Management GR1 REVIEWER Flashcards
a plan is a conclusion, and such, it must be based on the information from which it is derived.
Statement of final plan
A plan must contribute to meet objectives.
The problem to be resolved by the planning process must be clearly stated.
Statement of Objective
Statement of problem
a plan of action is developed after the problem has been stated.
Designation of planning authority
addresses prospective changes in business objectives and the forces affecting the company.
It is a function of management that must be attended by all levels of the organization.
Planning
Also called operational planning, it comes a period of one year or less. It encompasses the development of the operational plans for the given short period.
Short-rage planning
are for the immediate future, often covering a 1 year or less. They focus on specific actions and tasks to implement the medium-range plan.
Short-range plans
Classification of plan according to the frequency
single-use plan and standing plan.
Formulation of plan is initiated by various units or divisions of an organization and then passed upward for aggregation at the corporate level.
Bottom-up approach
Improved science and technology is considerably important in any organizational plan of operation.
Physical Facilities
in this approach, a compromise between the bottom-up and the top-down methods, corporate executives and lower-level managers develop plan in consultation with each other making a link between wider corporate objectives and the manager’s detailed knowledge of specific situation.
Interactive approach
information about the past performance of the firm in the attainment of the objectives, and the ability of personnel as influenced by executed plans.
Internal Data
Information is the greatest resource. It is essential not only in modern living but also in administering and performing of most activities in every enterprise.
Collection and analysis of data
information pertaining to thenational economy and the industry in which the company is operating.
External data
Initiative is taken by the upper level executives of the organization, who formulates a unified, coordinated plan, usually with the advice of lower-level manager.
Top-down approach
is a blueprint for hitting revenue targets. It begins when sales leaders define long-term company goals. Next, they set the stage for achieving those goals by establishing hiring plans, sales quotas, and a sales budget.
Sales plan
is a document that details an organization’s staffing needs, goals, and workforce management practices.
Personnel Plan
IS A LOGICAL AND SYSTEMATIC APPROACH OF
FORMULATING THE OBJECTIVES, PROGRAMS, POLICIES,
PROCEDURES, BUDGET, RULES AND REGULATIONS, AND
OTHER TYPES OF PLANS,
PLANNING
is a written statement of your current financial condition, intended financial state, a timeline for achieving those goals, and the steps you will take to get there.
Finance plan
is developed to carry out a course of action that is not to be repeated in the future.
They are also designed to accomplish specific objectives.
are usually within a relatively short period of time, such as budgets, programs and projects.
Single-use plan
is the act of developing a guide for the design and prduction of a given product or service. Production planning helps organizations make the production process as efficient as possible.
Production plan
is used for non-recurring situations, or for activities that recur regularly over a period of time.
these plans are great contributors to efficiency.
They routinize decision making and keep managers from having to ‘reinvent the wheel’ every time a routine and recurring problem or situation arises.
Standing plan
One important factor in planning is the evaluation of the present situations or conditions of the
business. A good manager must be aware of inadequacies of the present conditions which may
point to desirability of change
Conditions
Plan is independently formulated both at the corporate and business levels. All units form plans to suit their particular situation and these plans are regularly viewed by corporate management.
Dual approach
Plans could be unproductive if resources are not adequate enough to support the continuous
operations of the business.
Resources Available
tentative plan should be formulated and initiated on a trial basis.
Formulation and testing of tentative plan
the analysis of relevant information from the present and the past and the assessment of the probable future development so that a course of action may be determined that enables the organization to meet its stated objectives
Planning
the data used in planning fall into two categories: External data
Internal Data
Collection and interpretation of data
The total commitment of all management members is vital in the planning process.
Political, social, and environmental conditions
Part of good planning is the promotion and protection of the welfare of the people
through an improvement of the social and economic conditions of the community.
Skills and Attitudes of Management
This covers five years of more. The time span varies from one organization to another.
Long-rage planning:
This is more subject to change, covering a period from one year to five years. It is a general guideline derived from an organization’s strategy.
Intermediate-rage planning
Time is considered as the most precious resource of the organization, particularly in planning
Time Factor
typically cover 1 to 3 years. They provide a more detailed roadmap to achieve the long-term
objectives.
Medium-range plans
usually span 3 to 5 years or more. They
address broad strategic goals and direction for an organization.
Long-range plans
____ are general statements that guide decision making.
Policies
____ indicate the selected dates by which the various phases of the entire project are to be completed.
schedules
____ is a plan of operation expressed in financial terms.
Budget
____are series of steps that are designed to achieve a high-degree of regularity in a frequently recurring event.
Procedures
_____ are guides to managerial decisions
which fall under certain limits or boundaries.
These are formulated by management to
govern actions at all levels in the organization
and are intended to achieve predetermined
objectives.
Policies
_____ are smaller and separate portions of a program.
Projects
_____are specific statements of what may or may not be done.
Rules
______ are set of activities that consist of identifying procedures, determining and allocating resources needed for each activity, estimating and assigning target dates for the completion of each step in in the series.
Programs
_______ are developed assumptions or premises about the future that managers can use in decision making.
Forecast
_______are basic pattern of purpose and policies that define the firm and its business.
Strategies
Timeframes of Planning includes:
Long-range planning:
Intermediate-range planning:
Short-range planning:
Essential steps of Planning
Statement of the Objective
Statement of the Problem
Designation of planning authority
Collection and interpretation of data
Formulation and testing of tentative plan
Statement of final plan
General Approaches to Formal Planning
Bottom-up approach
Top-down approach
Statement of final plan
Interactive approach
Dual approach
Factors Affecting Planning
- Condition
- Time Factor
- Resource Available
- Skills and attitudes of management
- Physical facilities
- Collection and analysis of data
The nature of planning
-contribution to purpose and objectives
-planning as the first basic function
-planning as a function of all managers
-planning for efficient organization
Planning barriers are:
Incompetence
Lack of dedication
Incomplete and inaccurate information.
Short-sightedness
Dependence on the planning department.
