PLANNING

Question 1

Deciding in advance what to do, how to do a particular task, when to do it, and who will do it

Answer 1

PLANNING

Question 2

The setting of broad, long range goals by top managers.

Answer 2

Strategic Planning

Question 3

The identification of specific, short-range objectives by lower-level managers

Answer 3

Tactical Planning

Question 4

The setting of work standards and schedules

Answer 4

Operational planning

Question 5

TOOL in Strategic Planning

Answer 5

SWOT

Question 6

allows the manager to assess how long
a project should take, determine the resources needed.

Answer 6

GANTT CHART

Question 7

Helps manager prepare a schedule and plan resources. Allows a manager to monitor achievement of project goals and take remedial actions if the project is not going well

Answer 7

Critical Path Method

Question 8

Calculates a realistic time frame by using the shortest possible time each activity will take.

Answer 8

PERT: Program Evaluation & Review Technique

Question 9

Occurs after a problem exist.

Answer 9

Reactive

Question 10

Seeks status quo, and spend energy
preventing change & maintaining
conformity

Answer 10

Inactivism (conventional planning

Question 11

Utilize technology to accelerate change & are future oriented

Answer 11

Preactivism

Question 12

Consider the past, present, & future
& attempt to plan the future of their
organization rather than react to it.

Answer 12

Proactive

Question 13

Barriers in Planning

Answer 13

Lack of knowledge
No time management
Lack confidence

Question 14

A systematic financial translation of a plan, allocation of scarce resources on the basis of forecasted needs for proposed activities on a specified time

Answer 14

Budgeting

Question 15

Approximation of the cost of an activity, job, program or project, prepared for budgeting and planning purposes only.

Answer 15

Fiscal Planning

Question 16

The amount of money the organization receives for its services or product.

Answer 16

Revenue

Question 17

The amount of money an organization spends to produce its services or products.

Answer 17

Expense

Question 18

• the largest of the budget expenditure

Answer 18

Personnel budget

Question 19

reflects expenses that change in response to the volume of services

Answer 19

Operating budget

Question 20

plan for the purchase of buildings or major
equipment.

Answer 20

Capital budgets

Question 21

ABC analysis
This is your inventory
with the highest annual consumption value. It should be your highest
priority and rarely, if ever, a stockout.

Answer 21

A items

Question 22

Inventory that sells
regularly but not nearly as
much as A items. Often inventory that costs more to
hold than A items

Answer 22

*B items

Question 23

This is the rest of your inventory that doesn’t sell much, has the lowest inventory value, and makes up the bulk of your inventory cost.

Answer 23

C items

Question 24

The ability to use one’s time effectively or productively, especially at work

Answer 24

Time Management