Why does planning not guarantee success?
Planning does not guarantee success because plans need to be properly drawn up and implemented. Managers may rely on previously successful plans, but these may not always work again due to unknown factors. Complacency and a false sense of security can lead to failure.
What are the steps taken by management in the planning process?
The steps taken by management in the planning process include setting objectives, developing premises, identifying alternative courses of action, evaluating alternatives, selecting an alternative, implementing the plan, and following up on the plan.
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p.8
Limitations of Planning

Why does planning not guarantee success?

Planning does not guarantee success because plans need to be properly drawn up and implemented. Managers may rely on previously successful plans, but these may not always work again due to unknown factors. Complacency and a false sense of security can lead to failure.

p.18
Steps in the Planning Process

What are the steps taken by management in the planning process?

The steps taken by management in the planning process include setting objectives, developing premises, identifying alternative courses of action, evaluating alternatives, selecting an alternative, implementing the plan, and following up on the plan.

p.2
Features of Effective Planning

Why is planning closely connected with creativity and innovation?

Planning is closely connected with creativity and innovation because it involves formulating ideas on how to work on particular tasks before doing them.

p.5
Features of Effective Planning

What is the primary function of management according to the text?

Planning is the primary function of management as it lays down the base for other functions of management.

p.18
Features of Effective Planning

What features of planning are highlighted in the situation where C Ltd. is facing declining market share?

The features of planning highlighted are: Planning is pervasive (involves representatives from all levels of management), Planning is futuristic (aims to improve future market standing), and Planning is a mental exercise (involves brainstorming to determine steps).

p.6
Features of Effective Planning

What mental skills are required for effective planning?

Effective planning requires foresight, intelligent imagination, sound judgement, and logical and systematic thinking rather than guesswork or wishful thinking.

p.15
Types of Plans in Business Management

What is a budget in the context of planning?

A budget is a fundamental planning instrument that represents all items in numbers, making it easier to compare actual figures with expected figures and take corrective action. It involves forecasting and serves as a control device.

p.10
Steps in the Planning Process

Why is forecasting important in developing premises?

Forecasting is important because it is a technique of gathering information about future conditions such as demand for a product, policy changes, interest rates, prices of capital goods, and tax rates. Accurate forecasts are essential for successful plans.

p.14
Types of Plans in Business Management

Why is the selection of proper methods important?

Selection of proper methods saves time, money, and effort, and increases efficiency.

p.15
Features of Effective Planning

List some key features of planning.

Planning focuses on achieving objectives, is a primary function of management, is pervasive, continuous, futuristic, and involves decision making. It is also a mental exercise.

p.14
Types of Plans in Business Management

What is a budget in business management?

A budget is a statement of expected results expressed in numerical terms, quantifying future facts and figures.

p.2
Importance of Planning in Organizations

What is the essence of planning in business management?

Planning is deciding in advance what to do and how to do it, involving setting objectives and developing appropriate courses of action to achieve these objectives.

p.2
Steps in the Planning Process

What must a manager do before starting a task?

Before starting a task, a manager must formulate an idea of how to work on it, which involves setting objectives and planning the course of action.

p.11
Steps in the Planning Process

What role does intuition play in the planning process?

Intuition can be important in selecting the most viable alternative, sometimes leading to a combination of plans instead of one best course.

p.11
Implementation and Follow-up in Planning

Why is follow-up action important in the planning process?

Follow-up action is important to ensure that plans are being implemented and activities are performed according to schedule, ensuring that objectives are achieved.

p.5
Features of Effective Planning

At what levels of management is planning required?

Planning is required at all levels of management and in all departments of the organization, though the scope of planning differs at different levels.

p.10
Steps in the Planning Process

What is the significance of selecting an alternative in the planning process?

Selecting an alternative is the real point of decision making. The best plan, which is the most feasible, profitable, and has the least negative consequences, should be adopted and implemented.

p.9
Types of Plans in Business Management

What is the policy of Mitticool regarding product pricing?

The company keeps all its products at a lower rate to be affordable for poor people.

p.12
Role of Objectives in Planning

Who usually sets the objectives in an organization?

Objectives are usually set by the top management and serve as a guide for overall planning.

p.2
Strategic Decision Making

What does planning involve in terms of decision-making?

Planning involves making decisions by choosing from alternative courses of action to achieve set objectives.

p.14
Types of Plans in Business Management

How are procedures and policies interlinked?

Procedures are steps to be carried out within a broad policy framework to enforce a policy and attain pre-determined objectives.

p.14
Types of Plans in Business Management

What is the role of methods in business management?

Methods provide the prescribed ways or manner in which a task has to be performed considering the objective, dealing with a task comprising one step of a procedure.

p.4
Importance of Planning in Organizations

How does planning reduce overlapping and wasteful activities?

Planning serves as the basis for coordinating the activities and efforts of different divisions, departments, and individuals, ensuring clarity in thought and action, and minimizing or eliminating useless and redundant activities.

p.9
Strategic Decision Making

What was the outcome of Mansukhbhai's efforts after the 2001 earthquake?

