A plan is prepared against some foundations or backgrounds known as ‘Planning Premises’. Briefly discuss project management and what it involves. Creating the BOM hierarchy showing all the levels of the BOM. Planning is a structured process and different plans constitute a hierarchy. It will help in detecting the shortcomings and pitfalls of the plans and taking remedial actions well in time. (iii) The optimum period of time for achieving them. (Select all answers that apply.) A. The school and local law enforcement have developed a memorandum of agreement, (MOA), defining the roles and responsibilities of both. This is why there must be a follow-up system in the planning process itself. Internal factors include the organisation’s policies, resources of various types, and the ability of the organisation to withstand the environmental pressure. TRUE A typical change request form will include which of the following content items? Changes must necessarily be effected in the plan for taking into account new developments that may take place in the course of the operation of the plan. Whether internal or external, the success of the plans demands that it should be strategy-oriented. Enterprises start with a general objective. To secure participation of the employees with whole-hearted co-operation in execution of the plan, it is necessary that the plan must be communicated and explained to them for their full understanding. Every lower-level plan serves as a means towards the end of higher plans. The first function of planning is to spell out its objectives. In a big enterprise, various policies are formulated for guiding and directing the subordinates in different areas of management. Programmes are precise plans of action followed in proper sequence in accordance with the objectives, policies and procedures. A structure to gather key project data and turn it into readily digestible information. To keep the enterprise as a going concern without any break, it is essential that planning must be a continuous process. (Select all answers that apply.) This involves collection of facts and figures necessary for planning the future course of the enterprise. All of the following statements are true regarding the RBS except for which one? An emergency action plan must include at a minimum: 1910.38(c)(1) Thus, procedures mean definite steps in a chronological sequence within the area chalked out by the policies. All in all, your communication plan needs the following elements: An understanding of all stakeholders’ preferences and requirements. Forecasting provides a logical basis for anticipating the shape of the future business transactions and their requirements as to man and material. It occupies first place and precedes all other functions of management which are designed to attain the goals set under planning. B. cannot be an isolated act apart from sales planning and production planning. Planning is the synthesis of various forecasts—short-term or long-term, special or otherwise. The plan should be so prepared that there is sufficient scope for changing it from time to time. C. limit the business's flexibility and decision-making ability. A good plan must be simple, balanced and flexible, and make utmost use of the existing resources. The capital required to obtain any equipment elements that are needed for the generation of income. It provides a unifying framework. A. The commercialization of health is all that. A good system of planning should be responsive to the opportunities for innovation. Long-term goals are the milestones a company sets to guide operations toward their far-reaching objectives. These derivative plans are formulated out of the main plan and so they support it. Different procedures are adopted in different areas of business activities. It is a function of every manager at every level in the organisation. Copyright 10. The amount of detail depends on the amount of flexibility you want your managers and team to have. Financial Planning: it’s Meaning, Importance and Elements – Discussed! b. Mention may be made here of varied operating orders and instructions which are outside of planning, but are subject to decision making. All taxes, except payroll, paid to the appropriate government institutions. It means systematized pre-thinking for determining a course of action to achieve some desired result. A particular objective can be achieved through various actions. Planning requires scientific thinking and it should spell out in clear terms the definition of the purpose, analyse the problem and make a careful and diligent search for all the facts bearing upon it. (ii) Adequate knowledge about the capacity of the force available through observations and experiments and from established standards. Question 4 All of the following elements are part of an organization’s vision EXCEPT _____. Which of the following Tools and Techniques are part of Risk Management Planning? place. Thus, a rule may be incorporated in respect of purchase procedure that all purchases must be made after inviting tenders. Documentation reviews. Alternative courses of action can be evaluated against the criteria of cost, risks, benefit and organisational facilities. Core values describe your beliefs and behaviors. Innovation is achieved through research and development and planning is required to provide such scope. It must be based on clearly defined objectives. Your team’s internal work style and communication preferences. For example, production planning depends upon sales planning—and vice versa. Sales. Elements 5. It has a simple mission statement: A vision and mission can also be combined in the same statement. assessments answer what happened, why it