Chapter 3

Question 1

Critical needs are those associated with staff development, staff maintenance, and staff deficiency, as well as those related to special assignments.

Answer 1

Analyze critical needs

Question 2

Any plan is useless unless its goals are accomplished through effective implementation.

Answer 2

Assumptions

Question 3

Net income to sales, current ratio, gross margin, and sales per inventories, market share, revenue growth, return on equity, and staff turn ratio, etc.

Answer 3

Financial Measures

Question 4

________ helps to define potential obstacles and opportunities.

Answer 4

Forecasting

Question 5

Some fledgling businesses possess a spirit of entrepreneurship possess the capacity to be patient, take chances, and strive a ________ break through technologies, as well as game-changing goods or services. Management must make changes accordingly

Answer 5

blow-the-roof-off

Question 6

Scheduling establishes both a time sequence for action steps and the interrelationship among the steps, as some might be prerequisites for others.

Answer 6

Create a schedule

Question 7

Time to market, or the amount of time passing since the beginning from product conception and development to market delivery), excellence standards, cost of a unit of production, development of key competencies, and labor hours per product, and so forth

Answer 7

Process - Related Measures

Question 8

Understanding and acceptance by all parties affected by the forecast

Answer 8

Ensure

Question 9

______ is done by (supervisors and group leaders) to specify the specific the strategies and measures required to achieve the top management-specified objectives

Answer 9

operational planning

Question 10

________ aids in concentrate on projects that demand your attention and prompt action.

Answer 10

Action preparation

Question 11

A _____ is concerned with selecting worthwhile future endeavors.

Answer 11

Strategic planning

Question 12

Just-in-time deliveries, life-cycle products, and product flaws cost, rating of customer happiness, effectiveness of order processing, and percentage of sales from service quality, the amount of time between orders and product delivery, and new consumers so on

Answer 12

Customer Related Measures

Question 13

The future is projected assuming essentially the same characteristics as in the past

Answer 13

Mechanical projection

Question 14

Planning for emergencies can be defined as taking proactive measures to, if and when a single action step does not accomplish what was originally expected result.

Answer 14

Contingency Planning

Question 15

Future eventualities and their likelihood of occurrence.

Answer 15

Forecast

Question 16

The process of ____ is yet another crucial planning activity.

Answer 16

action planning

Question 17

Before executing any plan, managers must obtain company ________ successfully.

Answer 17

Commitment

Question 18

In order to effectively plan, managers should:

(1) clearly define the final goal results and the sequence of tiny steps needed to get there
(2) provide a prompt control and, if necessary, midcourse adjustment;
(3) pursue a string of tiny goals progressions (or continual improvements) that many traditional businesses prefer over a single significant accomplishment (or step change) over a protracted period of time.

Answer 18

Small but Sure Step

Question 19

Specific objectives need to be defined to satisfy the critical needs.

Answer 19

Define specific objectives

Question 20

________ necessitates action planning, issuing policies, and establishing procedures.

Answer 20

Operational planning

Question 21

Standards measure the attainment of the objectives.

Answer 21

Define standards

Question 22

Employee contentment, the turnover rate, and skill development and development costs each employee, etc.

Answer 22

Employee - Related Measures

Question 23

Events and tasks that can be performed are specified by _____ implemented with the fewest resources and fastest turn around time

Answer 23

managers and group leaders

Question 24

Forecasts regularly to incorporate pertinent changes related to assumptions and desirable results

Answer 24

Adjust

Question 25

________ establishes the sequence and priority of steps required to attain objectives.

Answer 25

define key action steps

Question 26

____ requires forecasting, action planning, and issuing policies.

Answer 26

Strategic planning

Question 27

Tools for operational planning

Answer 27

Microsoft Project (2013)
Enterprise Project Management Timeline
Critical Path Method (CPM)
Program Evaluation Review Technique (PERT)

Question 28

Planning is best carried out by persons with intimate experience of the particular topics that are covered.

Answer 28

Resistance to change

Question 29

________ should preferably be quantitative in terms of performance ratios, percentages, cost figures, resource parameters, and other factors in order to be measurable.

Answer 29

standards

Question 30

____ is essential for businesses whose high-tech components are used in products.

Answer 30

Technology forecasting

Question 31

Market share, innovation costs, and acquisition costs each new client, the quantity of newly released products each year.

Answer 31

Competition - Related Measures

Question 32

________ is best carried out by persons with intimate experience of the particular topics that are covered.

Answer 32

Planning

Question 33

Each product has a ____ that normally progresses through the phases of beginning, market saturation, expansion, and decrease

Answer 33

life cycle

Question 34

The future is estimated based on an extrapolation of the past (trend analysis).

Answer 34

Analytical projection

Question 35

________ and ________ are necessary for businesses to run efficiently and consistently are employed to specify proper conduct.

Answer 35

Corporate policies
procedures

Question 36

Three steps of Forecasting

Answer 36

Identify
Determine
Select

Question 37

Two types of planning:

Answer 37

strategic planning
operational planning

Question 38

Budgeting allocates resources necessary to accomplish project objectives.

Answer 38

Develop a budget