Chapter 3 Flashcards
Critical needs are those associated with staff development, staff maintenance, and staff deficiency, as well as those related to special assignments.
Analyze critical needs
Any plan is useless unless its goals are accomplished through effective implementation.
Assumptions
Net income to sales, current ratio, gross margin, and sales per inventories, market share, revenue growth, return on equity, and staff turn ratio, etc.
Financial Measures
________ helps to define potential obstacles and opportunities.
Forecasting
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
blow-the-roof-off
Scheduling establishes both a time sequence for action steps and the interrelationship among the steps, as some might be prerequisites for others.
Create a schedule
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
Process - Related Measures
Understanding and acceptance by all parties affected by the forecast
Ensure
______ is done by (supervisors and group leaders) to specify the specific the strategies and measures required to achieve the top management-specified objectives
operational planning
________ aids in concentrate on projects that demand your attention and prompt action.
Action preparation
A _____ is concerned with selecting worthwhile future endeavors.
Strategic planning
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
Customer Related Measures
The future is projected assuming essentially the same characteristics as in the past
Mechanical projection
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.
Contingency Planning
Future eventualities and their likelihood of occurrence.
Forecast
The process of ____ is yet another crucial planning activity.
action planning
Before executing any plan, managers must obtain company ________ successfully.
Commitment
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.
Small but Sure Step
Specific objectives need to be defined to satisfy the critical needs.
Define specific objectives
________ necessitates action planning, issuing policies, and establishing procedures.
Operational planning
Standards measure the attainment of the objectives.
Define standards
Employee contentment, the turnover rate, and skill development and development costs each employee, etc.
Employee - Related Measures
Events and tasks that can be performed are specified by _____ implemented with the fewest resources and fastest turn around time
managers and group leaders
Forecasts regularly to incorporate pertinent changes related to assumptions and desirable results
Adjust
________ establishes the sequence and priority of steps required to attain objectives.
define key action steps
____ requires forecasting, action planning, and issuing policies.
Strategic planning
Tools for operational planning
Microsoft Project (2013)
Enterprise Project Management Timeline
Critical Path Method (CPM)
Program Evaluation Review Technique (PERT)
Planning is best carried out by persons with intimate experience of the particular topics that are covered.
Resistance to change
________ should preferably be quantitative in terms of performance ratios, percentages, cost figures, resource parameters, and other factors in order to be measurable.
standards
____ is essential for businesses whose high-tech components are used in products.
Technology forecasting
Market share, innovation costs, and acquisition costs each new client, the quantity of newly released products each year.
Competition - Related Measures
________ is best carried out by persons with intimate experience of the particular topics that are covered.
Planning
Each product has a ____ that normally progresses through the phases of beginning, market saturation, expansion, and decrease
life cycle
The future is estimated based on an extrapolation of the past (trend analysis).
Analytical projection
________ and ________ are necessary for businesses to run efficiently and consistently are employed to specify proper conduct.
Corporate policies
procedures
Three steps of Forecasting
Identify
Determine
Select
Two types of planning:
strategic planning
operational planning
Budgeting allocates resources necessary to accomplish project objectives.
Develop a budget
