Ch5-Plans & Planning Techniques

Question 0

What are the planning steps?

Answer 0

• define objectives
• determine current status compared to objectives
• develop premises regarding future conditions and generate alternative scenarios
• analyze alternatives and make a plan
• implement and evaluate plan

Question 1

The planning function

Answer 1

Sets objectives and identifies how to achieve them

• planning
• organizing
• leading
• controlling

Question 2

Reasons for planning

Answer 2

• action oriented
• priority oriented
• advantage oriented: ensuring resources are used well
• change oriented: anticipating changes
• avoid complacency trap

Question 3

How to better manage your time?

Answer 3

• Set priorities straight
• work on the most important things first
• take charge of your schedule

Question 4

Short-range plans

Answer 4

Cover a year or less

Question 5

Long-range plans

Answer 5

Cover 3 years or more

Question 6

Strategic plans

Answer 6

Long-term plans set broad and comprehensive directions for an organization

• set vision
• framework for allocating resources

Question 7

Operational plans/ tactical

Answer 7

Identify activities to implement strategic plans

Short-term step-by-step procedures

Question 8

Types of budgets

Answer 8

• financial:project cash flows and expenses
• operating: anticipates sales and revenues
• nonmonetary: allocate resources

Question 9

Fixed budgets

Answer 9

Allocate set amounts to a specific purpose

Question 10

Flexible budgets

Answer 10

Vary in proportion to a level of activity

Question 11

Qualitative forecasting

Answer 11

Relies on expert opinions to tell the future

Question 12

Quantitative forecasting

Answer 12

Relies on mathematical models and statistical analysis to tell the future

Question 13

Contingency planning

Answer 13

Identifies alternative courses of action when things go wrong

Question 14

Scenario planning

Answer 14

Identifies future scenarios and how to deal with them

Question 15

Benchmarking

Answer 15

Best practices used by others used to make

external comparisons and provide insight for planning

Question 16

Greats goals are

Answer 16

Specific
Timely
Measurable
Challenging
Attainable

Question 17

Stretch goals

Answer 17

Performance targets that you have to work extra hard to reach