Planning and Decision Making

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What is Planning?

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Planning is a management function that involves setting goals, establishing strategies for achieving those goals, and developing plans to integrate and coordinate work activities.

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What are the benefits of planning for managers?

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Planning provides direction, reduces uncertainty, minimizes waste and redundancy, and establishes goals and standards for controlling.

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What is the relationship between planning and performance?

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Formal planning is associated with positive financial results, and the quality of planning/implementation is more important than the extent of it.

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What are the types of plans in management?

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Types of plans include strategic plans, operational plans, long-term plans, short-term plans, specific plans, and directional plans.

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What is the difference between strategic and operational plans?

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Strategic plans apply to the entire organization and establish overall goals, while operational plans encompass a particular operational area of the organization.

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What are single-use plans and standing plans?

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Single-use plans are one-time plans designed for unique situations, while standing plans are ongoing plans that provide guidance for repeated activities.

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What are objectives and goals in management?

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Objectives and goals are desired outcomes or targets that provide management with direction and serve as a means to measure progress.

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What is Management by Objectives (MBO)?

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MBO is a process of setting mutually agreed-upon goals and using those goals to evaluate employee performance.

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What is a decision in the context of management?

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A decision is a choice among two or more alternatives.

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What are the steps in the decision-making process?

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The steps include identifying a problem, identifying decision criteria, allocating weights to criteria, developing alternatives, analyzing alternatives, selecting an alternative, implementing the alternative, and evaluating decision effectiveness.