Then he proceeds to prepare a kind of ‘blueprint’ mapping out the ways of attaining these objectives. All of the following statements concerning project stakeholders are true except A. Documentation reviews. Whether internal or external, the success of the plans demands that it should be strategy-oriented. E. the underlying corporate philosophy. Creating the BOM hierarchy showing all the levels of the BOM. A local competitor with ties to non-local customers could be facing a financial situation, giving this business an opportunity. Since all alternatives cannot be considered for further analysis, it is necessary for the planner to reduce in preliminary examination the number of alternatives that do not meet the minimum preliminary criteria. b. It can be a single page or fill up a binder, depending on the size and complexity of the business and work. A. Business forecasting refers to analysing the statistical data and other economic, political and market information for the purpose of reducing the risks involved in making business decisions and long range plans. Product. It anticipates future events and sets the course of action to control these events to one’s advantage. Thus, a company may have a programme for the establishment of schools, colleges and hospitals near about its premises along with its expanding business activities. All of the following would be important elements of management by objectives (MBO) EXCEPT the _____. Question 15 – You work for a large manufacturing plant and you are working on a new project to release a new product line of toothpaste and salt. Programmes must be closely integrated with the objectives. Through planning, the manager fixes the objectives of the organisation as a whole and, in the light of this, the goals of its various departments. This gives the planning exact, definite, and accurate meaning in its scope and content. Answer Save. Fire Up Your Strategic Framework for Your Organization's Success, You Can't Be a Real Leader Who People Want to Follow Without Vision. So, the first plan must follow the second plan and the second plan the third and so on in never-ending series in quick succession. Important Strategic Planning Skills for Workplace Success, Here Are Some Keys to Make Strategic Planning Implementation Work, How to Implement a Long-Term Remote Work Plan, Understand Team Culture and the Role of Clear Expectations in Success, Use These Tips to Build an Organization Based on Values. It often describes what you do, for who, and how. The process of developing a plan helps the manager (and the team) step back and examine where they are, where they want to go, and how they are most likely to get there. Figure 2.2 “The Strategic Planning Process” and Figure 2.3 “Elements of a SWOT Analysis” show examples of internal and external factors and in a SWOT analysis. He has spoken, written, and taught on management for more than 20 years. Once the organization has identified and classified all of its SBUs, some method must be established to determine how resources should be allocated among the various SBUs. Planning, being an intellectual activity is based on rational considerations. Planning is basically related with this aspect. Strategies act as reserve forces to overcome resistances and reactions according to circumstances. Thus, planning and budgeting are inter-linked. and assigning definite duties to each part. It must be based on clearly defined objectives. All the steps in the process of planning must be linked and co-ordinated with each other. While much more is often included in the plan, these seven elements will help you get started. The following commission EXCEPT: are elements in a manager's compensation package b. c. benefits d. short term incentives salary 10. Principles. Planning is said to be the most basic and primary function of management. Your team’s internal work style and communication preferences. For example, one alternative may be the most profitable but requires heavy investment; another may be less profitable but also involves less risk. After formulating the basic and derivative plans, the sequence of activities is determined so that the plans are put into action. B Explanation: B) The planning phase includes analyzing the situation, gathering information, … It describes risk categories, which are a systematic way to identify risks and provide a foundation for understanding for everyone involved on the project. A business's strength could be its ability to attract local customers, while its weakness might be an inability to break into a non-local consumer base. In planning, the manager evaluates the alternatives on the basis of efficiency. A vision statement should be reviewed continuously to ensure it is still aligned with the way you see your company. A plan is a course of action that shows promise of optimizing return at the minimum expense of inputs. Planning is essentially a process of deciding in advance what is to be done, when and where it is to be done, and how it is to be done, and by whom. d. All the above are basic elements Ans: d Difficulty: Moderate Feedback: Project Planning Short Answer 82. Each objective should be as SMART as possible: Specific, Measurable, Achievable, Realistic, and Time-based. There may be some confusion between policies and procedures. The different departments may formulate different plans and programmes for their integration in the overall planning. The RBS is contained in the risk management plan. its market share Correct! Alternative course of action may be required to be undertaken in future in changed situations. All of the following are part of the planning function EXCEPT: a. Analyzing a situation. Again, planning for purchase of raw materials, employment of labour, etc. It is the analysis and interpretation of future in relation to the activities and working of an enterprise. They are the beliefs you have that will … It is a function of every manager at every level in the organisation. Enterprises start with a general objective. At a minimum, the EAP must include the following elements: • ways to report fires and other emergencies Policies act as guidelines for taking administrative decisions. b. Innovation consists in creating something new for increasing satisfaction of the consumers. 9. The plan should be so prepared that there is sufficient scope for changing it from time to time. Capital . They are the beliefs you have that will enable you to achieve your vision and mission. But sectional plans cannot but be inter-dependent. The project scope planning processes include all of the following EXCEPT: how the business case will be created. Long-term goals are the milestones a company sets to guide operations toward their far-reaching objectives. Perception of opportunities includes a preliminary look at possible opportunities and the ability to see them clearly and completely, an understanding of why the organisation wants to solve the uncertainties and a vision what it expects to gain. In the absence of a plan, work still gets done on a day-to-day basis but often lacks a sense of purpose and priority. Timing and sequence of operations determine the starting and finishing time for each piece of work according to some definite schedule and give practical and concrete shape and form to work performance. all of the above: assessments depict progress toward accomplishing the mission assessments inform cc's intent, guidance for design and planning, prioritization, and execution. Long-term goals are statements that drill down a level below the vision and describe how you plan to achieve it. The plans for achieving your short-term goals are your action plans. The commercialization of health is all that. However, to plan any kind of work, the following facts demand utmost attention: (i) The nature, quality and quantity of work to be done, the best way of doing it, the time available for its accomplishment, how to do it, when it is to be done and who are to do it. 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