Mansukhbhai emerged with the innovative Mitticool fridge in 2005 after several tests and support from GIAN.

p.12
Types of Plans in Business Management

What is the role of procedures in an organization?

Procedures describe steps to be followed in particular circumstances, such as the procedure for reporting progress in production.

p.16
Steps in the Planning Process

What is involved in evaluating alternative courses of action?

Weighing the pros and cons of each alternative.

p.17
Types of Plans in Business Management

Why are rules considered to be plans?

Rules are considered to be plans because they provide specific guidelines and actions that must be followed, ensuring consistency and control within an organization.

p.8
Steps in the Planning Process

What is the first step in the planning process?

The first step in the planning process is setting objectives.

p.4
Importance of Planning in Organizations

How does planning help in achieving organizational goals?

Planning ensures that individuals in the organization work in coordination, preventing employees from working in different directions and helping the organization achieve its desired goals.

p.15
Types of Plans in Business Management

Why should a business avoid holding an excess balance of cash?

A business should avoid holding an excess balance of cash because it gives little or no return. The business needs to assess and plan its cash needs with caution.

p.3
Implementation and Follow-up in Planning

What happens if planning is not implemented?

If planning is not implemented, it becomes a futile exercise as the plans will not lead to any actual results or improvements.

p.14
Types of Plans in Business Management

What do programmes in business management include?

Programmes are detailed statements about a project outlining objectives, policies, procedures, rules, tasks, human and physical resources required, and the budget to implement any course of action.

p.3
Importance of Planning in Organizations

How does planning reduce the risk of uncertainty?

Planning reduces the risk of uncertainty by preparing forecasts and providing a clear direction for future actions.

p.12
Types of Plans in Business Management

What are single-use and standing plans part of?

Single-use and standing plans are part of the operational planning process.

p.16
Steps in the Planning Process

What does implementing the plan entail?

Putting the plan into action.

p.16
Types of Plans in Business Management

How can objectives be defined in the context of planning?

Objectives are the desired future position that the management would like to reach.

p.17
Limitations of Planning

Can planning work in a changing environment? Give a reason to justify your answer.

Planning can be challenging in a changing environment because it relies on predictions and assumptions that may not hold true as conditions change.

p.13
Strategic Decision Making

What questions should a company's marketing strategy address?

Who are the customers? What is the demand for the product? Which channel of distribution to use? What is the pricing policy? How do we advertise the product?

p.13
Types of Plans in Business Management

What is the difference between major company policies and minor policies?

Major company policies are known to customers, clients, competitors, etc., whereas minor policies are applicable to insiders and contain minute details vital to employees.

p.7
Limitations of Planning

What is one major limitation of planning related to rigidity?

Planning leads to rigidity because a well-defined plan with specific goals may not allow managers the flexibility to adapt to changed circumstances.

p.7
Limitations of Planning

How does planning reduce creativity in an organization?

Planning is usually done by top management, and the rest of the members just implement these plans. This reduces the creativity of middle management and other decision-makers.

p.14
Types of Plans in Business Management

What are procedures in business management?

Procedures are routine steps on how to carry out activities, detailing the exact manner in which any work is to be performed in a chronological order.

p.9
Role of Objectives in Planning

What do objectives or goals specify in an organization?

Objectives or goals specify what the organization wants to achieve.

p.5
Features of Effective Planning

Why is planning referred to as the primacy of management?

Planning is referred to as the primacy of management because it precedes other functions and provides the basis for all other managerial functions.

p.9
Role of Objectives in Planning

Why is it important for managers to participate in the objective setting process?

Managers must contribute ideas and understand how their actions contribute to achieving objectives.

p.9
Investment Plans and Global Expansion

What are the future plans of Mitticool?

Their future plans include starting a factory with the aid of the National Innovation Foundation at IIM Ahmedabad and making a MittiCool house.

p.16
Steps in the Planning Process

Why is developing premises important in planning?

Because planning is concerned with the future, which is uncertain, and every planner uses conjecture about what might happen in the future.

p.7
Importance of Planning in Organizations

Why is it important for an organization to plan?

Planning is essential for business organizations to manage operations and move towards achieving goals.

p.6
Features of Effective Planning

How is planning related to the future?

Planning is futuristic as it involves looking ahead, preparing for future events, and using forecasting to anticipate future conditions and draw plans accordingly.

p.2
Role of Objectives in Planning

What is the role of objectives in planning?

Objectives provide direction for all managerial decisions and actions, and planning provides a rational approach for achieving these predetermined objectives.

p.10
Steps in the Planning Process

What are premises in the context of planning?

Premises are assumptions about the future that serve as the base material for drawing plans. They can be in the form of forecasts, existing plans, or past information about policies.

p.4
Importance of Planning in Organizations

In what way does planning reduce the risks of uncertainty?

Planning enables a manager to look ahead and anticipate changes, showing the way to deal with changes and uncertain events by deciding in advance the tasks to be performed.

p.15
Importance of Planning in Organizations

What is planning in the context of managerial functions?

Planning is deciding in advance what to do and how to do. It involves setting objectives and developing an appropriate course of action to achieve these objectives.

p.5
Features of Effective Planning

How is planning continuous?

