It provides a unifying framework. Most managers can benefit from having a strategic plan. Each long-term goal should have a few one-year objectives that advance your goals. From this definition it follows that the planning process involves: (i) The determination of appropriate goals and objectives, (ii) The specification of the actions needed to reach the established objectives; and. There may be production procedure, sales procedure, purchase procedure, personnel procedure etc. ‘Planning Premises’ are planning assumptions relating to the expected environmental and internal conditions. Question 15 – You work for a large manufacturing plant and you are working on a new project to release a new product line of toothpaste and salt. Thus, various departments work in accordance with the overall plan, and coordination is achieved. 67. Long-term goals are statements that drill down a level below the vision and describe how you plan to achieve it. Enterprises start with a general objective. Importance 4. b. defining objectives defining metrics determining the sourcing vendor for the software package identifying obstacle and problems. The capital required to obtain any equipment elements that are needed for the generation of income. External premises include total factors in the environment like social, political, technological, competitors’ plans and actions, government policies, etc. b. The project charter should help the project team and the project sponsor to develop a common understanding of what the project is all about. A project is a single-use plan which is a part of a general programme. But all plans must contribute in a positive way towards the achievement of the enterprise objectives. Planning is the synthesis of various forecasts—short-term or long-term, special or otherwise. Planning focuses on efficiency and economy in operation. The school and local law enforcement have developed a memorandum of agreement, (MOA), defining the roles and responsibilities of both. Planning, being an intellectual activity is based on rational considerations. It requires a mental disposition of thinking before’ acting in the light of facts rather than guess. autonomous establishment of specific objectives by department members The commitment concept relates to the ________ of plans. The nature and characteristics of planning may be stated as follows: Planning is an intellectual and rational process. Planning is a major and primary function of management. Note that these marketing plan elements correspond to a sample marketing plan template provided for use in this course. Then he proceeds to prepare a kind of ‘blueprint’ mapping out the ways of attaining these objectives. Various alternative courses that are considered feasible in terms of preliminary criteria have to be taken for detailed evaluation. Truly speaking, planning as a whole with its component parts is the outcome of decision-making. Planning has no meaning without being related to goals and objectives. Plagiarism Prevention 4. Service and/or Product Line: In this section describe your service and product. Risk threshold C. Risk urgency D. Risk tolerance. The different departments may formulate different plans and programmes for their integration in the overall planning. Compassionate Eye Foundation/Hiep Vu/Getty Images. They may be production policy, sales policy, financial policy, personnel policy etc. Some of the most successful corporations started in garages, and through planning became industry giants. The plans for achieving your short-term goals are your action plans. These, in turn, are supported by the specific objectives for the departments. A project involves basically the investment of funds, the benefits from which can be accrued in future. Any mistake or error in planning is sure to upset other functions of management and, thus, precision is of utmost importance in every kind of planning. By this we mean to say that the application of decision-making is extended beyond the horizon of planning and, in any business, almost every position is a decisional centre. For preparation of such a plan, a definite process involving the following steps has to be followed: The manager must first identify the opportunity that calls for planning and action. (Select all answers that apply.) After formulating the basic and derivative plans, the sequence of activities is determined so that the plans are put into action. Plans should not be made rigid. So planning provides the basis for control. C. establish a strategy for acquiring sufficient funds. Planning decides the future course of action and involves choosing it from alternatives. Answer: A 9. Explanation: Portfolio planning is an element of the strategic plan. C. What Daily Leadership Behaviors Inspire Employee Motivation? The philosophy and values of the organization. 29. This allows timely changes in the planning and makes it more effective. The plan should be so prepared that there is sufficient scope for changing it from time to time. TRUE A typical change request form will include which of the following content items? Planning requires scientific thinking and it should spell out in clear terms the definition of the purpose, analyse the problem and make a careful and diligent search for all the facts bearing upon it. Most basic and primary function of management by objectives ( MBO ) EXCEPT the _____ and the product or variation. Observations and experiments and from established standards by means of which policies are co-ordinated and in! Describes the way you envision be undertaken in future so because the manager evaluates the on. Guidelines to thinking and action, but procedures are the methods by means of which policies are out. 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