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Management 301 || with 100% Error-free Answers.
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Planning correct answers A process of setting goals and objectives, and determining how to best accomplish them. Planning improves: correct answers Coordination and control; time management; focus and action orientation Short-range plans: correct answers usually cover a year or less Long-r...

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  • September 12, 2024
  • 11
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • Management 301
  • Management 301

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Management 301 || with 100% Error-free Answers.
Planning correct answers A process of setting goals and objectives, and determining how to best
accomplish them.

Planning improves: correct answers Coordination and control; time management; focus and
action orientation

Short-range plans: correct answers usually cover a year or less

Long-range plans: correct answers look ahead three or more years into the future.

Strategic Plans: correct answers set broad, comprehensive, and longer-term action directions.

Vision: correct answers an organization's purpose and hopes for the future.

Tactical/Operational Plans: correct answers Define what each functional work unit needs to do to
implement strategic plans in specific terms.

Production Plans correct answers Methods and technology needed by people in their work

Financial Plans correct answers Deal with money required to support various operations.

Facilities plans: correct answers deal with facilities and work layouts

Marketing Plans: correct answers Deal with requirements of selling and distributing goods or
services.

Human resource plans correct answers deal with recruitment, selection and placement of people
into various jobs.

A Policy: correct answers Communicates broad guidelines for taking action and making
decisions in specific circumstances.

Procedures or rules: correct answers describe exactly what actions to take in specific situations.

A budget is: correct answers a plan that commits resources to activities, programs or projects.

A "fixed" budget: correct answers allocates a set amount of resources for a specific purpose.

A "flexible" budget: correct answers allocates resources that vary in proportion with various
levels of activity.

A "zero based" budget: correct answers allocates resources as if each budget was brand new.

Forecasting is: correct answers the process of predicting what will happen in the future.

, Qualitative forecasting: correct answers relies on expert opinions.

Quantitative forecasting: correct answers relies on mathematical models and/or statistical
analysis.

Contingency Planning: correct answers identifies alternative courses of action to take when
things go wrong. (BP oil spill, tsunami in Japan)
-Creates back-up plans for when things go wrong.

Scenario Planning: correct answers identifies alternative future scenarios and makes plans to deal
with each.
-Crafts plans for alternative future functions.

Benchmarking: correct answers identifies best practices used by others.
-uses external comparisons to gain insights for planning.

Best Practices: correct answers are methods that lead to superior performance.

Participatory Planning: correct answers Includes the people whose ideas and inputs can benefit
the plans and whose support will be needed for the implementation.
-improves implementation capacities.

Management by Objectives (MBO): correct answers is a process of joint objective setting
between a superior and subordinate.
-Important to state as specifically and quantitatively as possible.

MBO: correct answers has a measurable end product
-Has verifiable work activities.

Four basic principles of MBO: correct answers 1.Pursuit of a common objective throughout the
organization.
2.Focus on results on a time scale.
3.Greater participation, greater motivation.
4.Frequent check on the progress and feedback provided.

Types of MBO objectives: correct answers Improvement, maintenance, personal development.

Improvement Objectives: correct answers specific performance improvement is stated so it can
be measured.

Maintenance Objectives: correct answers relate to the intention to maintain performance at
previously established levels.

Personal Development Objectives: correct answers are for employee development or personal
growth.

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