Planning is continuous because plans are prepared for specific periods of time, such as a month, a quarter, or a year, and need to be updated regularly.

p.4
Importance of Planning in Organizations

What role does planning play in establishing standards for controlling?

Planning involves setting goals, which provide the standards against which actual performance is measured. This helps managers know whether they have attained the goals and allows for corrective measures if there are deviations.

p.16
Steps in the Planning Process

What is the significance of selecting an alternative in the planning process?

It is the real point of decision-making where the best plan has to be adopted and implemented.

p.16
Types of Plans in Business Management

What are rules in the context of planning?

Rules are specific statements that tell what is to be done.

p.13
Types of Plans in Business Management

What are policies in the context of business management?

Policies are general statements that guide thinking or channelize energies towards a particular direction and provide a basis for interpreting strategy.

p.13
Types of Plans in Business Management

What types of decisions might be taken under a Purchase Policy?

Decisions such as whether to manufacture or buy requirements, how to select vendors, how many suppliers to purchase from, and the criteria for choosing suppliers.

p.6
Features of Effective Planning

Why is planning considered a continuous process?

Planning is considered a continuous process because it involves drawing new plans based on new requirements and future conditions, following a cycle of framing, implementing, and creating subsequent plans.

p.6
Strategic Decision Making

Why does planning involve decision making?

Planning involves decision making because it requires choosing from among various alternatives and activities. The need for planning arises only when there are multiple options available.

p.5
Investment Plans and Global Expansion

What is the objective of Polaris's expansion plan?

The objective of Polaris's expansion plan is to increase their capacity to employ 800 more professionals within six months.

p.15
Types of Plans in Business Management

What is the purpose of a cash budget?

A cash budget is a tool to help management plan and control the use of cash. It shows the estimated cash inflows and outflows over a given period, helping determine the net cash position (surplus or deficiency).

p.3
Limitations of Planning

Why is time considered a limited resource in planning?

Time is considered a limited resource in planning because if it is not utilized judiciously, changing environmental conditions may render business plans ineffective.

p.14
Types of Plans in Business Management

What are rules in the context of business management?

Rules are specific statements that inform what is to be done, allowing no flexibility or discretion, reflecting a managerial decision that a certain action must or must not be taken.

p.4
Importance of Planning in Organizations

How does planning facilitate decision making?

Planning helps the manager look into the future and make a choice from various alternative courses of action by evaluating each alternative and selecting the most viable proposition.

p.12
Types of Plans in Business Management

How can plans be classified based on what they seek to achieve?

Plans can be classified as Objectives, Strategy, Policy, Procedure, Method, Rule, Programme, Budget.

p.12
Strategic Decision Making

What does a strategy provide for an organization?

A strategy provides the broad contours of an organization’s business and refers to future decisions defining the organization's direction and scope in the long run.

p.16
Types of Plans in Business Management

What are policies in the context of planning?

Policies are general statements that guide thinking or channelize energies towards a particular direction.

p.13
Steps in the Planning Process

What are the three dimensions included in a comprehensive plan for accomplishing an organization's objectives?

Determining long-term objectives, adopting a particular course of action, and allocating resources necessary to achieve the objective.

p.13
Strategic Decision Making

What are some major strategic decisions an organization might make?

Decisions like whether the organization will continue in the same line of business, combine new lines of activity with the existing business, or seek to acquire a dominant position in the same market.

p.7
Limitations of Planning

Why might planning not work in a dynamic environment?

The business environment is dynamic and consists of various dimensions like economic, political, physical, legal, and social. It is difficult to accurately assess future trends, and changes in these dimensions can create obstacles to effective planning.

p.11
Implementation and Follow-up in Planning

What is involved in the implementation step of a plan?

The implementation step involves putting the plan into action, such as organizing for labor and purchasing machinery if the plan is to increase production.

p.5
Features of Effective Planning

How does planning focus on achieving objectives?

Planning focuses on achieving objectives by setting specific goals in the plans along with the activities to be undertaken to achieve these goals.

p.10
Steps in the Planning Process

What should be done once objectives are set and assumptions are made?

Once objectives are set and assumptions are made, the next step is to identify alternative courses of action to achieve the objectives. These alternatives can be routine or innovative.

p.4
Importance of Planning in Organizations

Why is planning considered to promote innovative ideas?

Planning is the first function of management, allowing new ideas to take the shape of concrete plans, guiding all future actions leading to the growth and prosperity of the business.

p.3
Importance of Planning in Organizations

What is one major benefit of planning in terms of direction?

One major benefit of planning is that it provides direction for action by clearly stating how work is to be done and ensuring that goals or objectives are clearly defined.

p.16
Steps in the Planning Process

What should be done after setting objectives in the planning process?

Identifying alternative courses of action and making assumptions to act upon them.

p.16
Types of Plans in Business Management

What does a strategy provide for an organization?

A strategy provides the broad contours of an organization’s business and refers to future decisions defining the organization's direction and scope in the long run.

p.17
Steps in the Planning Process

Which step of the planning process has been performed by Ms Rajni?

Ms Rajni has performed the step of 'Identifying alternative courses of action' in the planning process.

p.17
Limitations of Planning

If planning involves working out details for the future, why does it not ensure success?

