PLANNING Flashcards
Deciding in advance what to do, how to do a particular task, when to do it, and who will do it
PLANNING
The setting of broad, long range goals by top managers.
Strategic Planning
The identification of specific, short-range objectives by lower-level managers
Tactical Planning
The setting of work standards and schedules
Operational planning
TOOL in Strategic Planning
SWOT
allows the manager to assess how long
a project should take, determine the resources needed.
GANTT CHART
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
Critical Path Method
Calculates a realistic time frame by using the shortest possible time each activity will take.
PERT: Program Evaluation & Review Technique
Occurs after a problem exist.
Reactive
Seeks status quo, and spend energy
preventing change & maintaining
conformity
Inactivism (conventional planning
Utilize technology to accelerate change & are future oriented
Preactivism
Consider the past, present, & future
& attempt to plan the future of their
organization rather than react to it.
Proactive
Barriers in Planning
Lack of knowledge
No time management
Lack confidence
A systematic financial translation of a plan, allocation of scarce resources on the basis of forecasted needs for proposed activities on a specified time
Budgeting
Approximation of the cost of an activity, job, program or project, prepared for budgeting and planning purposes only.
Fiscal Planning
The amount of money the organization receives for its services or product.
Revenue
The amount of money an organization spends to produce its services or products.
Expense
- the largest of the budget expenditure
Personnel budget
reflects expenses that change in response to the volume of services
Operating budget
plan for the purchase of buildings or major
equipment.
Capital budgets
ABC analysis
This is your inventory
with the highest annual consumption value. It should be your highest
priority and rarely, if ever, a stockout.
A items
Inventory that sells
regularly but not nearly as
much as A items. Often inventory that costs more to
hold than A items
*B items
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.
C items
The ability to use one’s time effectively or productively, especially at work
Time Management
