MNG2601 || All Solutions are Accurate.
Three components of planning correct answers 1 - Determine the organizational vision, mission
and goals.
2 - Determine ways of reaching goals.
3 - Find resources.
Vision Statement correct answers A statement of what the organization wants to become and
where it wants to be in the future.
Mission Statement correct answers aligns the organization with its vision in terms of its products
and services, market and technology. Set out the philosophy of the organization in terms of its
values, ethics and beliefs.
Goal setting correct answers are targets an organization drives toward and are a commitment to
achieve a measurable result within a given timeframe.
Good objective (p215) correct answers Expressed in quantitative, measurable, concrete or
specific terms, in the form of a written statement if desired results.
- should be attainable (realistic), acceptable, congruent with one another.
Congruency correct answers The attainment of one goal should not preclude the attainment of
another goal.
A-B-C priority system correct answers Objectives are grouped into 3 categories:
1) A-group objectives: must-do and are critical for successful performance.
2) B-group objectives: should-do and is necessary for improved performance.
3) C-group objectives: nice-to-do and is for improved performance but not critical.
,80/20 principle or Pareto principle correct answers A minority of causes, inputs or effort tend to
produce the majority of results, outputs or rewards.
Determine ways of reaching goals (the ends-means chain of objectives) correct answers Bottom-
up approach - working from bottom to top, lower management objectives provide the means for
achieve in top-level objectives.
We need: time, talent, financial, information and physical resources to attain goals.
Benefits of Planning correct answers - provides direction and helps managers focus on forward
thinking.
- leads to participatory work environment.
- reduces the impact of change.
- sets standards by which to facilitate control.
Costs associated with planning correct answers - May create rigidity.
- substantial amount of managerial time, energy and financial costs.
- Planning process can be reduced to a programmed routine, replacing intuition and creativity.
- Delay in decision making.
Types of plans correct answers 1. Strategic plans
2. Tactical plans
3. Operational plans
Strategic plans correct answers - Top-level managers.
- establishes overall long-term objectives, seek to position organization in terms of environment
and drive the organization towards attaining overall goals.
- Specificity: broad.
, Includes:
- create vision.
- translate vision into realistic mission statement.
- translate mission statement into measurable long-term goals.
- choosing strategy.
Characteristics of strategic plans correct answers - extended timeframe (more than 5 years).
- focus on entire organization.
- reconciling organizations strengths and weaknesses.
- creating and maintaining competitive advantage.
- take synergy into consideration.
Tactical plans correct answers - Middle and first-like managers.
- focus on functional areas: marketing finance etc.
- Specify details of how medium-term objectives are to be achieved. More specific than strategic
plans.
Operational plans correct answers - Lower-level managers.
- Focus on carting our tactical plans to achieve operational goals.
- Short-term (less than one year).
- Narrowly focused.
Three basic forms of operational plans correct answers 1. Single-use plans
2. Standing plans
3. Individual plans
Single-use plans correct answers Programs, projects and budgets used once to meet the need of a
particular or unique situation.
Three components of planning correct answers 1 - Determine the organizational vision, mission
and goals.
2 - Determine ways of reaching goals.
3 - Find resources.
Vision Statement correct answers A statement of what the organization wants to become and
where it wants to be in the future.
Mission Statement correct answers aligns the organization with its vision in terms of its products
and services, market and technology. Set out the philosophy of the organization in terms of its
values, ethics and beliefs.
Goal setting correct answers are targets an organization drives toward and are a commitment to
achieve a measurable result within a given timeframe.
Good objective (p215) correct answers Expressed in quantitative, measurable, concrete or
specific terms, in the form of a written statement if desired results.
- should be attainable (realistic), acceptable, congruent with one another.
Congruency correct answers The attainment of one goal should not preclude the attainment of
another goal.
A-B-C priority system correct answers Objectives are grouped into 3 categories:
1) A-group objectives: must-do and are critical for successful performance.
2) B-group objectives: should-do and is necessary for improved performance.
3) C-group objectives: nice-to-do and is for improved performance but not critical.
,80/20 principle or Pareto principle correct answers A minority of causes, inputs or effort tend to
produce the majority of results, outputs or rewards.
Determine ways of reaching goals (the ends-means chain of objectives) correct answers Bottom-
up approach - working from bottom to top, lower management objectives provide the means for
achieve in top-level objectives.
We need: time, talent, financial, information and physical resources to attain goals.
Benefits of Planning correct answers - provides direction and helps managers focus on forward
thinking.
- leads to participatory work environment.
- reduces the impact of change.
- sets standards by which to facilitate control.
Costs associated with planning correct answers - May create rigidity.
- substantial amount of managerial time, energy and financial costs.
- Planning process can be reduced to a programmed routine, replacing intuition and creativity.
- Delay in decision making.
Types of plans correct answers 1. Strategic plans
2. Tactical plans
3. Operational plans
Strategic plans correct answers - Top-level managers.
- establishes overall long-term objectives, seek to position organization in terms of environment
and drive the organization towards attaining overall goals.
- Specificity: broad.
, Includes:
- create vision.
- translate vision into realistic mission statement.
- translate mission statement into measurable long-term goals.
- choosing strategy.
Characteristics of strategic plans correct answers - extended timeframe (more than 5 years).
- focus on entire organization.
- reconciling organizations strengths and weaknesses.
- creating and maintaining competitive advantage.
- take synergy into consideration.
Tactical plans correct answers - Middle and first-like managers.
- focus on functional areas: marketing finance etc.
- Specify details of how medium-term objectives are to be achieved. More specific than strategic
plans.
Operational plans correct answers - Lower-level managers.
- Focus on carting our tactical plans to achieve operational goals.
- Short-term (less than one year).
- Narrowly focused.
Three basic forms of operational plans correct answers 1. Single-use plans
2. Standing plans
3. Individual plans
Single-use plans correct answers Programs, projects and budgets used once to meet the need of a
particular or unique situation.