Planning does not ensure success because it cannot predict all future events and uncertainties, and it may not be flexible enough to adapt to changes.

p.13
Role of Objectives in Planning

What is the role of a manager in interpreting and applying a policy?

The manager may use his/her discretion to interpret and apply a policy within the broad parameters defined by the policy.

p.7
Limitations of Planning

What are some factors that can affect business plans?

Unforeseen events, changes in costs and prices, environmental changes, government interventions, and legal regulations can all affect business plans.

p.5
Importance of Planning in Organizations

Why is planning considered the basis of control?

Planning provides the basis of control because the nature of corrective action required depends upon the extent of deviations from the standard.

p.8
Limitations of Planning

Why does planning involve huge costs?

Planning involves huge costs in terms of time and money, such as checking the accuracy of facts, scientific calculations, boardroom meetings, discussions with experts, and preliminary investigations to determine the viability of the plan.

p.11
Types of Plans in Business Management

What is a single-use plan?

A single-use plan is developed for a one-time event or project and is not likely to be repeated in the future. Examples include budgets, programs, and projects.

p.9
Steps in the Planning Process

What is the significance of developing premises in planning?

Developing premises involves using conjecture about what might happen in the future, as planning is concerned with the uncertain future.

p.12
Strategic Decision Making

What is a strategy in the context of business planning?

A strategy is a general plan prepared by top management outlining resource allocation, priorities, and takes into consideration the business environment and competition.

p.12
Role of Objectives in Planning

Why are objectives important in an organization?

Objectives are very basic to the organization and define the future state of affairs which the organization strives to realize, serving as a guide for overall business planning.

p.16
Types of Plans in Business Management

What are programmes in business management?

Programmes are detailed statements about a project outlining the objectives, policies, procedures, rules, tasks, human and physical resources required, and the budget to implement any course of action.

p.13
Strategic Decision Making

Why is it important to consider the business environment when formulating a strategy?

Because changes in the economic, political, social, legal, and technological environment will affect an organization’s strategy.

p.13
Types of Plans in Business Management

How do policies assist in the implementation of strategy?

They are guides to managerial action and decisions, making it easier to resolve problems or issues.

p.2
Role of Objectives in Planning

How does planning help managers achieve their goals?

Planning helps managers achieve their goals by allowing them to think in advance about what to do and how to do it, making business predictions, and setting targets.

p.8
Limitations of Planning

How does planning reduce creativity in an organization?

Planning reduces creativity because employees are often not allowed to deviate from plans or act on their own, leading to a loss of initiative and creativity. They tend to think along the same lines as others, resulting in a lack of innovation.

p.3
Importance of Planning in Organizations

What is the primary purpose of planning in an organization?

The primary purpose of planning in an organization is to set objectives and targets, formulate an action plan to achieve them, and measure actual performance against these targets.

p.9
Role of Objectives in Planning

How should objectives be stated within an organization?

Objectives should be stated clearly for all departments, units, and employees.

p.10
Steps in the Planning Process

How should alternative courses of action be evaluated?

Alternative courses of action should be evaluated by weighing the pros and cons of each. This involves assessing the positive and negative aspects of each proposal in light of the objective to be achieved, considering variables such as risk and return in financial plans.

p.15
Importance of Planning in Organizations

What are some benefits of planning?

Planning provides directions, reduces risks of uncertainty, reduces overlapping and wasteful activities, promotes innovative ideas, facilitates decision making, and establishes standards for controlling.

p.16
Steps in the Planning Process

What is the first step in the planning process?

Setting objectives for the entire organization and each department or unit within the organization.

p.16
Steps in the Planning Process

Why is follow-up action important in planning?

Monitoring the plans is important to ensure that objectives are achieved.

p.17
Importance of Planning in Organizations

What are the main aspects in the definition of planning?

The main aspects in the definition of planning include setting objectives, identifying resources, and determining the steps necessary to achieve the objectives.

p.17
Strategic Decision Making

What kind of strategic decisions are taken by business organisations?

Strategic decisions taken by business organisations include entering new markets, launching new products, mergers and acquisitions, and major investments.

p.8
Limitations of Planning

Why is planning considered a time-consuming process?

Planning is considered a time-consuming process because drawing up plans can take so much time that there is little time left for their implementation.

p.11
Types of Plans in Business Management

What is a standing plan?

A standing plan is used for activities that occur regularly over a period of time, ensuring that internal operations run smoothly. Examples include policies, procedures, methods, and rules.

p.3
Features of Effective Planning

How can planning be defined comprehensively?

Planning can be defined as setting objectives for a given time period, formulating various courses of action to achieve them, and then selecting the best possible alternative from among the available options.

p.12
Types of Plans in Business Management

How do methods differ from rules in business planning?

Methods provide the manner in which a task has to be performed, while rules are very clearly stated as to exactly what has to be done, like reporting for work at a particular time.

p.16
Limitations of Planning

What are some limitations of planning?

Planning leads to rigidity, reduces creativity, involves huge costs, is a time-consuming process, does not work in a dynamic environment, and does not guarantee success.

p.12
Role of Objectives in Planning

What are objectives in the context of business planning?

