Management Notes

Management Notes

Reference Notes for Management
Which of the following is not an important component of planning ahead?

Which of the following is not an important component of planning ahead?

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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

  • Mission
  • Objectives
  • Policies
  • Procedures
  • Budget
  • Programme
  • Strategies

Mission

A mission statement defines the fundamental purpose of any organization. It is the first part of planning. A business enterprise’s mission statement basically explains why it carries out its activities or what it hopes to achieve.
An organization’s mission indicates the direction in which it should make efforts in order to attain its goals. In a mission statement, the products and customers of the business are clearly stated.
A statement like this may be formal or implicit, depending on the nature of the organization.
By examining this document, one can learn about the beliefs and values of an organization and its attitude towards its workforce.
Different stakeholders of the business use mission statements for different purposes. 

Objectives

The objective refers to the position an organization seeks to achieve. The end results of a business are also referred to as targets or goals.
Planning and all other elements of management of a business begin with the setting of goals. In terms of their scope and time period, all businesses have a variety of objectives that can be either individualistic or collective, general or specific.
It is important that the management team lays down effective and precise objectives by taking into account the company’s mission and values.
A manager must ensure that the objects for each activity are compatible with each other. 

Policies

A successful plan is based on policies that help guide decisions made by business enterprises. The organization manages basic leadership processes for every operation and limits the scope of every decision.
Managers formulate policies for distinct activities of a business, such as production, sales, human resources, etc.
By making sure that policies are not imposing excessive limits on a company’s functioning, the management team can ensure that policies aren’t too rigid.
Depending on the circumstances and challenges of the organization, they should be changed from time to time. 

Procedures

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.

Budget

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.

Programme

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.

Strategies

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.

Smirti
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