lesson 8 ( planning)

Question 1

what is plannning?

Answer 1

Managers’ main function is planning. It is an effort to predict the future in order to achieve the best performance possible.

Question 2

what are the reasons for plannig?

Answer 2

1. Planning offers direction
2. Being prepared lessens uncertainty
3. Planning minimizes waste
4. Planning allows the setting of standards or goals.

Question 3

characteristics of planning and perfomance ලක්ෂණ

Answer 3

1. Structured planning is linked to successful financial outcomes.
2. Planning quality is more important than planning range.
3. Planning may be less effective as a result of external factors.

4 The planning performance connection is influenced by the planning time frame.

Question 4

types of planning?

Answer 4

• • Breadth
    1. startegic : (why)
    2. operational : (how)
• • Time frame- contingency ( when )
    1. short term
    2. long term
• • specificity
    1. directional
    2. specific
• • frequency of use
    1. single use
    2. standing

Question 5

Breadth- Strategic and operational

Answer 5

1. Strategic plans: plans that are relevant to the entire company and define the general goals of the organization
2. Operational plans: plans that focus on a certain area of business operations

Question 6

Time Frame- Long term and short term

Answer 6

1. Short-term plans: plans covering one year or less

2. long-term plans: plans covering more than one year

Question 7

Specificity- directional and specific

Answer 7

1. Specific plans: Clearly specified plans that limit the possibility of change
2. Directional plans: plans that are flexible and set out general guidelines

Question 8

Frequency of use- single use and standing

Answer 8

1. Single-use plans: a one-time strategy created with care to fulfill the demands of a specific situation
2. Standing plans: ongoing plans that serve as a guide for regularly performed actions

Question 9

what are the 3 unpredictable factors that impact plans

Answer 9

level in the organization.

environmental uncertainty level

the duration of future commitments

Question 10

Planning hierarchy of organizations

Answer 10

SEE THE GRAPH ON SLIDE 10

top level management : formulating the strategies of the organization, ( long term)
strategic : done by top levl managers majorly
operational : barely responsible

middle level mannagers: look into tactical and manage by objectives ( breaking the long term objectives to smaller ones)
strategic : less responsible
operational : less resonsible
tactical : more responsible

front line managers : operations planning, day to day planning
strategic : not resposible at all
operational : really responsible

Question 11

objectives and goals

Answer 11

objectives and goals are the same thing

Question 12

objective definition

Answer 12

desired outcomes for specific people, teams, or the whole business andserve as a way to track development and give management direction.

Question 13

stated and real objectives

Answer 13

Stated Objectives: Official statements of what the organization wants the public to believe.

Real Objectives: goals that group actually works toward, which determined by the actions of members.

Question 14

Management by objectives (MBO) definition

Answer 14

a procedure for defining mutually acceptable goals and using those goals to review employee performance

Question 15

what are the 4 elements that common to MBO programs

Answer 15

1. Goal specificity: helps managers to guide employees work in a strategic way
2. Participative decision making
3. a specific time frame
4. Performance feedback:

Question 16

Planning hierarchy

Answer 16

overall organizational objectives : Top level managers

divisional objectives : middle level managers

departmental objectives : front line manager

individual objectives : non manegerial employees

Question 17

how Planning effectively in dynamic environment

Answer 17

dynamic environment : which is

1. Develop plans that are specific but flexible
2. Keep planning even when the environment is uncertain
3. Allow lower organizational levels to set goals and develop plans.

Environmental scanning: analyzing information to detect newest trends

Competitive intelligence:
getting market infoto enable management to plan rather than just respond to competitive behavior

Question 18

define Strategic Management

Answer 18

the formation of plans by top management that will help the organization achieve its goals.