Fundamentals of Planning in Management

Vocabulary flashcards focusing on the definitions and core benefits of planning within a business organization based on the lecture transcript.

Minimizing Risk and Uncertainty

The practice of anticipating changes and tackling them with preventive measures to reduce the impact of uncertain future events.

Optimum Utilization of Resources

The allocation of resources based on availability to ensure high efficiency, better results, and the avoidance of wastage.

Decision Making

The process of selecting the best alternative course of action by evaluating the positive and negative outcomes of all available options to achieve a predefined goal.

Standards for Controlling

Predefined benchmarks set during planning against which actual performance is compared to identify and bridge deviations.

Deviation

The difference between the actual performance and the standard performance set during the planning stage.

Coordination of Activities

The process of inter-relating all activities and resources of various departments to reduce overlapping and ensure they work per the overall plan.

Facilitating Other Management Functions

The role of planning as a prerequisite for subsequent management tasks such as organizing and staffing.

Promotion of Innovative Ideas

A basic function of management involving critical thinking and decision making that leads to growth and prosperity.

Planning (General Definition)

A basic requirement for an organization's survival, growth, and success that involves guiding future actions in a changing environment.