V Short Q & A
Q1: Define Planning.
Answer: Planning in deciding in advance what to do and how to do. Before doing something, the manager always formulates an idea of how to work on a particular task.
Planning is selecting and relating of facts and making and using of assumptions regarding the future in the visualization and formulation of proposed activities believed necessary to achieve desired results.
Q2: What is meant by Market Orientation?
Answer: It means the firms start producing goods after analysing the market needs/requirements.
Q3: The planning function of management is conducted at which level of management?
Answer: At all the three levels.
Q4: Is planning all-pervasive function of managment? How?
Answer: Yes. It is a continuous process. All other functions of organizing, staffing, directing and controlling must reflect planning function of management. It prevails all levels of organization and departments.
Q5: What all qualities are required for doing planning?
Answer: Intelligence, Imagination, Foresight, Sound Judgment.
Q6: Planning strangulates the initiative of the employees and compels them to work in an inflexible manner”. What does it imply?
Answer: Planning reduces creativity.
Q7: Point out whether Planning is a physical or mental activity.
Answer: Planning is a mental activity. It requires application of the mind involving creative thinking and imagination, foresight & judgment. A manager can make efficient plans only when he has sound judgment, foresignt & vision. Planning, in not mere guess work but involves logical and systematic approach.
Q8: How does planning create rigidity?
Answer: Planning creates rigidity by putting adverse effect on initiative taken by the managers.
Q9: Which limitation of planning suggest that the employees stop thinking and become the blind followers of Plan?
Answer: Planning reduces creativity.
Q10: Does planning help eliminating risk?
Answer: No, Planning does not eliminate risk. It helps in mitigating the risks. Business enterprises operate in an uncertain environment and face several types of risks. Planning enable these enterprises predict future events and prepare them how to face the unexpected events. With the help of planning mangers can identify potential dangers and take steps to overcome them. Thus planning helps reducing or mitigating risk.
Q11: What is the basis for creating future course of action?
Q12: A company needs a detailed plan for its new project- construction of shopping mall. What type of plan is it ?
Q13: Justify Planning premises may not be fully reliable.
Answer: Planning premises provide the basis and framework for predictions. Since enterprises work in a dynamic business environment and future can't be predicted with absoulte accuracy. Therefore premising is always subject to a margin of error and guess work.
Q14: Which plans suggest action and non action of employees?
Q15: What is a strategic plan?
Answer: It is a type of business plan that identifies and targets internal goals, but provide only general guidance on how they will be attained.
Q16: Name the type of plan which serve as a guide for overall business planning and define the future state of affair which the organization strive to realize?
Q17: Name the other name of directional plan.
Answer: Strategy Plan.
Q18(MCQ): Which of the following quality(or qualities) a manager must possess to succeed in planning?
(a) Reflective Thinking
(d) All of these
Answer: (d) All of these
Q19: How does planning restrict creativity?
Answer: Planning in an activity which is done by top managment usually the rest of the organisation just implements these plans. The result is that middle management and other decision makers are neither allowed to deviate from plans nor are they permitted to act on their own. Thus planning restricts creativity.
Q20: What is a business plan?
Answer: It is a formal statement of the following:
(i) Largely enforced business goals.
(ii) The reasons why these are believed attainable
(iii) Plan for reaching those goals.
Q21: What are the planning components?
Answer: Mission objectives, policies, rules, proceducres, progarmmes, budgets and strategies.
Q22: What is meant by policies as a type of plans?
Answer: Policies are general statements or understandings which guide thinking in decision making. It may be verbal, written or implied.
Q23: In which step of planning process the planners make prediction and assumptions regarding future?
Answer: Setting up of planning premises for all the alternatives.
Q24: ‘No Smoking in the factory’ is which type of plan
Q25: Give anyone example of 'budget'.
Answer: Cash budget.
Q26: It helps the manager to look into future and make a choice amount various alternative courses of action enumerate the importance of planning indicate here.
Answer: Planning facilitates decision making.
Q27: Define derivative plans.
Answer: Plans that are prepared to support the main plan are called derivative plans.
Q28: Define budget.
Answer: Budget is a single use plan containing expected results in numerical terms. It may be expressed in terms of time, money, materials or other suitable units which can be expressed numerically.