MNG2601 Chapter 6EXAM QUESTIONS AND
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+||BRAND
NEW!!
Explain the nature of planning in a contemporary business.
Planning is the process of coping with uncertainty by formulating future courses
of action to achieve specific results. Planning determines the vision, mission and
goals of the business, identifies ways of attaining them and finding the resources
needed for the task within a complex environment.
Defend the importance of effective planning in a business.
1. Planning provides direction and helps both managers and non-managers to
focus on forward thinking.
2. Planning provides direction and helps both managers and non-managers to
focus on forward thinking.
3. Planning reduces the impact of change.
4. Planning reduces the overlapping and duplication of activities
5. Planning sets the standards by which to facilitate control.
Compare the benefits and costs that can be associated with planning.
Costs:
1. Planning may create rigidity, but also creates clarity to business members.
2. Planning is time-consuming and involves costs, but will also make it likely to get
more 'buy-in'
3. Formal plans cannot replace intuition and creativity, but also reduces the
CORRECT DETAILED ANSWERS (VERIFIED
ANSWERS) |ALREADY GRADED A+||BRAND
NEW!!
Explain the nature of planning in a contemporary business.
Planning is the process of coping with uncertainty by formulating future courses
of action to achieve specific results. Planning determines the vision, mission and
goals of the business, identifies ways of attaining them and finding the resources
needed for the task within a complex environment.
Defend the importance of effective planning in a business.
1. Planning provides direction and helps both managers and non-managers to
focus on forward thinking.
2. Planning provides direction and helps both managers and non-managers to
focus on forward thinking.
3. Planning reduces the impact of change.
4. Planning reduces the overlapping and duplication of activities
5. Planning sets the standards by which to facilitate control.
Compare the benefits and costs that can be associated with planning.
Costs:
1. Planning may create rigidity, but also creates clarity to business members.
2. Planning is time-consuming and involves costs, but will also make it likely to get
more 'buy-in'
3. Formal plans cannot replace intuition and creativity, but also reduces the
