5 Questions
Planning involves setting objectives for a given time, formulating various courses of action to achieve them, and then selecting the best possible option from among the various courses of action available.
True
Planning seeks to bridge the gap between where we are and where we want to go.
True
Planning is only done by top-level managers.
False
Planning provides direction for action by stating in advance how work is to be done.
True
The importance of planning includes reducing the risks of uncertainty.
True
Study Notes
Planning and Managerial Control
Planning
- Planning is the process of deciding in advance what to do and how to do it.
- Planning aims to bridge the gap between current and desired states.
- Planning is a fundamental activity that managers at all levels engage in.
The Planning Process
- Involves setting objectives and targets for a given time period.
- Formulates various courses of action to achieve these objectives.
- Selects the best possible option from among the various courses of action available.
Importance of Planning
Provides Direction
- Planning provides direction for action by stating in advance how work is to be done.
- Clearly states goals or objectives, which act as a guide for deciding what action to take and in which direction.
Reduces Uncertainty
- Planning reduces the risks of uncertainty by enabling managers to prepare for potential scenarios.
- Allows managers to make informed decisions and take proactive measures to mitigate risks.
Test your knowledge of planning and managerial control with this quiz! Explore the fundamentals of setting objectives, formulating action plans, and bridging the gap between current status and desired outcomes. This quiz covers the essentials of planning and managerial control at all levels of management.
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