Importance 4. A plan without a vision is just drudgery. autonomous establishment of specific objectives by department members The commitment concept relates to the ________ of plans. This involves collection of facts and figures necessary for planning the future course of the enterprise. Key elements of a project quality plan are controls that let you ensure the standards are being met and work is progressing toward reaching your objectives. Within each category, there may be several alternatives. This, no doubt, eliminates or reduces the possibility or jumping into uncertainties. Examples of such investment may be outlays on land, building, machinery, research and development, etc. 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. Programmes, thus, lead to a concrete course of inter-related actions for the accomplishment of a purpose. Elements of the objective matrix in the development of strategies include ____. Generally, in planning a project, a special task force is also envisaged. 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. Different plans are inter-dependent and inter-related. The break-down of the master plan into departmental and sectional plans provides a realistic picture of the actions to be taken in future. Alternative course of action may be required to be undertaken in future in changed situations. A control plan is a document describing the critical to quality characteristics, the critical Xs or Ys, of the part or process. Creating the BOM hierarchy showing all the levels of the BOM. Well-considered overall plans harmonies inter-departmental activities. (Select all answers that apply.) The strong and weak points of every alternative should be analysed carefully. (iii) The optimum period of time for achieving them. Documentation reviews. 18. TOS 7. c. Executing the BOM for materials at the top level of the BOM. There may be production procedure, sales procedure, purchase procedure, personnel procedure etc. Ultimately, the choice will depend upon what is determined as the most critical factor from the point of view of the objectives of the enterprise. A plan is essentially today’s design for tomorrow’s action and an outline of the steps to be taken in future. To plan is to look ahead and chalk out the future course of operations of an enterprise. b. It represents a programme which is possible to execute with more or less existing resources. Each long-term goal should have a few one-year objectives that advance your goals. This enables the businessman to concentrate upon those matters which are actually relevant and vital to business success. The language of the work schedule or programme in the planning should be simple so that each and every part of it may easily be understood by the employees at different levels, specially at the lower level. Some examples of long-term goals could be for a business to strengthen its hold on the local market, increasing profits, or expanding its operations and sales. However, without setting the objectives there is nothing to organise, direct or control. No organisation can operate properly without planning. Thus, decision­-making and planning have intimate relation with each other. Though major planning function is entrusted to the top management, it is not restricted to the top level only. 9. place. Objectives: The important task of planning is to determine the objectives of the enterprise. For preparation of such a plan, a definite process involving the following steps has to be followed: The manager must first identify the opportunity that calls for planning and action. Every manager is required to plan first for systematic and orderly performance of his assigned duties. They set forth overall boundaries within which the decision-makers are expected to operate while making decisions. Thus, planning and budgeting are inter-linked. 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. The plan should be so prepared that there is sufficient scope for changing it from time to time. The more detail provided the less flexibility exists for those that follow the plan. Planning requires scientific thinking and it should spell out in clear terms the definition of the purpose, analyse the problem and make a careful and diligent search for all the facts bearing upon it. After you make your yearly objectives, you might break each one down further into short-term goals, which define the actions and objectives for the next three months to get you to your yearly goals. It states the objectives of the organization in the context of given resources; provides for proper utilisation of resources to the best advantage, gives necessary competitive strength for continuous growth and steady progress by foreseeing what the competitors are likely to do and evolving its strategies accordingly. A vision statement should be reviewed continuously to ensure it is still aligned with the way you see your company. Fire Up Your Strategic Framework for Your Organization's Success, You Can't Be a Real Leader Who People Want to Follow Without Vision. The nature of the business that the organization is engaged in. defining objectives defining metrics determining the sourcing vendor for the software package identifying obstacle and problems. Preliminary criteria can be defined in several ways— minimum investment required, matching with the present business of the organisation, control by the government, etc. After the best alternative is decided upon, the next step is to derive various plans for different departments or sections of the organisation to support the main plan. The task of planning will be well-accomplished if some fundamental principles are followed in the process. Core values describe your beliefs and behaviors. Sales. Long-term goals are the milestones a company sets to guide operations toward their far-reaching objectives. In other words, procedures are the methods by means of which policies are enforced. It will, thus, add to the quality of planning through the knowledge of additional facts, new visions and revealing situations. Planning is neither poetry nor philosophy. It describes risk categories, which are a systematic way to identify risks and provide a foundation for understanding for everyone involved on the project. It anticipates future events and sets the course of action to control these events to one’s advantage. Core values describe your beliefs and behaviors. Planning involves selection of suitable course of action from several alternatives. Through this system of monitoring and control, customer requirements will be met and the product or process variation will be reduced. It acts as a guide and is essentially in the nature of a decision made by the management authority. RedHat has been a provider of Linux operating systems for over 25 years. A good mission statement should incorporate all of the following elements EXCEPT A. the customers the firm will serve. As a managerial function, planning is important for the following reasons: The first and most important reason for planning lies in the fact that it provides a basis on which decisions are made. There must be complete agreement among the managers in respect of planning premises over which the structure of plan is to be framed. To secure participation of the employees with whole-hearted co-operation in execution of the plan, it is necessary that the plan must be communicated and explained to them for their full understanding. A. Planning is a structured process and different plans constitute a hierarchy. 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