#1.3 : The Importance of Planning Concept in Business Success

Question 1

It is the process that involves the setting of an organization’s goals, establishing strategies for accomplishing those goals, and developing actions.

Answer 1

Planning

Question 2

3 other definitions of planning

Answer 2

It involves the identification of the company’s mission and objective, bridges the gap from where we are to where we want to go, and determines the resources that can be utilized.

Question 3

Difference of goals and plans

Answer 3

A goal is the target and desired ends, and should be in line with the SMART criteria. While, a plan is the action or means used by administrators/managers to reach the goal.

Question 4

It is one of the most structured and used planning methods to evaluate a business venture.

Answer 4

SWOT Analysis/Matrix

Question 5

helpful + internal

Answer 5

Strengths

Question 6

helpful + external

Answer 6

Opportunities

Question 7

harmful + internal

Answer 7

Weaknesses

Question 8

harmful + external

Answer 8

Threats

Question 9

A type of plan that establishes the organization’s overall goals ; broad scope.

Answer 9

Strategic plan

Question 10

A type of plan that is applied to a particular unit, department, or sector only ; narrow scope.

Answer 10

Operational plan

Question 11

A type of plan that goes beyond three years, and must be understood by everyone.

Answer 11

Long-term plan

Question 12

A type of plan that covers one year or less, and must lead toward the attainment of long-term goals.

Answer 12

Short-term plan

Question 13

A type of plan that is flexible, and the higher up give general guidelines.

Answer 13

Directional plan

Question 14

A type of plan that is clearly stated and has no room for interpretation.

Answer 14

Specific plan

Question 15

A type of plan that is applied to infrequent instances, and refers to the strategic plan.

Answer 15

Single-use plan

Question 16

A type of plan that provides guidance to the different activities that are done repeatedly.

Answer 16

Standing plan

Question 17

This level of management uses strategic planning, is particular to long-term goals, and defines the organization’s mission and objectives.

Answer 17

Top-Level Management

Question 18

This level of management uses tactical planning and identifies the several actions to take.

Answer 18

Middle-Level Management

Question 19

This level of management uses operational planning and identifies the procedures and routine tasks.

Answer 19

Frontline Management

Question 20

A planning technique that attempts to predict possible occurrences.

Answer 20

Forecasting

Question 21

2 kinds of forecasting

Answer 21

Qualitative and Quantitative

Question 22

A planning technique is implemented in situations that are not expected

Answer 22

Contingency

Question 23

A planning technique that is used for future states of affairs, and is a long-term version of contingency.

Answer 23

Scenario Planning

Question 24

A planning technique that compares and contrasts other businesses’ techniques.

Answer 24

Benchmarking

Question 25

2 kinds of benchmarking

Answer 25

Internal and External

Question 26

A planning technique that includes the people who will be affected and who will implement.

Answer 26

Participatory Planning

Question 27

It is when all people in an organization make decisions that affect their roles or job.

Answer 27

Decision-making

Question 28

It is a choice among possible actions.

Answer 28

decision

Question 29

A type of decision that is repetitive, straightforward, and familiar. It can be handled by a routine approach.

Answer 29

Structured or programmed decision

Question 30

A type of decision that applies to unfamiliar, unique, and non-recurring problems. It needs a new custom decision.

Answer 30

Unstructured or non-programmed decision