What is the significance of planning in management?

• It leads to business failures

• It sets the direction for the business and establishes specific goals

• It helps in day-to-day task management

• It increases competition among employees

Which step in the planning process involves defining SMART goals?

• Goal Setting

• Situational Analysis

• Generating Alternatives

• Evaluating Options

What does SMART stand for in goal setting?

• Strategic, Measurable, Actionable, Relevant, Time-bound

• Specific, Measurable, Achievable, Realistic, Time-bound

• Specific, Measurable, Attainable, Relevant, Time-bound

• Simple, Measurable, Achievable, Realistic, Timely

Which step in the planning process involves analyzing the current conditions of the business, competition, and target market?

• Situational Analysis

• Generating Alternatives

• Evaluating Options

• Goal Setting

What does SWOT stand for in situational analysis?

• Strategies, Weaknesses, Objectives, Tactics

• Strengths, Weaknesses, Objectives, Targets

• Strategies, Weaknesses, Opportunities, Tactics

• Strengths, Weaknesses, Opportunities, Threats

Which step in the planning process involves fostering creativity and exploring various paths?

• Goal Setting

• Situational Analysis

• Generating Alternatives

• Evaluating Options

Which step in the planning process involves selecting the most viable alternative based on evaluation?

• Goal Setting

• Situational Analysis

• Generating Alternatives

• Decision Making

Which step in the planning process involves transforming the plan into action?

• Generating Alternatives

• Situational Analysis

• Implementation

• Goal Setting

What is the purpose of a PEST analysis in situational analysis?

• To analyze the internal environment of a business

• To analyze market trends and competition

• To analyze strengths, weaknesses, opportunities, and threats

• To analyze political, economic, sociocultural, and technological factors

Which step in the planning process involves coordinating event logistics, allocating resources, and creating a timeline?

• Generating Alternatives

• Goal Setting

• Implementation

• Situational Analysis