Podcast
Questions and Answers
What is the first step in the planning process?
What is the first step in the planning process?
Long-range plans typically cover a time horizon of two years.
Long-range plans typically cover a time horizon of two years.
False
What approach involves predicting future events to aid in planning?
What approach involves predicting future events to aid in planning?
Forecasting
The process where supervisors and subordinates collaborate to set performance objectives is known as ______.
The process where supervisors and subordinates collaborate to set performance objectives is known as ______.
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Match the planning types with their descriptions:
Match the planning types with their descriptions:
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Which type of control acts as a preventative measure taken before a task starts?
Which type of control acts as a preventative measure taken before a task starts?
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Benchmarking is a planning technique that involves internal comparisons only.
Benchmarking is a planning technique that involves internal comparisons only.
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What is the final step in the control process?
What is the final step in the control process?
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_____ controls are measures taken as a task is happening to ensure correctness.
_____ controls are measures taken as a task is happening to ensure correctness.
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What does 'Financial control' primarily analyze?
What does 'Financial control' primarily analyze?
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Study Notes
How Do Managers Plan?
- Planning is setting performance objectives and deciding what actions are needed to meet them.
- A plan is a set of actions to achieve an objective.
- Planning involves organizing, leading, and controlling.
- Steps in planning: Define objectives, analyze current position, develop premises, identify alternatives, choose a plan, and implement.
- Planning benefits include focus, flexibility, action orientation, coordination, and time management.
What Types of Plans Do Managers Use?
- Short-term plans (one year or less) and long-term plans (five years or more).
- Strategic plans guide long-term direction.
- Operational plans detail how to implement strategic plans.
- Organizational policies guide behavior (like sexual harassment policy).
- Procedures define specific actions.
What Are Useful Planning Tools and Techniques?
- Forecasting predicts future events.
- Contingency planning prepares for unforeseen circumstances.
- Scenario planning analyzes future possibilities.
- Benchmarking compares performance to others.
- Participation involves stakeholders in the planning process.
What Is the Control Process?
- Controlling monitors performance and takes corrective action.
- Four control steps: Set objectives, measure performance, compare results, and take action.
- Feedforward controls anticipate potential problems.
- Concurrent controls manage ongoing processes.
- Feedback controls evaluate completed actions.
- External control is supervisory or administrative.
- Internal control is self-managed.
What Are Common Organizational Controls?
- Management by Objectives (MBO): Supervisors and subordinates jointly set and review objectives.
- MBO is participatory, clarifying performance targets and support.
- Discipline is behavior modification through fair reprimand.
- Financial controls analyze financial ratios (liquidity, assets, profitability.)
- Operations control focuses on efficiency in areas like inventory, purchasing, and quality.
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Description
This quiz explores the fundamental concepts of management planning, including the types of plans managers utilize and effective planning tools and techniques. Understand the steps involved in planning and how different plans can work together to achieve organizational objectives.
