Refined 005 - planning and controlling Flashcards
(12 cards)
What is Planning in management?
Planning is the process of setting goals and determining how to achieve them. It guides organising, leading, and controlling.
Example: A tech startup planning to launch a new app in Q4 with specific milestones.
What are the benefits of planning?
Planning provides direction, reduces uncertainty, minimises waste, boosts motivation, and encourages innovation.
Example: A restaurant planning for seasonal menu changes to align with customer trends.
What are the drawbacks of planning?
Planning can hinder adaptability, create a false sense of certainty, and lead to detachment from operations.
Example: A company sticking rigidly to a failing marketing plan despite declining results.
What does SMART stand for in goal setting?
Specific, Measurable, Achievable, Relevant, Time-bound.
Example: ‘Increase customer retention by 15% within 6 months.’
What are the three levels of planning?
Strategic (2–5 years), Tactical (6 months–2 years), Operational (30 days–6 months).
Example: Strategic – expanding into Asia; Tactical – hiring staff for new region; Operational – scheduling weekly team tasks.
What are single-use and standing plans?
Single-use: for one-time projects. Standing: for recurring use like policies and procedures.
Example: Single-use – building a new HQ. Standing – hiring policy.
What is forecasting?
A planning tool using data to predict future trends.
Example: Retailer using past sales data to estimate holiday demand.
What is a contingency plan?
A plan for responding to unexpected events.
Example: A university preparing an emergency response for IT outages.
What is scenario planning?
Planning for multiple possible futures, not just likely ones.
Example: An airline planning for both rising and falling fuel prices.
What are the four steps in the control process?
- Set performance standards 2. Measure performance 3. Compare to standards 4. Take corrective action.
Example: A logistics company tracking on-time delivery and adjusting staffing when delays occur.
What are the three types of control?
Feedforward (before), Concurrent (during), Feedback (after).
Example: Feedforward – training before launch; Concurrent – live performance dashboards; Feedback – post-project reviews.
What are the four perspectives of the balanced scorecard?
Financial, Customer, Internal, Innovation/Learning.
Example: Financial – profit margins; Customer – retention rate; Internal – process quality; Innovation – staff training hours.
