Documentation reviews. Thus, planning and budgeting are inter-linked. The project scope planning processes include all of the following EXCEPT: how the business case will be created. It is within the planning function that goals are determined, decision-making takes place, forecasts are made and strategies are initiated. But a vision with a plan can change the world.” Creating a plan to achieve your business objectives may not change the world—but it is possible. Any mistake or error in planning is sure to upset other functions of management and, thus, precision is of utmost importance in every kind of planning. Fire Up Your Strategic Framework for Your Organization's Success, You Can't Be a Real Leader Who People Want to Follow Without Vision. Dan McCarthy wrote about management and leadership for The Balance Careers. Different procedures are adopted in different areas of business activities. A plan is prepared against some foundations or backgrounds known as ‘Planning Premises’. B. include estimates of income and expenses. As the planning proceeds step by step, it foresees the changes likely to come and accordingly prepares its programme by necessary adjustments and adaptation. The next step in the planning process lies in the setting up of objectives to be achieved by the enterprise in the clearest possible terms keeping in view its strength and limitation. Planning requires scientific thinking and it should spell out in clear terms the definition of the purpose, analyse the problem and make a careful and diligent search for all the facts bearing upon it. All of the following are part of the planning function EXCEPT: a. Analyzing a situation. Plans should not be made rigid. Planning is said to be the most basic and primary function of management. Compassionate Eye Foundation/Hiep Vu/Getty Images. The task of planning will be well-accomplished if some fundamental principles are followed in the process. However, the other business remains a threat if it pulls out of the crises. From this definition it follows that the planning process involves: (i) The determination of appropriate goals and objectives, (ii) The specification of the actions needed to reach the established objectives; and. Planning has no meaning without being related to goals and objectives. 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. Thus, decision­-making and planning have intimate relation with each other. Programmes must be closely integrated with the objectives. Policies are statements or principles that guide and direct different managers at various levels in making decisions. Planning focuses on efficiency and economy in operation. In a big enterprise, various policies are formulated for guiding and directing the subordinates in different areas of management. There must be complete agreement among the managers in respect of planning premises over which the structure of plan is to be framed. A. Principles. It anticipates future events and sets the course of action to control these events to one’s advantage. With the help of planning, an enterprise can predict future events and make due provision for them. Focusing on your mission each day should enable you to reach your vision. Planning prevents wastage of resources by choosing the best course of action from many alternatives. In such a case, the manager may choose more than one alternative at the same time. All of the following would be important elements of management by objectives (MBO) EXCEPT the _____. Planning helps the managers in taking care of future uncertainties and thus minimizes business risk. Elements 5. its market share Correct! All of the following statements are true regarding the RBS except for which one? Planning, being an intellectual activity is based on rational considerations. Update: A. provide the rationale for the business. This gives the planning exact, definite, and accurate meaning in its scope and content. It must bridge the gap between where we are and where we want to go at the minimum cost. All in all, your communication plan needs the following elements: An understanding of all stakeholders’ preferences and requirements. Definition The problem statement should not pose a solution, accounts for current circumstances, and does not predict what future actions may occur. Week 3 - Quiz: MGT435: Organizational Change … The philosophy and values of the organization. The RBS is contained in the risk management plan. Planning pervades all managerial activities. Because it is a template, or pattern, you can adapt and use it again—perhaps at a future job. Again, there are many managerial functions like motivating the employees, disapproving their work or discharging them form service which call for decision-making, but these functions cannot be included within planning from the point of view of analytical study of different management processes. Before publishing your articles on this site, please read the following pages: 1. Policies provide guidelines to thinking and action, but procedures are definite and specific steps to thinking and action. Though major planning function is entrusted to the top management, it is not restricted to the top level only. Strategies act as reserve forces to overcome resistances and reactions according to circumstances. Well-considered overall plans harmonies inter-departmental activities. The plan should be so prepared that there is sufficient scope for changing it from time to time. Question 2. This principle implies that more emphasis has to be put on that factor which is scarce or limited in supply or extremely costly. The essence of planning is the choice among alternative courses of action. Risk appetite B. The key elements of the benefits management plan are all of the following EXCEPT Benefits owner. (ii) Adequate knowledge about the capacity of the force available through observations and experiments and from established standards. It represents a programme which is possible to execute with more or less existing resources. Internal factors include the organisation’s policies, resources of various types, and the ability of the organisation to withstand the environmental pressure. Planning involves selection of suitable course of action from several alternatives. Differences between or among stakeholders should be resolved in A local competitor with ties to non-local customers could be facing a financial situation, giving this business an opportunity. 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