Management GR1 REVIEWER

Question 1

a plan is a conclusion, and such, it must be based on the information from which it is derived.

Answer 1

Statement of final plan

Question 2

A plan must contribute to meet objectives.

The problem to be resolved by the planning process must be clearly stated.

Answer 2

Statement of Objective

Statement of problem

Question 3

a plan of action is developed after the problem has been stated.

Answer 3

Designation of planning authority

Question 4

addresses prospective changes in business objectives and the forces affecting the company.
It is a function of management that must be attended by all levels of the organization.

Answer 4

Planning

Question 5

Also called operational planning, it comes a period of one year or less. It encompasses the development of the operational plans for the given short period.

Answer 5

Short-rage planning

Question 6

are for the immediate future, often covering a 1 year or less. They focus on specific actions and tasks to implement the medium-range plan.

Answer 6

Short-range plans

Question 7

Classification of plan according to the frequency

Answer 7

single-use plan and standing plan.

Question 8

Formulation of plan is initiated by various units or divisions of an organization and then passed upward for aggregation at the corporate level.

Answer 8

Bottom-up approach

Question 9

Improved science and technology is considerably important in any organizational plan of operation.

Answer 9

Physical Facilities

Question 10

in this approach, a compromise between the bottom-up and the top-down methods, corporate executives and lower-level managers develop plan in consultation with each other making a link between wider corporate objectives and the manager’s detailed knowledge of specific situation.

Answer 10

Interactive approach

Question 11

information about the past performance of the firm in the attainment of the objectives, and the ability of personnel as influenced by executed plans.

Answer 11

Internal Data

Question 12

Information is the greatest resource. It is essential not only in modern living but also in administering and performing of most activities in every enterprise.

Answer 12

Collection and analysis of data

Question 13

information pertaining to thenational economy and the industry in which the company is operating.

Answer 13

External data

Question 14

Initiative is taken by the upper level executives of the organization, who formulates a unified, coordinated plan, usually with the advice of lower-level manager.

Answer 14

Top-down approach

Question 15

is a blueprint for hitting revenue targets. It begins when sales leaders define long-term company goals. Next, they set the stage for achieving those goals by establishing hiring plans, sales quotas, and a sales budget.

Answer 15

Sales plan

Question 16

is a document that details an organization’s staffing needs, goals, and workforce management practices.

Answer 16

Personnel Plan

Question 17

IS A LOGICAL AND SYSTEMATIC APPROACH OF
FORMULATING THE OBJECTIVES, PROGRAMS, POLICIES,
PROCEDURES, BUDGET, RULES AND REGULATIONS, AND
OTHER TYPES OF PLANS,

Answer 17

PLANNING

Question 18

is a written statement of your current financial condition, intended financial state, a timeline for achieving those goals, and the steps you will take to get there.

Answer 18

Finance plan

Question 19

is developed to carry out a course of action that is not to be repeated in the future.

They are also designed to accomplish specific objectives.

are usually within a relatively short period of time, such as budgets, programs and projects.

Answer 19

Single-use plan

Question 20

is the act of developing a guide for the design and prduction of a given product or service. Production planning helps organizations make the production process as efficient as possible.

Answer 20

Production plan

Question 21

is used for non-recurring situations, or for activities that recur regularly over a period of time.

these plans are great contributors to efficiency.

They routinize decision making and keep managers from having to ‘reinvent the wheel’ every time a routine and recurring problem or situation arises.

Answer 21

Standing plan

Question 22

One important factor in planning is the evaluation of the present situations or conditions of the
business. A good manager must be aware of inadequacies of the present conditions which may
point to desirability of change

Answer 22

Conditions

Question 23

Plan is independently formulated both at the corporate and business levels. All units form plans to suit their particular situation and these plans are regularly viewed by corporate management.

Answer 23

Dual approach

Question 24

Plans could be unproductive if resources are not adequate enough to support the continuous
operations of the business.

Answer 24

Resources Available

Question 25

tentative plan should be formulated and initiated on a trial basis.

Answer 25

Formulation and testing of tentative plan

Question 26

the analysis of relevant information from the present and the past and the assessment of the probable future development so that a course of action may be determined that enables the organization to meet its stated objectives

Answer 26

Planning

Question 27

the data used in planning fall into two categories: External data Internal Data

Answer 27

Collection and interpretation of data

Question 28

The total commitment of all management members is vital in the planning process. Political, social, and environmental conditions Part of good planning is the promotion and protection of the welfare of the people through an improvement of the social and economic conditions of the community.

Answer 28

Skills and Attitudes of Management

Question 29

This covers five years of more. The time span varies from one organization to another.

Answer 29

Long-rage planning:

Question 30

This is more subject to change, covering a period from one year to five years. It is a general guideline derived from an organization’s strategy.

Answer 30

Intermediate-rage planning

Question 31

Time is considered as the most precious resource of the organization, particularly in planning

Answer 31

Time Factor

Question 32

typically cover 1 to 3 years. They provide a more detailed roadmap to achieve the long-term objectives.

Answer 32

Medium-range plans

Question 33

usually span 3 to 5 years or more. They address broad strategic goals and direction for an organization.

Answer 33

Long-range plans

Question 34

____ are general statements that guide decision making.

Answer 34

Policies

Question 35

____ indicate the selected dates by which the various phases of the entire project are to be completed.

Answer 35

schedules

Question 36

____ is a plan of operation expressed in financial terms.

Answer 36

Budget

Question 37

____are series of steps that are designed to achieve a high-degree of regularity in a frequently recurring event.

Answer 37

Procedures

Question 38

_____ are guides to managerial decisions which fall under certain limits or boundaries. These are formulated by management to govern actions at all levels in the organization and are intended to achieve predetermined objectives.

Answer 38

Policies

Question 39

_____ are smaller and separate portions of a program.

Answer 39

Projects

Question 40

_____are specific statements of what may or may not be done.

Answer 40

Rules

Question 41

______ are set of activities that consist of identifying procedures, determining and allocating resources needed for each activity, estimating and assigning target dates for the completion of each step in in the series.

Answer 41

Programs

Question 42

_______ are developed assumptions or premises about the future that managers can use in decision making.

Answer 42

Forecast

Question 43

_______are basic pattern of purpose and policies that define the firm and its business.

Answer 43

Strategies

Question 44

Timeframes of Planning includes:

Answer 44

Long-range planning: Intermediate-range planning: Short-range planning:

Question 45

Essential steps of Planning

Answer 45

Statement of the Objective Statement of the Problem Designation of planning authority Collection and interpretation of data Formulation and testing of tentative plan Statement of final plan

Question 46

General Approaches to Formal Planning

Answer 46

Bottom-up approach Top-down approach Statement of final plan Interactive approach Dual approach

Question 47

Factors Affecting Planning

Answer 47

1. Condition 2. Time Factor 3. Resource Available 4. Skills and attitudes of management 5. Physical facilities 6. Collection and analysis of data

Question 48

The nature of planning

Answer 48

-contribution to purpose and objectives -planning as the first basic function -planning as a function of all managers -planning for efficient organization

Question 49

Planning barriers are:

Answer 49

Incompetence Lack of dedication Incomplete and inaccurate information. Short-sightedness Dependence on the planning department.