Planning

Question 1

Basic functions of management (4)

Answer 1

Planning
Organizing
Leading
Controlling

Question 2

which of those functions have primacy

Answer 2

Planning

Question 3

what does planning provide?

Answer 3

a method of identifying objectives and designing a sequence of programs and activities to achieve these objectives

Question 4

According to Amos and Sarchet, what is the definition of planning?

Answer 4

deciding in advance what to do, how to do it, when to do it, and who to do it

Question 5

what is Planning?

Answer 5

planning is the work done to predetermine a course of action, in order to provide focus and direction for enhancing the efficiency and effectiveness of the company

Question 6

planning is made necessary by the rapid change of what? (3)

Answer 6

Technology
Environment
Organization

Question 7

what are the types of planning (2)

Answer 7

Strategic planning

Operational planning

Question 8

what is strategic planning?

Answer 8

Defines future activities which are worth doing by the company to assure that the company applies its resources effectively to achieve its short term and long term goals

Question 9

Strategic planning questions (6)

Answer 9

What are the company’s vision, mission and value system?
what specific goals to accomplish by when, with what investment and which technology?
which new product streams to offer by when?
What core technologies to maintain?
which business networks to create?
with which performance metrics to monitor progress?

Question 10

what are the stages of a product life cycle (4)

Answer 10

Entry
Growth
Saturation
Decline

Question 11

Mission

Answer 11

why do we exist?
who are we serving?
what do we do to serve them?

Question 12

Vision (Company Aspiration) (4)

Answer 12

Market capital
Business standing
Ranking in industrial sector
Market share

Question 13

Components of a mission statement (4)

Answer 13

Define your company and its purpose.
Less than 30 seconds.
Goals of your business (customers, employees, owners)
Clear and Specific.

Question 14

Compare Mission statements with vision statements

Answer 14

Both contains summarized goals and objectives.
Mission, what a company wants now
Vision, what a company wants in the future

Question 15

list some of the corporate values

Answer 15

Innovation
Honesty
Quality
Social responsibility
Stability
Continuous improvement 
Trust
Respect for others

Question 16

Tools for strategic planning (6)

Answer 16

Market research 
SWOT analysis
Sensitivity analysis
External bench marking
Technology forecasting
Product life cycle

Question 17

SWOT stands for

Answer 17

Strength
Weaknesses
Opportunities
Threats

Question 18

What are the factors affecting the external opportunities and threats ? (4)

Answer 18

Customers
Competition
New Technologies
Government Policies

Question 19

SWOT analysis

Answer 19

Analysis of the current status and success of a business
Once complete, future strategic planning may continue.
Determines the Gap Analysis

Question 20

What is Gap Analysis

Answer 20

technique used to analyze where you currently are with respect to where you would like to be in the future

Question 21

what is Operational Planning?

Answer 21

Defines tasks to be accomplished with the least amount of resources within the shortest time, to assure that the company applies its resources efficiently to achieve its short term and long term goals.