Objectives are the desired future position that the management would like to reach, representing the end result of activities.

p.17
Types of Plans in Business Management

Rama Stationery Mart has made a decision to make all the payments by e-transfers only. Identify the type of plan adopted by Rama Stationery Mart.

The type of plan adopted by Rama Stationery Mart is a 'Policy'.

p.17
Types of Plans in Business Management

State the type of plan and state whether they are Single use or Standing plan: a. A type of plan which serves as a controlling device as well. (budget) b. A plan based on research and analysis and is concerned with physical and technical tasks. (Method)

a. Budget - Single use plan. b. Method - Standing plan.

p.12
Steps in the Planning Process

What is the first step in the planning process?

The first step in planning is setting objectives.

p.16
Types of Plans in Business Management

What are procedures in business management?

Procedures are routine steps on how to carry out activities.

p.17
Limitations of Planning

Planning reduces creativity. Critically comment.

While planning promotes innovative ideas by providing a structured approach, it can also reduce creativity by imposing rigid guidelines and limiting spontaneous thinking.

p.17
Types of Plans in Business Management

In an attempt to cope with Reliance Jio’s onslaught in 2018, market leader Bharti Airtel has refreshed its ₹149 prepaid plan to offer 2 GB of 3G/4G data per day, twice the amount it offered earlier. Name the type of plan highlighted in the given example. State its three dimensions also.

The type of plan highlighted is a 'Strategy'. Its three dimensions are scope, resource allocation, and competitive advantage.

p.12
Role of Objectives in Planning

How should objectives be expressed?

Objectives need to be expressed in specific terms, measurable in quantitative terms, in the form of a written statement of desired results to be achieved within a given time period.

p.16
Types of Plans in Business Management

What is a budget in the context of planning?

A budget is a statement of expected results expressed in numerical terms, quantifying future facts and figures.

p.17
Limitations of Planning

Why is it that organisations are not always able to accomplish all their objectives?

Organisations are not always able to accomplish all their objectives due to unforeseen changes in the environment, resource constraints, and implementation challenges.

p.8
Steps in the Planning Process

Why is setting objectives considered the first step in the planning process?

Setting objectives provides direction and ensures that organizational members do not deviate from the plans.

p.3
Importance of Planning in Organizations

What happens if planning is not acted upon?

If planning is not acted upon or implemented, it becomes a futile exercise and does not contribute to achieving organizational goals.

p.8
Limitations of Planning

What is a key limitation of planning in organizations?

Planning does not guarantee success; it requires proper implementation and consideration of unknown factors.

p.6
Importance of Planning in Organizations

What is the nature of planning in organizations?

Planning is a continuous process that involves framing, implementing, and following up with new plans based on future conditions.

p.18
Steps in the Planning Process

What are the steps taken by management in the planning process?

The steps typically include setting objectives, analyzing the environment, developing alternative strategies, evaluating alternatives, selecting the best course of action, and implementing the plan.

p.2
Role of Objectives in Planning

Why do managers need to set objectives?

Managers need to set objectives to know where they have to go and to provide direction for all managerial decisions and actions.

p.12
Role of Objectives in Planning

How are objectives defined in an organization?

Objectives are defined as ends which the management seeks to achieve by its operations, representing the desired future position.

p.7
Limitations of Planning

What impact does planning have on creativity within an organization?

Planning can reduce creativity as it is primarily done by top management, leaving little room for input from middle management and other decision-makers.

p.4
Features of Effective Planning

How does planning promote innovative ideas?

Planning, being the first function of management, allows new ideas to be transformed into concrete plans, guiding future actions for business growth.

p.12
Role of Objectives in Planning

How should objectives be expressed?

Objectives should be expressed in specific, measurable terms, often in the form of a written statement of desired results to be achieved within a given time period.

p.9
Investment Plans and Global Expansion

What innovative product did Mansukhbhai create after the 2001 earthquake?

Mansukhbhai created the Mitticool fridge, an innovative product made from clay.

p.10
Importance of Planning in Organizations

What are the assumptions called that managers make about the future when planning?

Premises.

p.2
Importance of Planning in Organizations

What is the essence of planning in organizations?

The essence of planning is deciding in advance what to do and how to do it, bridging the gap between the current state and desired objectives.

p.6
Importance of Planning in Organizations

Why is planning considered a futuristic activity?

Planning involves looking ahead and preparing for future events to effectively meet them, based on forecasting.

p.11
Steps in the Planning Process

What is the step involved in implementing a plan?

Implementing the plan involves putting the plan into action, which may require additional resources like labor and machinery.

p.4
Features of Effective Planning

In what way does planning minimize overlapping and wasteful activities?

Planning coordinates activities across different divisions and departments, ensuring clarity in thought and action, which minimizes confusion and redundancy.

p.15
Types of Plans in Management

What is a cash budget?

A cash budget is a tool that helps management plan and control cash use by estimating cash inflows and outflows over a period.

p.4
Strategic Decision Making

What is the significance of planning in decision making?

Planning helps managers evaluate various alternatives and select the most viable option, aiding in rational decision-making.

p.7
Limitations of Planning

What is a major limitation of planning related to rigidity?

