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Flashcards in Planing Deck (60):
1

What is Planning in simple words?

It's deciding in advance what is to be done and how to do it.

2

Why is planning closely linked with creativity and innovation?

Because in planning the managers must formulate the idea of how to work on a particular task.

3

What does planning seek to do?

It seeks to bride the gap between where you are and where you want to be.

4

Define Planning?

Planning is setting objectives for a given time period, formulating various courses of action to achieve them. And then selecting the best possible alternative from among the various courses of action.

5

Why should we plan?

It tells us where to go, it provides direction and reduces the risk of uncertainty by preparing forecasts.

6

What are the importance planning?

Planning provides Direction. It reduces the risk of uncertainty.
Reduces wasteful and overlapping activities. It promotes innovation. Facilitates decision making. And it establishes standard of control.

7

How does planning provide direction?

Planning states in advance how things are to be done. And clearly states the objective of the organization. And so employees are well aware of what they should do and how they should do it. And it bring coordination among departments.

8

How does planning minimize the risk of uncertainty?

Planning tries to forecast future events and tries to anticipate changes in the envirment. And also shows how to deal with uncertainty. But does not eliminate risk.

9

How does planning reduce overlapping and wasteful activities?

Planning acts as a basis of coordinating various business activities and helps in avoiding confusion and misunderstanding. Since planning ensures clarity in work, thought and action operations carried out smoothly.

10

How does planning promote innovation?

Planning is the first function of management and thus gives an opportunity for new ideas to take shape into concrete plans.

11

How does planning facilitate decision making?

Planning means looking into the future and making a choice from the various alternative courses of action. Mangers have to take the most viable decision and helps the managers take the most rational decision.

12

How does planning establish a standard of control?

Planning sets predetermined goals that have to be achieved. Thus it provides the goals and standards against which the actual performance have to be achieved.

13

What are the features of planning?

Goal-Oriented. It's the primary function of management. It's pervasive. It's continues. Planning is futuristic. It involves decision making. It's a mental exercise.

14

What do you mean by 'Planning focuses on end result'?

Planning focuses on the end point and how to reach that point. Thus planning is purposeful.

15

Why is planning the primary function of management?

Because it the base for every other function. Every other function are performed within the framework of the plan. This is also called the primacy of planning.

16

Why is planning called pervasive?

Planning is used by all levels management, it is used by all departments and it's used by all kinds of organizations. However the scope of planning may differ across different levels.

17

What do you mean by planing is continues?

Plans are made for specific period of time and after that period a new plan is made according to new needs. So it means a plan is framed, it's implemented and then is followed by a new plan.

18

Why is planning futuristic?

Planning is essentially looking ahead and preparing for the future. So it tries to peep into the future and tries to forecast future events i,e anticipate changes in the future.

19

How does planning involve decision making?

Planning involves thorough examination and evaluation each alternative action and choosing the best and most appropriate out of them.

20

How is planning a mental exercise?

Planning requires application of intelligent imagination, foresight and sound judgement. And it requires logical and systematic thinking. Planning is thinking more than doing.

21

What are the limitations of planning?

It often leads to rigidity. It may not work in a dynamic environment. It reduces creativity of subordinates. It has huge costs. It's very time consuming and it does not guarantee any success.

22

How does planning lead to rigidity?

Once a specific plan has been drawn the course of action of manages is also decided. This may lead to rigidity as managers are not flexible enough to change with changing world.

23

Why does plan not work in a dynamic environment?

Every thing in the business environment is at a constant change foreseeing all these changes is not possible. There could a lot of problems hindering the effectiveness of the plan, as some changes could not be accommodated in the paln.

24

How does planning reduce creativity?

Most plans are made by the top management and the middle level managers are not allowed to deviate from the plan. Thus it blocks a lot of the creativity and initiative of these managers.

25

Why is planning so expensive and time consuming?

Planning requires forecasting of future events. And that is done using a lot of techniques of analyzing data and that could expensive and time consuming. It could consume so much time that will be no more time to do stuff

26

What do you mean by 'Planning focuses on end result'?

Planning focuses on the end point and how to reach that point. Thus planning is purposeful.

27

Why is planning the primary function of management?

Because it the base for every other function. Every other function are performed within the framework of the plan. This is also called the primacy of planning.

28

Why is planning called pervasive?

Planning is used by all levels management, it is used by all departments and it's used by all kinds of organizations. However the scope of planning may differ across different levels.

29

What do you mean by planing is continues?

Plans are made for specific period of time and after that period a new plan is made according to new needs. So it means a plan is framed, it's implemented and then is followed by a new plan.

30

Why is planning futuristic?

Planning is essentially looking ahead and preparing for the future. So it tries to peep into the future and tries to forecast future events i,e anticipate changes in the future.

31

How does planning involve decision making?

Planning involves thorough examination and evaluation each alternative action and choosing the best and most appropriate out of them.

