In this process a hierarchy of objectives is created. For example, production planning depends upon sales planning—and vice versa. Healthcare organizations have multiple markets or customers. But all plans must contribute in a positive way towards the achievement of the enterprise objectives. A vision statement should be reviewed continuously to ensure it is still aligned with the way you see your company. The firm’s internal environment—such as its financial resources, technological resources, and the capabilities of its personnel and their performance—has to be examined. It is part of the job that needs to be done in connection with the general programme. (Select all answers that apply.) So, uniformity must be there in all levels of planning to match the general plan. The commercialization of health is all that. Planning is basically a problem of choosing. If there is only one way of doing something there is no need of planning. In other words, procedures are the methods by means of which policies are enforced. It acts as a guide and is essentially in the nature of a decision made by the management authority. Though a plan is prepared after reflective thinking, this does not mean that no departure can be made in the course of its operation. 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. Within each category, there may be several alternatives. The essence of planning is the choice among alternative courses of action. Dan McCarthy wrote about management and leadership for The Balance Careers. Various alternative courses that are considered feasible in terms of preliminary criteria have to be taken for detailed evaluation. 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 good plan should not only attain optimum relationship between output and input but should also bring the greatest satisfaction to those who are responsible for its implementation. Steps 6. Whether internal or external, the success of the plans demands that it should be strategy-oriented. Risk planning meetings. The task of planning will be well-accomplished if some fundamental principles are followed in the process. Every manager is required to plan first for systematic and orderly performance of his assigned duties. It is a function of every manager at every level in the organisation. Examples of such investment may be outlays on land, building, machinery, research and development, etc. Therefore, every organisation is required to specify what it wants to achieve. Identify and Live Your Personal Values for Success in Life and Work, vision statement describes the way you envision. Thus, procedures mean definite steps in a chronological sequence within the area chalked out by the policies. Plans must be communicated in greater details to the subordinates to increase their understanding of the proposed action and for enlisting their co-operations in the execution of plans. The project scope planning processes include all of the following EXCEPT: how the business case will be created. Objectives: The important task of planning is to determine the objectives of the enterprise. b. Planning is a mental exercise involving imagination, foresight and sound judgement. However, the other business remains a threat if it pulls out of the crises. Moreover, there is no certainty about the outcome of any alternative course because it is related with future which is not certain. To secure participation of the employees with whole-hearted co-operation in execution of the plan, it is necessary that the plan must be communicated and explained to them for their full understanding. Planning involves all of the following EXCEPT: C. Determining rewards for goals achievement _______________ involves analyzing a situation, determining goals to be pursued and deciding upon the actions that will be taken to achieve these goals. After formulating the basic and derivative plans, the sequence of activities is determined so that the plans are put into action. Question 15 – You work for a large manufacturing plant and you are working on a new project to release a new product line of toothpaste and salt. It represents a programme which is possible to execute with more or less existing resources. The following commission EXCEPT: are elements in a manager's compensation package b. c. benefits d. short term incentives salary 10. All planning is linked up with certain goals and objectives. A. Core values describe your beliefs and behaviors. (ii) Adequate knowledge about the capacity of the force available through observations and experiments and from established standards. Business planning has become imperative due to the fact that an enterprise operates in a changing and dynamic environment. This understanding provides the basis for additional knowledge about new facts and matters to the employees. Though major planning function is entrusted to the top management, it is not restricted to the top level only. B. the products/services the firm intends to provide. Planning pervades all managerial activities. The manner in which each work has to be done is indicated by the procedures laid down. It also ensures an obligation of the personnel of the enterprise to execute the plan by individual and joint participation. Planning involves selection of suitable course of action from several alternatives. A particular objective can be achieved through various actions. Innovation is achieved through research and development and planning is required to provide such scope. D. Diagramming techniques. Objectives are the goals towards which all managerial activities are aimed at. It’s been said that “A vision without a plan is just a dream. Risk attitude consist of all the following elements except for which one? 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. b. He has spoken, written, and taught on management for more than 20 years. The quality of planning depends upon the abilities of the managers who are required to collect all relevant facts, analyse and interpret them in a correct way. Financial Planning: it’s Meaning, Importance and Elements – Discussed! A rule specifies necessary course of action in a particular situation. Question 4 All of the following elements are part of an organization’s vision EXCEPT _____. 2. its market share Correct! B Explanation: B) The planning phase includes analyzing the situation, gathering information, … Planning focuses on efficiency and economy in operation. B. Differences between or among stakeholders should be resolved in (iii) The optimum period of time for achieving them. Plans should not be made rigid. Which of the following statements describes characteristics of a well-written problem statement that can help focus the staff and subsequent planning process? For successful implementation of a plan, it must be communicated to all levels of the organisation. In the absence of a plan, work still gets done on a day-to-day basis but often lacks a sense of purpose and priority. So a single step in a programme is set up as a project. Planning prevents wastage of resources by choosing the best course of action from many alternatives. 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