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Questions and Answers
What is the process of setting objectives and determining how to accomplish them?
What is a specific result that one wishes to achieve?
What is the first step in the planning process?
What is the process of monitoring task accomplishments and taking necessary corrective action?
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What are the benefits of planning?
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What are the two main planning theories mentioned?
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What do strategic plans set?
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What do operational plans identify?
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What do policies provide?
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What do procedures define?
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What is the purpose of the personal planning worksheet (Worksheet 3-3b)?
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What do budgets allocate?
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What does zero-based budgeting prevent?
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What is the time frame for short-range plans?
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What is the time frame for long-range plans?
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What do operating plans cover?
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What is the primary purpose of Project Management?
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Which type of forecasting uses expert opinions to predict the future?
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What does Scenario Planning aim to identify?
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What does Benchmarking use for gaining insights for planning?
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What is the primary purpose of Contingency Planning?
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What is the main benefit of Participatory Planning?
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What is the main difference between Qualitative and Quantitative forecasting?
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What is the primary focus of Benchmarking?
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What is the main purpose of Scenario Planning?
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What is the main risk associated with Participatory Planning?
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What is the primary focus of Contingency Planning?
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What is the main purpose of Forecasting?
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Study Notes
Planning Process and Methods Summary
- Planning involves systematically setting performance objectives and deciding on strategies to achieve them.
- The benefits of planning include improved focus, flexibility, action orientation, coordination, time management, and control.
- Two main planning theories are Rational Comprehensive Planning (RCP) and Incrementalism, each with its unique approach and focus.
- Types of plans include short-range, long-range, strategic, and operational plans, as well as policies and procedures.
- Short-range plans are for one year or less, while long-range plans extend to three or more years.
- Strategic plans set broad, comprehensive, longer-term action directions for the entire organization, while operational plans identify activities to implement strategic plans.
- Operating plans cover production, financial, facilities, marketing, and human resources aspects.
- Policies are broad guidelines for decision-making, while procedures define precise actions to be taken in specific situations.
- The personal planning worksheet (Worksheet 3-3b) is used to individually complete personal planning.
- Planning methods include budgeting, forecasting, contingency planning, scenario planning, benchmarking, and participatory budgeting.
- Budgets can be fixed or flexible, and zero-based budgeting allocates resources as if each budget were brand new.
- Zero-based budgeting does not roll over unused funds from the previous period, preventing budget numbers from becoming too large.
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Description
Explore the systematic process of setting performance objectives and deciding on strategies, along with the various planning theories, types of plans, and planning methods utilized in organizations. Gain insights into the benefits of planning and its significance in achieving organizational objectives.
