Unit-2: Planning Flashcards
What is planning in the context of management?
Planning involves deciding in advance what needs to be done, how, when, and by whom to achieve organizational goals.
Why is planning considered a fundamental function of management?
Planning provides the framework within which other management functions like organizing, staffing, directing, and controlling are carried out.
What are the key components of planning?
Objectives, policies, procedures, programs, budgets, and strategies.
Define a policy in management.
A policy is a predetermined guideline aimed at achieving organizational goals, helping to ensure consistency in decision-making.
What is a strategy?
Strategy is the long-term direction and scope of an organization to meet stakeholder expectations by aligning resources with a changing environment.
How is a program different from a policy
A program is a broad course of action governing employees at all levels, while a policy provides guidelines for specific decisions.
What is the role of budgeting in planning?
Budgeting is the formulation of plans in numerical terms, forecasting financial or non-financial results for a future period.
What is the importance of planning in an organization?
Planning clarifies objectives, improves efficiency, anticipates future challenges, and supports control functions.
What are some limitations of planning?
Limitations include potential errors in assumptions, rapid changes in the environment, time and cost constraints, and lack of control over external factors.
What is Management by Objectives (MBO)?
MBO is a management approach where objectives are set and compared with actual achievements, often used for planning, performance appraisal, and motivation.
How does forecasting assist in planning?
Forecasting provides estimates or inferences about future events based on past trends, helping organizations prepare for future activities.
What are the steps in decision-making?
Steps include diagnosing the problem, gathering information, evaluating alternatives, choosing the best option, and implementing the decision.
What is strategic control?
Strategic control monitors the implementation of strategies to ensure alignment with long-term goals and the external environment.
What are the different types of strategic control?
Types include premise control, implementation control, strategic surveillance, and special alert control.
What is operational control?
Operational control ensures efficient use of resources and monitors progress in meeting annual objectives, often using budgets, schedules, and key success factors.
