Which of the following is not an important component of planning ahead?
A) figuring out necessary steps
B) setting plausible limits
C) constructing an inflexible plan
D) deciding what you want to accomplish’
The Correct Answer for the given question is C) constructing an inflexible plan.
Constructing an inflexible plan is not an important component of planning ahead.One of the most important aspects of management is planning. By following a detailed plan, profits can be maximized. Several things should be kept in mind while making plans. These include the components of planning. Each component plays a crucial role in planning. Some of the important components of planning are as follows:
Components of Planning
Managers and employees of an organization follow procedures as guidelines for their actions. Procedures are clear instructions for how to accomplish tasks. Each step in the procedure is followed by a set of rules that govern the action. During the planning process, concrete and practical procedures must be ensured. Planning is more difficult when procedures are rigid and rigidity makes the process difficult.
Budgets describe what results are expected to look like in numerical terms. Business must create it with the purpose of achieving something. The budget determines the organization’s objectives. Most of these decisions, targets, and activities require some kind of budgeting method. An income budget, for example, will demonstrate the financial results and profits of a business.
Programmes describe the broad objective of a business enterprise. The organization must implement a series of procedures, policies, and series. An enterprise’s program describes a sequence of systematic and prioritized efforts. The achievement of business goals relies on these efforts. A short-term programme and a long-term programme are both types of programmes. Programmes that are short-term are training programs, sales promotion programs, and market research programs. Among the long-term programmes are those concerning supervisory effectiveness, expansion of the institution, modernization, and office renovation.
The strategy describes the minute plan of action aimed at achieving a specific goal. The effective implementation of the strategy allows the requisite goals to be achieved. Strategizing depends on the mission and values of a company. Organizations implement strategies to deal with the challenges posed by their competitors. The management team formulates both internal and external strategies.