Business Management Exam #1 Study Guide
Flash Cards Questions and Answers 100%
Solved
Process of determining how an organization can get where it wants to go and what it will do to
accomplish its objectives Defining Planning
Where it is going
How it will get there Planning
Minimize risk by reducing uncertainties
Increase degree of organizational success
Establish a coordinated effort within the organization
Facilitate the accomplishment of the organization and its objectives Purposes of Planning
Helps managers become future-oriented
,Enhances decision coordination
Emphasizes organizational objectives
Helps ensure sustainability of the firm
Helps managers identify and deal with problems that arise as the firm conducts its business
Advantages of Planning
Managerial time involvement
Rigidity and lack of adaptability
Balance of time spent on organizing, influencing, and controlling Disadvantages of
Planning
Planning is the primary management function
, Planning serves as the basis for the other management functions Primacy of Planning
Exist for routine guidelines & actions that occur repeatedly Standing
Exist for single purpose only Single-Use
Step 1 - State Organizational Objectives
Step 2 - List Alternative Ways of Reaching Objectives
Step 3 - Develop Premises on Which to Base Each Alternative
Step 4 - Choose the Best Alternative for Reaching Objectives
Step 5 - Develop Plans to Pursue the Chosen Alternative
Step 6 - Put the Plans into Action STEPS IN THE PLANNING PROCESS
Flash Cards Questions and Answers 100%
Solved
Process of determining how an organization can get where it wants to go and what it will do to
accomplish its objectives Defining Planning
Where it is going
How it will get there Planning
Minimize risk by reducing uncertainties
Increase degree of organizational success
Establish a coordinated effort within the organization
Facilitate the accomplishment of the organization and its objectives Purposes of Planning
Helps managers become future-oriented
,Enhances decision coordination
Emphasizes organizational objectives
Helps ensure sustainability of the firm
Helps managers identify and deal with problems that arise as the firm conducts its business
Advantages of Planning
Managerial time involvement
Rigidity and lack of adaptability
Balance of time spent on organizing, influencing, and controlling Disadvantages of
Planning
Planning is the primary management function
, Planning serves as the basis for the other management functions Primacy of Planning
Exist for routine guidelines & actions that occur repeatedly Standing
Exist for single purpose only Single-Use
Step 1 - State Organizational Objectives
Step 2 - List Alternative Ways of Reaching Objectives
Step 3 - Develop Premises on Which to Base Each Alternative
Step 4 - Choose the Best Alternative for Reaching Objectives
Step 5 - Develop Plans to Pursue the Chosen Alternative
Step 6 - Put the Plans into Action STEPS IN THE PLANNING PROCESS