happened, and what we need to do to improve. Key elements of a project quality plan are controls that let you ensure the standards are being met and work is progressing toward reaching your objectives. It should be as flexible as possible to accommodate all possible changes in the enterprise with a view to coping with the changing conditions in the market. It is based on facts and experience, and thereby realistic in nature. Steps 6. In an organisation, there can be various derivative plans like planning for buying raw materials and equipment, developing new product, recruiting and training the personnel, etc. A vision statement should be reviewed continuously to ensure it is still aligned with the way you see your company. There may be production procedure, sales procedure, purchase procedure, personnel procedure etc. before proceeding with the work. Various alternative courses that are considered feasible in terms of preliminary criteria have to be taken for detailed evaluation. The philosophy and values of the organization. It states the objectives of the organization in the context of given resources; provides for proper utilisation of resources to the best advantage, gives necessary competitive strength for continuous growth and steady progress by foreseeing what the competitors are likely to do and evolving its strategies accordingly. Planning is the key to success of an organisation. Private insurance is an important need. Objectives: The important task of planning is to determine the objectives of the enterprise. Budget means an estimate of men, money, materials and equipment in numerical terms required for implementation of plans and programmes. But all plans must contribute in a positive way towards the achievement of the enterprise objectives. They are the beliefs you have that will … The other functions of management—organising, direction, co-ordination and control—can be performed only after the manager has formulated the necessary planning. These methods are known as a. portfolio models. Timing and sequence of operations determine the starting and finishing time for each piece of work according to some definite schedule and give practical and concrete shape and form to work performance. So decision-making has a pervasive influence upon planning and it is a part of the planning process. A project is a single-use plan which is a part of a general programme. In fact, most of the company’s achievements can be attributed to careful planning. This principle implies that more emphasis has to be put on that factor which is scarce or limited in supply or extremely costly. Budgets for various periods can be prepared to make plans more concrete for implementation. What Daily Leadership Behaviors Inspire Employee Motivation? All of the following elements should be included in a project scope statement EXCEPT. Because it is a template, or pattern, you can adapt and use it again—perhaps at a future job. Planning concentrates attention on the objectives of an enterprise. Planning is directed towards efficiency. Planning as a managerial process consists of the following elements or components: The important task of planning is to determine the objectives of the enterprise. A control plan is a document describing the critical to quality characteristics, the critical Xs or Ys, of the part or process. Definition The problem statement should not pose a solution, accounts for current circumstances, and does not predict what future actions may occur. A. After reading this article you will learn about:- 1. The task of planning will be well-accomplished if some fundamental principles are followed in the process. Thus, planning and budgeting are inter-linked. Then he proceeds to prepare a kind of ‘blueprint’ mapping out the ways of attaining these objectives. Nature and Characteristics of Planning 3. C. 67. For ensuring that the selected plans are proceeding with the right lines, it is of paramount importance to devise a system of continuous evaluation and appraisal of the plan. and assigning definite duties to each part. Compassionate Eye Foundation/Hiep Vu/Getty Images. But these different policies are co-ordinated and integrated in such a way that they ensure easy realisation of the ultimate objectives of business. C. establish a strategy for acquiring sufficient funds. Plans should not be made rigid. It also ensures an obligation of the personnel of the enterprise to execute the plan by individual and joint participation. d. All the above are basic elements Ans: d Difficulty: Moderate Feedback: Project Planning Short Answer 82. Which of the following are elements of planning business analysis approach? Read this article to learn about Planning in an Organisation. Risk planning meetings. The plans at each level of the organisation are made for the attainment of the appropriate objectives in the hierarchy. Risk threshold C. Risk urgency D. Risk tolerance. Strategies are the devices formulated and adopted from the competitive standpoint as well as from the point of view of the employees, customers, suppliers and government. Planning prevents wastage of resources by choosing the best course of action from many alternatives. In thinking of objectives, alternative courses of action and, above all, in making decision for choosing certain alternatives, the planner goes through an intellectual process. The quality of planning depends upon the abilities of the managers who are required to collect all relevant facts, analyse and interpret them in a correct way. This gives the planning exact, definite, and accurate meaning in its scope and content. Planning involves all of the following EXCEPT: C. 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