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MOS QUESTIONBy Errol MorganCHAPTER 8 PLANNING1What are the key functions of setting objectives pg 264Organizational objectives are the end states or targets that managers aim for while plans are the means by which managers hope to hit the desired targets2Define Strategic Plans pg 265Strategic Plans focus on the board future of the organization and incorporate both external environmental demands and internal resources into the actions managers need to take to achieve the longterm goals of the organization3What are the key elements of Operational Plans pg 266Operational Plans translates tactical plans into specific goals and actions for small units of the organization and focus on the near termThe near term is typically 12 months or lessThese plans are the least complex of the 3 and rarely have a direct impact beyond the department or unit for which the plan was developed4What are the keys issues those managers at the Corporate Level focus on relative to planning pg 268Corporatelevel executives would primarily focus on questions such as the followingWhat industries should we get into or out ofWhat markets should the firm be inIn which businesses should the corporation invest money5What type of plans do people at the Business Level primarily undertake pg 268At this level managers focus on determining how they are going to compete effectively in the market6Why is forecasting critical to the planning process pg 270Forecasts are or can be made about virtually every critical element in the environment that managers believe could affect the organization or their area of responsibility7What is benchmaking and what does it play in planning pg 273Benchmaking is the investigation of the best results among competition and noncompetitors and the practices that lead to those resultsIn terms of results managers might assess competitors that have the highest revenuetoemployee ratio as a means of assessing productivityFor example managers would then compare their own revenuetoemployee ratio to get an idea of where they stood relate to competitors8Why is determining the priority of objective important pg 274Not all objectives are of equal importance of valueFuthermore some objectives might be important now or less important laterWithout a clear understanding of which objectives are most important and temporal priorities employees may be working at odds with each other or create unnecessary conflicts9What is the difference between defining Requirements and Assessing Resources in the planning process Pgs 275276In determining resources managers are determining the key drivers of specific goalsplans Assessing resources involves determining how much of resources is needed10 How can a giant Chart facilitate the sequence and timing issues in planning pg 277The Chart shows when actions are to be started and how long they are expected to take for competitionIt shows which actions are first second or last in processAnd whether a preceding action must be completed before a subsequent one can be startedOr whether there is expected overlap in the timing of specific actions11What are the SEVEN elements in the planning process Pgs 270280IAnalyze the EnvironmentIISet ObjectivesIIIDetermine RequirementsIVAssess ResourcesVDevelop Action PlansVIImplement Plans andVIIMonitor Outcomes12How can budgeting be used as a planning tool Pg 281Budgets are used to quantify and allocate resources to specific activities13What are the FIVE key elements in effective goal setting pgs 282284Effective goals areSPECIFICMEASUREDAGREEDREALISTICTIME SMART
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