Chapter 7 Managerial Planning

Question 1

Forecasting factors for planning

Answer 1

Economic environment, political environment, labor conditions, social climate, government policies, legislation and regulation, government spending, mergers and consolidation, insurer penetration

Question 2

Factors that can impact planning

Answer 2

Scientific and technological developments as well as staffing needs, trends, demands for salaries and benefits, and costs can all impact planning.

Question 3

Mission

Answer 3

States an organization’s purpose and reason for existence and forms a frame of reference for the organization’s vision.

Question 4

Vision

Answer 4

Describes the mental pictures of what an organization wants to be in the future.

Question 5

Values

Answer 5

Defines an organization’s basic philosophy, principles, and ideals.

Question 6

Strategies

Answer 6

Specifies how an organization or department plans to help achieve the organization’s vision

Question 7

Goals

Answer 7

Include imperatives for achieving an organization’s vision. Goals may change over time.

Question 8

Objectives

Answer 8

Objectives are measurable, realistic and feasible, cover a period of 1 - 2 years and include short term targets for each goal.

Question 9

Actions

Answer 9

Specific tasks for achieving objectives

Question 10

SMART Goals

Answer 10

Specific
Measurable
Attainable 
Realistic
Timely

Question 11

PESTHR Analysis Method

Answer 11

Political
Economic
Social
Technology
Human Resources
Regulatory forces
Environmental

Question 12

SWOT Analysis Method

Answer 12

Strengths
Weaknesses
Opportunities
Threats

Question 13

Critical Success Factors

Answer 13

Measurable factors or objectives that the organization can use to judge its success.