizing within an Organization
- The basis of organizing within an organization is the assignment of tasks and the allocation of resources to achieve specific objectives.
Significance of Planning in Management
- Planning is essential in management as it enables setting of clear objectives, identification of alternative courses of action, and selection of the best option.
- Planning helps to reduce uncertainty, increase efficiency, and improve productivity by allocating resources effectively.
- Effective planning enables managers to anticipate and respond to changes in the internal and external environment.
Test your knowledge of planning and decision making in management with this quiz. Explore the nature and significance of planning, types of plans, decision-making process, problem-solving techniques, and aids of planning and decision making. Delve into the concept of Management By Objectives and the organizing process, including the need for an organizational structure and departmentation.
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