The objectives are defined in more concrete, precise and meaningful terms. The plans for achieving your short-term goals are your action plans. 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. Planning is concerned with the establishment of objectives of an enterprise and finding out the way of realisation of those objectives. It describes risk categories, which are a systematic way to identify risks and provide a foundation for understanding for everyone involved on the project. Definition and Meaning of Planning 2. Budget means an estimate of men, money, materials and equipment in numerical terms required for implementation of plans and programmes. But these different policies are co-ordinated and integrated in such a way that they ensure easy realisation of the ultimate objectives of business. Compassionate Eye Foundation/Hiep Vu/Getty Images. It also serves as a very important control device by measuring the performance in relation to the set goals. Price. Elements 5. In a big enterprise, various policies are formulated for guiding and directing the subordinates in different areas of management. TRUE A typical change request form will include which of the following content items? Planning involves all of the following EXCEPT: C. Determining rewards for goals achievement _______________ involves analyzing a situation, determining goals to be pursued and deciding upon the actions that will be taken to achieve these goals. There may be separate plans prepared in different levels in the organisation, but all the sub-plans must be united with the general plan so as to make up a comprehensive plan for operation at a time. Fire Up Your Strategic Framework for Your Organization's Success, You Can't Be a Real Leader Who People Want to Follow Without Vision. They are applied as and when required. A plan should be made efficient to attain the objectives of the enterprise at the minimum cost and least effort. Core values describe your beliefs and behaviors. This set of goals usually starts three years out and extends to around five years into the future, directly aligning with the mission and vision statements. Ans: Project management is the management of the work to develop and implement an innovation or change in an existing operation. 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. It must bridge the gap between where we are and where we want to go at the minimum cost. A plan is a course of action that shows promise of optimizing return at the minimum expense of inputs. The school and local law enforcement have developed a memorandum of agreement, (MOA), defining the roles and responsibilities of both. In choosing from alternatives, the best alternative will be that which contributes most efficiently and effectively to the accomplishment of a desired goal. Strategic planning is essential where there is competition. The nature of the business that the organization is engaged in. Planning is a major and primary function of management. Innovation is achieved through research and development and planning is required to provide such scope. This is needed for improvement in the quality of planning. TOS 7. Whatever be the nature of activity, management starts with planning. How far into the future a manager can see and with how much clarity he will depend on his intellectual calibre, are chalked out through planning process. After formulating the basic and derivative plans, the sequence of activities is determined so that the plans are put into action. Generally, in planning a project, a special task force is also envisaged. The plans are formulated in the light of both external and internal factors. The project scope planning processes include all of the following EXCEPT: how the business case will be created. A plan involves varied factors of different importance. b. Quality-control systems specify an organizational structure that allows those responsible for quality to check the work being carried out at all levels. Prohibited Content 3. All of the following elements should be included in a project scope statement EXCEPT. Examples of such investment may be outlays on land, building, machinery, research and development, etc. Forecasting provides a logical basis for anticipating the shape of the future business transactions and their requirements as to man and material. Some important definitions of planning, given by the eminent authors are stated below: According to Koontz and O’Donnell, planning is “an intellectual process, the conscious determination of courses of action, the basing of decisions on purpose, facts and considered estimates.”, “By means of planning management members try to look ahead, anticipate eventualities, prepare for contingencies, map out activities and provide an orderly sequence for achieving the objective.”, “The plan of action is, at one and the same time, the result envisaged, the line of action to be followed, the stages to go through, and methods to use.”. It should be as flexible as possible to accommodate all possible changes in the enterprise with a view to coping with the changing conditions in the market. 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. 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