Planning leads to rigidity, making it difficult for managers to adapt to changed circumstances.

p.3
Limitations of Planning

Why is time considered a limited resource in planning?

Time is a limited resource because if not utilized judiciously, changing conditions in the environment may render business plans ineffective.

p.4
Importance of Planning in Organizations

What is the role of planning in ensuring coordination among employees in an organization?

Planning helps individuals in the organization work in coordination, preventing them from working in different directions and enabling the organization to achieve its desired goals.

p.4
Importance of Planning in Organizations

How does planning reduce the risks of uncertainty?

Planning allows managers to look ahead and anticipate changes, enabling them to develop responses to uncertain events and tasks in advance.

p.15
Importance of Planning in Organizations

What is the purpose of a budget in planning?

A budget helps compare actual figures with expected figures and serves as a control device to manage deviations.

p.14
Types of Plans in Management

How do procedures relate to policies?

Procedures are steps to be carried out within a broad policy framework and are meant to enforce a policy to attain predetermined objectives.

p.3
Importance of Planning in Organizations

What are the benefits of clearly defined goals in planning?

Clearly defined goals ensure that employees are aware of what the organization needs to achieve and what actions they must take to reach those goals.

p.11
Types of Plans in Management

What is a single-use plan?

A single-use plan is developed for a one-time event or project and is not likely to be repeated in the future.

p.12
Steps in the Planning Process

What is the first step in the planning process?

The first step in planning is setting objectives.

p.8
Importance of Planning in Organizations

How can planning reduce creativity among employees?

Planning can lead employees to follow orders rather than formulate their own plans, resulting in a lack of innovation.

p.12
Strategic Decision Making

What is the purpose of a strategy in an organization?

A strategy provides the broad contours of an organization’s business and defines its direction and scope in the long run.

p.8
Limitations of Planning

What is a potential downside of the time-consuming nature of planning?

If too much time is spent on planning, there may be insufficient time left for actual implementation.

p.11
Types of Plans in Management

What are the two main types of plans in management?

The two main types of plans are single-use plans and standing plans.

p.10
Strategic Decision Making

What trade-off is common in financial plans?

The risk-return trade-off.

p.17
Steps in the Planning Process

What step of the planning process has been performed by Ms Rajni?

Ms Rajni has performed the step of identifying options for achieving objectives.

p.16
Steps in the Planning Process

What does selecting an alternative entail?

It is the real point of decision making where the best plan has to be adopted and implemented.

p.5
Features of Effective Planning

What does the term 'primacy of planning' refer to?

The term 'primacy of planning' refers to the idea that planning precedes other functions of management.

p.16
Types of Plans in Management

What is a programme in the context of planning?

Programmes are detailed statements about a project which outline the objectives, policies, procedures, rules, tasks, human and physical resources required, and the budget to implement any course of action.

p.12
Types of Plans in Management

What are the different types of plans in management?

Plans can be classified as Objectives, Strategy, Policy, Procedure, Method, Rule, Programme, and Budget.

p.7
Limitations of Planning

How does a dynamic environment affect planning?

In a dynamic environment, changes in economic, political, and social dimensions make it difficult to accurately assess future trends, which can disrupt planning.

p.6
Role of Objectives in Planning

How does planning involve decision making?

Planning requires choosing among various alternatives, which necessitates the existence of multiple options.

p.14
Types of Plans in Management

What are procedures in the context of business activities?

Procedures are routine steps detailing the exact manner in which work is to be performed, specified in chronological order.

p.7
Limitations of Planning

Why might plans need to be modified?

Plans may need to be modified due to unforeseen events, changes in costs, environmental changes, government interventions, and legal regulations.

p.2
Steps in the Planning Process

What does planning involve?

Planning involves setting objectives and developing appropriate courses of action to achieve these objectives, requiring decision-making from alternative courses of action.

p.6
Steps in the Planning Process

What is the significance of alternatives in the planning process?

The need for planning arises only when there are alternatives available, necessitating thorough examination and evaluation.

p.15
Importance of Planning in Organizations

How does planning help in decision making?

Planning provides directions, reduces risks of uncertainty, and establishes standards for controlling, which facilitates decision making.

p.13
Impact of Dynamic Environments on Planning

How do changes in the business environment affect an organization's strategy?

Changes in the economic, political, social, legal, and technological environment will affect an organization’s strategy.

p.13
Features of Effective Planning

How do policies assist in managerial action and decision-making?

Policies serve as guides to managerial action and decisions in the implementation of strategy, making it easier to resolve problems or issues.

p.13
Role of Objectives in Planning

What role does discretion play in the application of policies by managers?

Managers may use their discretion to interpret and apply a policy, allowing for flexibility in decision-making.

p.3
Importance of Planning in Organizations

What is the primary purpose of planning in organizations?

The primary purpose of planning is to set objectives and targets, formulate an action plan to achieve them, and provide direction for action.

p.9
Role of Objectives in Planning

What is the purpose of setting objectives in an organization?

Objectives specify what the organization wants to achieve, providing direction to all departments and units.

p.9
Role of Objectives in Planning

How should objectives be communicated within an organization?

