Planning

Why Do Managers Plan?

• Provides direction

• Increase Uncertainty

• Minimizes waste and redundancy

• Sets the standards for controlling

Below are assumption of formal planning, EXCEPT:

• Higher profits and returns on assets

• The external environment can reduce the impact of planning on performance

• The quality of planning and implementation affects performance more than the extent of planning

• Negative financial results

"related to the expected internal financial performance of the organization" the statement refer to:

• Strategic Goals

• Financial Goals

• Planning

• Organization Goal

–Specify the details of how the overall goals are to be achieved

–Cover a short time period

Below statement refer to;

• Strategic Plans

• Financial Plan

• Operational Plans

• Organizational Plan

Long term plans normally beyond ____ years.

• 3

• 2

• 1

A one-time plan specifically designed to meet the need of a unique situation refer to:

• Standing Plans

• Standard Operating Procedure

• Single-Use Plan

• Standard Planning

–goal specificity

–participative decision making

–an explicit performance/evaluation period

–feedback

Below are characteristics of:

• Organization Feedback

• Organization Goal

• Mutual Agreement

• Management by Objective

Below are strategy of Planning in Dynamic Environments, EXCEPT:

• Understand that planning is an ongoing process.

• Develop plans that are specific but flexible.

• Stick with current plan in whatever situation

• Change plans when conditions warrant alterations