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Entrepreneurial Planning — Entrepreneurship STD 12 Commerce — Question

CBSE BoardEnglish MediumSTD 12 CommerceEntrepreneurshipEntrepreneurial Planning5 Marks
Question
Describe the different elements of an operational plan.
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Answer

Following are the elements of operation plan:
  1. Routing: It is a process which determines the exact path a product has to follow right from raw material till its transformation into finished product.
  2. Scheduling: It means fixation of time, day, date when each operation is to be commenced and completed.
  3. Dispatching: It is the process of initiating production according to pre-conceived production plan. It involves issuing necessary orders instructions, guidelines, etc.
  4. Follow-up: It relates to evaluation and appraisal of work performed. A properly planned follow-up procedure is helpful in finding errors and defects in the work.
  5. Inspection: Inspection is the art of comparing materials, product or performance with established standards. This helps to setup laboratories or evolve methods to ensure predetermined quality of product.
  6. Shipping: It describes the flow of goods/ services from production to the consumers. It is a detailed presentation by the entrepreneur explaining the chronological steps in completing a business transaction efficiently and profitably.

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