Business and Management Integrals

These flashcards cover key concepts on effective planning in business and management as outlined in the lecture notes.

What is the significance of planning in management?

Planning is crucial as it allows managers to analyze situations, make informed decisions, and concentrate on implementation.

What does a pie chart represent in sales data?

A pie chart shows each category's percentage of the whole, representing the distribution of values among different categories.

What is the nature of planning according to the lecture notes?

Planning is goal-oriented, futuristic, exists in all managerial activities, based on facts, and is flexible.

What are the three levels of planning in management?

Strategic Planning at top management level, Intermediate/Tactical Planning at middle management level, and Operational Planning at lower management level.

What is operational planning?

Operational planning is the process of determining how specific tasks can best be accomplished on time with available resources.

What are the steps involved in the planning process?

The planning process involves setting goals, developing strategies, determining resources needed, and setting standards.

What should a marketing plan include?

A marketing plan typically includes an executive summary, situational analysis, marketing objectives, strategies, tactics, schedule, budgets, and financial data.

What are the barriers to effective planning?

Barriers include the manager's inability to plan, improper processes, lack of commitment, improper information, and focusing on the present rather than the future.

How does brainstorming aid in planning?

Brainstorming is a technique for generating ideas, solving problems, and motivating team members during the project management and planning process.

What is a Fishbone Diagram used for in planning?

A Fishbone Diagram helps identify hidden factors that contribute to a specific problem or result, mapping out various contributing factors.

What is the purpose of setting standards in the planning process?

Standards are used to measure performance and determine the necessary corrections or reinforcements when actual performance does not match planned performance.

What are standing plans?

Standing plans are used repeatedly for managerial situations that recur, including policies, procedures, and rules.