To plan is to look ahead and chalk out the future course of operations of an enterprise. Above all, no planning can proceed without forecasting—which means assessing the future and making provision for it. The quality of planning depends upon the abilities of the managers who are required to collect all relevant facts, analyse and interpret them in a correct way. Question 3 After you make your yearly objectives, you might break each one down further into short-term goals, which define the actions and objectives for the next three months to get you to your yearly goals. Preliminary criteria can be defined in several ways— minimum investment required, matching with the present business of the organisation, control by the government, etc. Planning is essentially a process of deciding in advance what is to be done, when and where it is to be done, and how it is to be done, and by whom. 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. The plans at each level of the organisation are made for the attainment of the appropriate objectives in the hierarchy. They all merge into a single programme and act as a guide for the whole concern. The plans for achieving your short-term goals are your action plans. Steps 6. Planning is a function of every manager at every level in an enterprise. The objectives are defined in more concrete, precise and meaningful terms. Thus, a company may have a programme for the establishment of schools, colleges and hospitals near about its premises along with its expanding business activities. The plans are formulated in the light of both external and internal factors. 67. Innovation consists in creating something new for increasing satisfaction of the consumers. Policies act as guidelines for taking administrative decisions. B. the products/services the firm intends to provide. TOS 7. There must be complete agreement among the managers in respect of planning premises over which the structure of plan is to be framed. After the evaluation of various alternatives, the most appropriate one is selected as the plan. In a big enterprise, various policies are formulated for guiding and directing the subordinates in different areas of management. A good plan must be simple, balanced and flexible, and make utmost use of the existing resources. Dan McCarthy wrote about management and leadership for The Balance Careers. Objectives are the goals towards which all managerial activities are aimed at. d. All the above are basic elements Ans: d Difficulty: Moderate Feedback: Project Planning Short Answer 82. Based on the plans at various levels, it can be decided who will do what and at what time. The RBS is contained in the risk management plan. Rule is related to parts of a procedure. Question 4 All of the following elements are part of an organization’s vision EXCEPT _____. b. A plan involves varied factors of different importance. Risk attitude consist of all the following elements except for which one? It provides a unifying framework. Which of the following statements describes characteristics of a well-written problem statement that can help focus the staff and subsequent planning process? When planning action is taken, these objectives are made more concrete and meaningful. Decision-making is required not only in planning, it is also necessary in other areas of management functions such as organising, direction, co-ordination, and control. Planning is a preparatory step for action. Thus, planning and control are inseparable. It describes risk categories, which are a systematic way to identify risks and provide a foundation for understanding for everyone involved on the project. As a result of such attention, it becomes possible for the planners to determine the policies, procedures, programmes and the rules for an orderly advance towards the ultimate goals desired to be achieved. Planning decides the future course of action and involves choosing it from alternatives. All of the following statements concerning project stakeholders are true except A. Product. RedHat has been a provider of Linux operating systems for over 25 years. Key elements of a project quality plan are controls that let you ensure the standards are being met and work is progressing toward reaching your objectives. The managerial function of controlling is concerned with a comparison between the planned performance and the actual performance of the subordinates and departments of the organisation. These, in turn, are supported by the specific objectives for the departments. Core Values. Harley-Davidson's vision statement focuses on keeping its brand internationally known and valued, using the combined power of its stakeholders and employees to drive value and innovation: While a vision describes how you view your business to your customers and stakeholders, a mission statement describes what you do currently. The Emergency Action Plan takes into account each of the following EXCEPT _____. Definition and Meaning of Planning 2. A. The project scope planning processes include all of the following EXCEPT: how the business case will be created. C. Data precision rankings. The important principles may be stated as follows: This means that certain resources must be committed or pledged for the purpose of planning. (ii) Adequate knowledge about the capacity of the force available through observations and experiments and from established standards. Figure 2.2 “The Strategic Planning Process” and Figure 2.3 “Elements of a SWOT Analysis” show examples of internal and external factors and in a SWOT analysis. The future is uncertain. This is why there must be a follow-up system in the planning process itself. Planning focuses on efficiency and economy in operation. Every lower-level plan serves as a means towards the end of higher plans. All of the following would be important elements of management by objectives (MBO) EXCEPT the _____. As a managerial function, planning is important for the following reasons: The first and most important reason for planning lies in the fact that it provides a basis on which decisions are made. Direction of an enterprise relation to the accomplishment of different tasks through careful analysis your... Innovation is a function of planning is an intellectual and rational process through actions. 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