Important Short Questions and Answers: Principles of Management - Planning

22.  Define planning.

Planning is the process of selecting the objectives and determining the course of action required to achieve these objectives.

23. What are the main objective of planning?

Planning is a primary function of organization It helps in achieving objectives It done to cope with uncertainty and change. It helps in facilitating control It helps in coordination Planning increases organization effectiveness Planning guides in decision making.

24. Define “Mission”

Mission may be defined as “a statement which defines the role that an organization plays in the society”

25. Define “objectives”

The term “objective” or “goals” are often used interchangeably. Objective are the end

results towards which         the activities of attain its objectives.

26. What is mean by strategy?

Strategy of an organization is the programmers of action and deployment of resources to attain its objectives.

27. What   are   the   factors   to       be   considered   while   formulating   strategies?

Mission and objectives of an   organization. Values, aspiration and prejudices of top level management. Opportunities and threats of the external environment, Strength and weakness of the firm in various aspects such as funds, organization structure, human talent, technology etc.

28. Define “policies”

Policies are general statement or understanding which provide guidance in decision making to various managers.

29. What is procedure?

Procedure is a chronological order of action required to implement a policy and to achieve an objectives.

30. What is programme?

Programme is a broad term which includes goals , polices , procedure , rules , task assignment , step to be taken, resources to be employed to carryout a given course of action.

31. Define budgets.

A budget is a statement of expected result in numerical terms and therefore, it may be referred as a numerical programmer.

32. What is objective?

Objectives are the aims, purposes or goals that an organization wants to achieve over varying period of time.

33. What is MBO?

MBO is a process whereby the superior and the superior and the subordinate manager of an enterprise jointly identify its common goals, define each individuals major areas of responsibility in terms of result expected of him , and use these measures as guides for operating the unit and the contribution of each of its members is assessed.

34. What do you mean by “strategy”?

A strategy may also be defined as a special type of plan prepared for meeting the challenge posted by the activities of competitors and other environmental forces.

35. What are the major kinds of strategies and policies?

Growth, Finance, organization, personnel, products or service and market.

36. Write down any four factors which leads to fail of strategic planning.

Managers are inadequately prepare for strategic planning. The information for preparing the plans is insufficient for planning for action. The goals of the Organization are too vague. The business units are not clearly identified.

37. What is planning premises ?

The assumptions about future derived from forecasting and used in planning are known as planning premises.

38. What are the practices made in making effective premising? Selection of premises.

Collection of information..

Development of alternative premises for contingency planning. Verification of the consistency of premises.

Communication of planning premises.

39. Explain the term decision and decision making?

A decision may be a direction to other to do or not to do.. Decision making is defined as the process of choosing a course of action from among alternatives to achieve a desired goal. It is one of the functions of management and also a core process of planning. The management executive takes a number of decisions every day. Thus, a decisions may be rational or irrational. The best one is selected out of the available alternatives.

40. How would you evaluate the importance of a decision?

Decision making is a selection process. The best alternative is selected out of many available alternatives. Decision –making is a goal –oriented process. Decisions are made to achieve some goal or objective.

Decision making is the end process. It is preceded by detailed discussion and selection of alternatives. Decision making is a human and rational process involving the application of intellectual ablates. It involves deep thinking and foreseeing things.

Decision making is a dynamic process. An individual takes a number of decisions each day.

41. Mention the three approaches generally adapted by managers in selections an alternative? Quantitative and Qualitative analysis.

Marginal analysis.

Cost effectiveness analysis.