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14 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Planning |
Is the mental excercise of setting objectives and deciding on appropriate course of action in order to bridge the gap between where we stand and where we want to be. |
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Features of Planning |
1. Pervasive 2. Continuous 3. A Primary activity 4. Goal oriented 5. Futuristic 6. Involves decision making 7. Mental excercise |
7 pts |
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Importance of Planning |
1. Provides direction 2. Subdues risk 3. Minimises overlapping 4. Helps make decisions 5. Essential for controlling 6. Promotes innovation |
6 messed up pts |
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Limitations of Planning |
1. Not a gurantee of success 2. Time consuming 3. Expensive 4. Rigid 5. Plans - static ; BE - dynamic 6. Curbs creativity |
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Planning Process |
1. Setting objectives 2. Developing premises 3. Identifying courses of action 4. Evaluating courses of action 5. Selecting best course of action 6. Implementing plan 7. Follow up |
7 step process |
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Types of Plans |
Standing - plans made for periodic or recurring events
Single use - plans made for a single event |
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Strategy |
A COMPREHENSIVE PLAN to achieve organisational objectives.
Determine Objective -> Adopt CoA -> Allocate Resources
Eg. Channels of distribution |
OCoAR |
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Objectives |
Ends toward which activities are directed.
Eg. Increase sales by 10% |
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Policies |
GENERAL RESPONSE to a particular problem or situation.
Eg. No Credit Sale Policy |
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Procedure |
The sequence of steps defined in chronological order to be followed in different situations for the accomplishment of goals.
Eg. Procedure for applying for membership |
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Programmes |
A DETAILED STATEMENT about a project that defines the goals, policies, procedures and rules to be followed. |
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Method |
A systematised way of doing a routine or repetitive job.
To bring uniformity and standardisation.
Eg. Valuation of stock - lifo or fifo |
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Budget |
Find out |
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Rules |
Specific statement clearly defining what to do and what not to do Eg. No smoking , No outside food (restaurant) |
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