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INDU 330 > Planning > Flashcards

Planning Flashcards

1
Q

what is the definition of planning

A

method of identifying objectives and creating a sequence of programs.
the work done to predetermine a course of action

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2
Q

What are the 3 factors that make planning necessary

A
  • technology
  • environment
  • organization
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3
Q

What is a company’s mission

A

WHY they exist
WHO are they serving
WHAT do they serve

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4
Q

What is a company’s vision

A

market capital
business standing
ranking in industrial sector
market share

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5
Q

Describe an idea mission statement

A
  • define a company & purpose in less than 30 seconds
  • no buzz words, empty phrases and should be specific
  • cover what youre goals are for 1) customers 2)employess 3) owners
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6
Q

What are some tools for strategic planning

A
  • market research
  • SWOT analysis
  • sensitivity analysis (what - if?)
  • external benchmarking
  • technology forecasting
  • product life cycle analysis
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7
Q

Describe SWAT analysis

A
  • strengths
  • weaknesses
  • opportunities
  • threats
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8
Q

what is Gap analysis

A

used to analyze where you are right now w/ respect to where you want to be.

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9
Q

define operational planning

A

tasks to be accomplished with the least amount of resources possible in the shortest time

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10
Q

what are some tools for operational planning

A

project management
design, test, analyze
operational guidelines

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11
Q

what are some performance metrics for planning

A
  • customer related
  • process related
  • financials
  • employee related
  • competition related
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12
Q

what are the benefits of performance metrics?

A
  • sets bounds to help focus on specific goals
  • promotes inter group coordination
  • provides a basis for resources allocation
  • induces innovation
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13
Q

what are 4 steps to forecast?

A
  1. identify ciritcal success factors for achieving your goals
  2. determining forecast horizons
  3. selecting forecast techniques
  4. predict future sales and their probabilities
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14
Q

what are 4 criteria for future objectives

A
  1. consistent with company objectives
  2. technically feasible
  3. financially viable
  4. compatible with market place
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15
Q

what is action planning

A

the process of establishing specific objects, action steps and a scheduled budget related to a predetermined program

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16
Q

what are the benefits of action planning?

A

1) focus on critical areas that need attention
2) select specific results to be accomplished
3) set metrics to facilitate measurement
4) clarify accountability
5) encourage teamwork
6) ensures continuation of overall performance

17
Q

list the process of action planning

A
  1. analyze needs
  2. set objectives
  3. define metrics
  4. specify action steps
  5. determine dates of task initiation
  6. develop a budget
18
Q

when analyzing needs in action planning, what are the needs defined with respect to

A

1) development needs
2) maintenance needs
3) deficiency needs
4) strategic needs

19
Q

what are some characteristics of metrics

A
  • ways of measuring achievement
  • quantitative
  • need to be defined with actionees
20
Q

what is an important factor when determining the schedule

A

allow for contingency steps

21
Q

what are policies

A

directives aimed at addressing repetitive question and issues of concern.

22
Q

list some examples of policies

A

hiring, firing, performance appraisal

23
Q

why are policies put in place?

A
  • save time & effort for management
  • capture experience and past learning of economy
  • facilitate delegation
24
Q

True or false: policies are applied to all employees

A

true

25
Q

What are procedures

A

standardized methods of performing work

26
Q

what are 5 benefits of procedures

A
  1. preserve the best way to perform work
  2. provide a basis for improvement
  3. ensure standardization action
  4. simplify training of employee
  5. preserves corporate know-how
27
Q

what are the steps of developping a procedure?

A
  1. focus on critical needs
  2. chart the work
  3. review
  4. propose procedure that isn’t restrictive
  5. improve (define regular improvements)
  6. formulate procedure and communicate it department wide

INDU 330 (7 decks)

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