Objectives should be stated clearly for all departments, units, and employees, ensuring they percolate down to each unit and employee at all levels.

p.14
Types of Plans in Management

What do programmes outline in a business project?

Programmes are detailed statements that outline objectives, policies, procedures, rules, tasks, resources, and budget for implementing a course of action.

p.16
Steps in the Planning Process

What is the significance of follow-up action in planning?

Monitoring the plans is equally important to ensure that objectives are achieved.

p.16
Types of Plans in Management

What does a strategy provide in an organization?

A strategy provides the broad contours of an organization’s business and refers to future decisions defining the organization's direction and scope in the long run.

p.13
Types of Plans in Management

What considerations are involved in a Purchase Policy?

Considerations include whether to make or buy requirements, how to select vendors, how many suppliers to purchase from, and the criteria for choosing suppliers.

p.18
Features of Effective Planning

What features of planning are highlighted in the situation of C Ltd.?

The features highlighted are: Planning is pervasive as it involves all levels of management, Planning is futuristic as it aims to improve market standing in the future, and Planning is a mental exercise as it requires brainstorming and strategic thinking.

p.2
Features of Effective Planning

How does planning relate to creativity and innovation?

Planning is closely connected with creativity and innovation as it requires formulating ideas on how to work on particular tasks.

p.2
Importance of Planning in Organizations

What is required for turning dreams into reality in business?

To turn dreams into reality, managers need to work hard in thinking about the future, making business predictions, and achieving targets.

p.11
Importance of Planning in Organizations

Why is follow-up action important in the planning process?

Follow-up action is important to ensure that plans are being implemented and activities are performed according to schedule, helping to achieve objectives.

p.12
Types of Plans in Management

What distinguishes single-use plans from standing plans?

Single-use plans are designed for specific situations, while standing plans are ongoing and used repeatedly.

p.14
Types of Plans in Management

What is the purpose of methods in task performance?

Methods provide prescribed ways to perform a task, specifying how a particular step of a procedure should be executed.

p.14
Types of Plans in Management

What are rules in a business context?

Rules are specific statements that dictate what must or must not be done, allowing no flexibility or discretion.

p.16
Limitations of Planning

What are some limitations of planning?

Planning leads to rigidity, reduces creativity, involves huge costs, is time-consuming, does not work in a dynamic environment, and does not guarantee success.

p.16
Steps in the Planning Process

What is the first step in the planning process?

Setting objectives for the entire organization and each department or unit within the organization.

p.17
Types of Plans in Management

What type of plan has Rama Stationery Mart adopted?

Rama Stationery Mart has adopted a standing plan by deciding to make all payments by e-transfers only.

p.17
Importance of Planning in Organizations

What are the main aspects in the definition of planning?

The main aspects include setting objectives, determining actions to achieve those objectives, and allocating resources.

p.16
Types of Plans in Management

What do rules specify in the planning process?

Rules are specific statements that tell what is to be done.

p.11
Importance of Planning in Organizations

What role does intuition play in selecting alternatives during planning?

Intuition plays an important part in selecting the most viable alternative, and sometimes a combination of plans may be selected instead of one best course.

p.8
Features of Effective Planning

What are some costs associated with the planning process?

Costs may include time spent checking facts, expenses for meetings, discussions with experts, and preliminary investigations.

p.6
Features of Effective Planning

What mental skills are required for effective planning?

Planning requires foresight, intelligent imagination, and sound judgment, making it an intellectual activity.

p.10
Steps in the Planning Process

What should managers do once objectives are set and assumptions are made?

Identify alternative courses of action.

p.10
Steps in the Planning Process

What is the next step after identifying alternative courses of action?

Evaluating alternative courses.

p.11
Types of Plans in Management

What is a standing plan?

A standing plan is used for activities that occur regularly over a period of time and is designed to ensure smooth internal operations.

p.9
Investment Plans and Global Expansion

What future plans does Mansukhbhai have for his company?

His future plans include starting a factory with the aid of the National Innovation Foundation and making a MittiCool house, which will be eco-friendly.

p.15
Importance of Planning in Organizations

Why is it important to avoid excess cash balances?

Excess cash balances yield little or no return, so businesses must assess and plan their cash needs cautiously.

p.5
Features of Effective Planning

At what levels of management is planning required?

Planning is required at all levels of management and in all departments of the organization.

p.5
Features of Effective Planning

Is planning an exclusive function of top management?

No, planning is not an exclusive function of top management; it is required at all levels and in all departments.

p.16
Types of Plans in Management

What are procedures in planning?

Procedures are routine steps on how to carry out activities.

p.16
Types of Plans in Management

How is a budget defined in planning?

A budget is a statement of expected results expressed in numerical terms, quantifying future facts and figures.

p.9
Role of Objectives in Planning

What role do managers play in the objective-setting process?

Managers must contribute ideas and participate in the objective-setting process, understanding how their actions contribute to achieving objectives.

p.9
Importance of Planning in Organizations

What is the significance of developing premises in planning?

Developing premises is crucial as planning is concerned with the uncertain future, requiring planners to use conjecture about what might happen.

p.15
Features of Effective Planning

What are the key features of planning?

