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Different procedures are adopted in different areas of business activities. TRUE A typical change request form will include which of the following content items? However, the other business remains a threat if it pulls out of the crises. Core values describe your beliefs and behaviors. As the planning proceeds step by step, it foresees the changes likely to come and accordingly prepares its programme by necessary adjustments and adaptation. A. This hierarchy can be built up by coordinating the plans of different departments. before proceeding with the work. However, to plan any kind of work, the following facts demand utmost attention: (i) The nature, quality and quantity of work to be done, the best way of doing it, the time available for its accomplishment, how to do it, when it is to be done and who are to do it. Risk appetite B. This involves collection of facts and figures necessary for planning the future course of the enterprise. Planning is a preparatory step for action. The process of developing a plan helps the manager (and the team) step back and examine where they are, where they want to go, and how they are most likely to get there. This allows timely changes in the planning and makes it more effective. 67. With the help of planning, an enterprise can predict future events and make due provision for them. Procedures outline a series of tasks for a specified course of action. Preliminary criteria can be defined in several ways— minimum investment required, matching with the present business of the organisation, control by the government, etc. Some important definitions of planning, given by the eminent authors are stated below: According to Koontz and O’Donnell, planning is “an intellectual process, the conscious determination of courses of action, the basing of decisions on purpose, facts and considered estimates.”, “By means of planning management members try to look ahead, anticipate eventualities, prepare for contingencies, map out activities and provide an orderly sequence for achieving the objective.”, “The plan of action is, at one and the same time, the result envisaged, the line of action to be followed, the stages to go through, and methods to use.”. So, planning premises are of two types—external and internal. After determination of the organisational goals, it is necessary to establish planning premises, that is, the conditions under which planning activities will be undertaken. Which of the following Tools and Techniques are part of Risk Management Planning? Planning prevents wastage of resources by choosing the best course of action from many alternatives. Objectives are the goals towards which all managerial activities are aimed at. The key elements of a marketing plan are described in the table below. Internal factors include the organisation’s policies, resources of various types, and the ability of the organisation to withstand the environmental pressure. It describes risk categories, which are a systematic way to identify risks and provide a foundation for understanding for everyone involved on the project. A good mission statement should incorporate all of the following elements EXCEPT A. the customers the firm will serve. Innovation is a necessity for its sustaining growth in this dynamic world. A plan without a vision is just drudgery. Planning helps the managers in taking care of future uncertainties and thus minimizes business risk. But these different policies are co-ordinated and integrated in such a way that they ensure easy realisation of the ultimate objectives of business. The manner in which each work has to be done is indicated by the procedures laid down. Examples of such investment may be outlays on land, building, machinery, research and development, etc. Alternative courses of action can be evaluated against the criteria of cost, risks, benefit and organisational facilities. Regulates health insurance needs and desires. Compassionate Eye Foundation/Hiep Vu/Getty Images. Planning, being an intellectual activity is based on rational considerations. The language of the work schedule or programme in the planning should be simple so that each and every part of it may easily be understood by the employees at different levels, specially at the lower level. It aims at smooth flow of work. All of the following are part of the planning function EXCEPT: a. Analyzing a situation. Identify and Live Your Personal Values for Success in Life and Work, vision statement describes the way you envision. Then he proceeds to prepare a kind of ‘blueprint’ mapping out the ways of attaining these objectives. The capital required to obtain any equipment elements that are needed for the generation of income. So a single step in a programme is set up as a project. For example, the policy may be the recruitment of personnel from all parts of the country; but procedures may be to advertise and invite applications, to take interviews and offer appointment to the selected personnel. It also ensures an obligation of the personnel of the enterprise to execute the plan by individual and joint participation. It should be as flexible as possible to accommodate all possible changes in the enterprise with a view to coping with the changing conditions in the market. It’s been said that “A vision without a plan is just a dream. Image Guidelines 5. For example, if an organisation has set its objective to grow further, it can be achieved in several ways like expanding the field of business or product line, joining with other organisations, or taking over another organisation, and so on. A structure to gather key project data and turn it into readily digestible information. d. Choosing the planning strategy for the BOM. It is a scheme for investing resources which can be analysed and appraised reasonably and independently. It represents a programme which is possible to execute with more or less existing resources. Fire Up Your Strategic Framework for Your Organization's Success, You Can't Be a Real Leader Who People Want to Follow Without Vision. Different plans are inter-dependent and inter-related. (Select all answers that apply.) The amount of salary managers are paid usually depends on the value of the person's work to the organization and how well the person is: a. accepted by customers b. influencing the board exercising managerial authority d. discharging responsibilities 11. A control plan is a document describing the critical to quality characteristics, the critical Xs or Ys, of the part or process. Planning is neither poetry nor philosophy. This enables the businessman to concentrate upon those matters which are actually relevant and vital to business success. Sometimes evaluation shows that more than one alternative are equally good. D. the location in which the firm intends to operate. C. Data precision rankings. In fact, planning is a dynamic activity. There may be some confusion between policies and procedures. and assigning definite duties to each part. There is another reason for choosing more than one alternative. So, the planner must also be ready with alternative—normally known as contingency plan— that can help coping up with the changed situation. c. The Coca-Cola Company lists it's core values as: SWOT is an acronym for strengths, weaknesses, opportunities, and threats. Calculating and planning requirements for materials at all levels of the BOM. Therefore, it is to be seen that what is expected is likely to be achieved. Production procedure involves manufacturing and assembling of parts; sales procedure relates to advertising, offering quotations, securing and execution of orders; purchase procedure indicates inviting tenders, selecting quotations, placing orders, storing the goods in go-down and supplying them against requisition to different departments and personnel procedure is the recruitment, selection and placement of workers to different jobs. Importance 4. So, the first plan must follow the second plan and the second plan the third and so on in never-ending series in quick succession. A. 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. The marketing mix includes all of the following except. This is needed for improvement in the quality of planning. Capital . 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