32

How is planning a mental exercise?

Planning requires application of intelligent imagination, foresight and sound judgement. And it requires logical and systematic thinking. Planning is thinking more than doing.

33

What are the limitations of planning?

It often leads to rigidity. It may not work in a dynamic environment. It reduces creativity of subordinates. It has huge costs. It's very time consuming and it does not guarantee any success.

34

How does planning lead to rigidity?

Once a specific plan has been drawn the course of action of manages is also decided. This may lead to rigidity as managers are not flexible enough to change with changing world.

35

Why does plan not work in a dynamic environment?

Every thing in the business environment is at a constant change foreseeing all these changes is not possible. There could a lot of problems hindering the effectiveness of the plan, as some changes could not be accommodated in the paln.

36

How does planning reduce creativity?

Most plans are made by the top management and the middle level managers are not allowed to deviate from the plan. Thus it blocks a lot of the creativity and initiative of these managers.

37

Why is planning so expensive and time consuming?

Planning requires forecasting of future events. And that is done using a lot of techniques of analyzing data and that could expensive and time consuming. It could consume so much time that will be no more time to do stuff

38

Why does planning not guarantee success?

Success of firm is possible only if the plans have been properly made and implemented. Sometimes managers have a tendency to rely on previously successful plans but those plans may not be successful in the new circumstances.

39

What are the steps in the process of planing?

Setting objective. Developing premises. Identifying alternative courses of action. Evaluating alternative courses of action. Selecting an alternative. Implementing the plan and finally having a follow through

40

What is setting objective?

It just means setting the end point of the business. This is were the objective of the firm is stated.Goals have to be clearly stated. They are stated for the department and the whole firm. These goals give a direction to the firm and if the end point is clear then it's easier to work towards the goal.

41

What is developing premises?

Planning is concerned with the future and it is uncertain. So the managers have to make assumptions about the future events and these assumptions are called premises. They are the base material on which plans are made. These assumption may be based on forecasts or past information.

42

What is identifying alternative courses of action?

Once the objective is set different ways of reaching those objectives are identified. These ways of achieving the goals are the alternative courses of action.

43

What is evaluating alternative courses of action?

This is the step where all the identified courses of action are evaluated for their pros and cons. The positive and negative aspect of each alternative is evaluated based on the objective to achieved and their feasibility and consequences.

44

What is Selecting an alternative?

This is the real point of decision. This is when the best alternative is chosen. The best alternative will be the most feasible, profitable and with the least negative consequences. Sometimes a combination of two alternatives can be chosen.

45

What is Implementing of decisions?

This is the step where the plan is put to action. All the other functions of management come into action here. The a action plan is implemented here in this step.

46

What is follow through?

This is the step where the plans are monitored. It is very important to see if the plans are implemented and going according to schedule.

47

What are the different kinds of plans and what are they?

They are single use plans and standing plans.
Single use plans are used on once and are not reapeted.
Standing plans are plans that are repeatedly used and help run the firm smoothly.

48

For what are single use and standing plans used?

Single use plans are used for projects and activities that are not likely repeated in the same manner.
Standing plans are used for activities that are repeated over a regular period of time. This type of plan enhances the efficiency of the firm.

49

Give some single use type of plans?

Programme and Budget.

50

Give some standing type plans?

Objective, Strategy, Policy, Rule, Procedure and Method

51

What are Objective plans?

These are plans that define the end point which the firm wants to achieve. These define the firms future state of affairs the firm wants to be in. These serve as a guide to overall business planning.

52

What are strategy plans?

Strategy is a comprehensive plan for accomplishing the firms goals. It's takes into consideration all the external factors like economic, political and social conditions. It also considers the business environment and the competitors.

53

What are the dimensions of a strategy plan?

Determination of the long term objective. Adoption of a particular course of action. Allocation of the resources necessary to achieve goals.

54

What is a Policy?

It's a general statement that guides thinking or directs energy into a particular direction. They are a basis to interpret strategy and guides managerial action. They define the broad parameters in which the managers function.

55

What is a Procedure?

It's the chronological order of routine steps on how the activities are to carried out. These are specified steps to be followed in a particular circumstance.

56

What is a Method?

These are prescribed ways in which the tasks have to be performed. It deals with a task comprising one step of a procedure and specifies how this step is to be performed.

57

What is a Rule?

It's is a specific statement that informs what is to be done. A rule doesn't allow any kind of flexibility or interpretation. It's reflects specific management decisions. It is the simplest type of plan.

58

What is a Programme?

It's a detailed statement about a project which outlines all the requirements to implement that course of action. The minutest detail is worked out in the Programme.

59

What is a Budget?

Its a statement of the planned returns expressed in numbers. It's a statement that quantifies future facts and figures and so it becomes easier to compare actual figures and find deviations.

60

Why is a Budget considered a plan?

Making a Budget involves forecasting and therefore it clearly comes under planning.