Planning focuses on achieving objectives, is a primary function of management, is continuous and futuristic, and involves decision making.

p.10
Steps in the Planning Process

What is the final step in the planning process?

Selecting an alternative.

p.16
Steps in the Planning Process

What does developing premises in planning involve?

It involves making conjectures about what might happen in the future, as planning is concerned with the uncertain future.

p.5
Features of Effective Planning

What is the primary function of management that lays the foundation for other functions?

Planning is the primary function of management that lays down the base for other functions.

p.17
Strategic Decision Making

What kind of strategic decisions are taken by business organizations?

Strategic decisions include market entry, product development, and resource allocation.

p.17
Types of Plans in Management

Identify the type of plan and state whether they are Single use or Standing plan: a. A type of plan which serves as a controlling device as well (budget).

This is a standing plan.

p.3
Importance of Planning in Organizations

How does planning reduce the risk of uncertainty?

Planning reduces the risk of uncertainty by preparing forecasts and providing a clear direction for future actions.

p.10
Importance of Planning in Organizations

Why are accurate forecasts essential in planning?

Accurate forecasts are essential for successful plans as they provide the necessary information for making assumptions.

p.12
Role of Objectives in Planning

What role do objectives play in overall business planning?

Objectives serve as a guide for overall business planning and are focused on broad, general issues.

p.4
Role of Objectives in Planning

How does planning establish standards for controlling?

Planning involves setting goals, which serve as standards for measuring actual performance and identifying deviations for corrective action.

p.13
Strategic Decision Making

What major strategic decisions might an organization face?

Decisions may include whether to continue in the same line of business, combine new lines of activity, or seek to acquire a dominant position in the same market.

p.13
Types of Plans in Management

What questions should a marketing strategy address?

A marketing strategy should address questions such as who are the customers, what is the demand for the product, which channel of distribution to use, what is the pricing policy, and how to advertise the product.

p.17
Impact of Dynamic Environments on Planning

Can planning work in a changing environment? Justify your answer.

Yes, planning can work in a changing environment as it provides a framework to adapt and respond to changes.

p.17
Limitations of Planning

If planning involves working out details for the future, why does it not ensure success?

Planning does not ensure success because unforeseen circumstances and changes in the environment can impact outcomes.

p.11
Types of Plans in Management

What do standing plans include?

Standing plans include policies, procedures, methods, and rules that enhance efficiency in routine decision-making.

p.13
Importance of Planning in Organizations

What are the three dimensions included in a comprehensive plan for accomplishing an organization's objectives?

The three dimensions are determining long-term objectives, adopting a particular course of action, and allocating resources necessary to achieve the objective.

p.16
Steps in the Planning Process

What is involved in evaluating alternative courses?

Weighing the pros and cons of each alternative.

p.5
Features of Effective Planning

How does planning contribute to achieving organizational goals?

Planning is purposeful and has no meaning unless it contributes to the achievement of predetermined organizational goals.

p.13
Features of Effective Planning

What is the purpose of policies in an organization?

Policies are general statements that guide thinking and channel energies towards a particular direction, providing a basis for interpreting strategy.

p.13
Types of Plans in Management

What distinguishes major company policies from minor policies?

Major company policies are known to all stakeholders, while minor policies are applicable to insiders and contain detailed information vital to employees.

p.17
Features of Effective Planning

Planning reduces creativity. Critically comment.

While planning can limit creativity by imposing structure, it can also promote innovative ideas by providing a clear direction.

p.17
Types of Plans in Management

Identify the type of plan and state whether they are Single use or Standing plan: b. A plan based on research and analysis and is concerned with physical and technical tasks (Method).

This is a single-use plan.

p.14
Types of Plans in Management

What is a budget in business planning?

A budget is a statement of expected results expressed in numerical terms, quantifying future facts and figures.

p.16
Steps in the Planning Process

What is the purpose of identifying alternative courses of action?

Once objectives are set, assumptions are made, and the next step is to act upon them.

p.17
Types of Plans in Management

Why are rules considered to be plans?

Rules provide a framework for decision-making and guide behavior, thus serving as a plan.

p.16
Types of Plans in Management

How can objectives be defined in the context of planning?

Objectives can be said to be the desired future position that the management would like to reach.

p.16
Types of Plans in Management

What are policies in the context of planning?

Policies are general statements that guide thinking or channel energies towards a particular direction.

p.17
Types of Plans in Management

What type of plan is highlighted in the example of Bharti Airtel refreshing its prepaid plan?

The type of plan is a tactical plan, which includes dimensions such as objectives, actions, and resources.

p.17
Limitations of Planning

Why are organizations not always able to accomplish all their objectives?

Organizations may face resource constraints, unexpected challenges, or changes in the external environment that hinder goal achievement.

p.10
Strategic Decision Making

What factors should be considered when selecting an alternative plan?

Feasibility, profitability, and least negative consequences.

p.5
Features of Effective Planning

What is the nature of planning in terms of its duration?

Planning is continuous, with plans prepared for specific periods of time, such as a month, a quarter, or a year.

Study Smarter, Not Harder
Study Smarter, Not Harder