Planning Business Studies - Planning

What is meant by 'follow-up action' as the step involved in the process of planning?

Which function of management bridges the gap between where we are and where we want to go?

Name the type of plan in which the move of competitors is considered:

Name the type of plan, which is in the form of general statements and channelises energies towards a particular direction.

Rahul, a worker, is given a target of assembling two computers per day. Due to his habit of doing things differently, an idea struck him which would not only reduce the assembling time of computers but would also reduce the cost of production of the computers. Rahul’s supervisor instead of appreciating him, ordered him to complete the work as per the methods and techniques decided earlier as nothing could be changed at that stage.
The above para describes one of the limitation of planning function of management. Name and explain that limitation.

Super Fine Rice Ltd. has the largest share of 55% in the market. The company’s policy is to sell only for cash. In 2015, for the first time company’s number one position in the industry has been threatened because other companies started selling rice on credit* also. But the managers of Super Fine Rice Ltd. continued to rely on it’s previously tried and tested successful plans which didn”t work because the environment is not static. This led to decline in sales of Super Fine Rice Ltd. The above situation is indicating two limitations of planning which led to decline in it sales. Identify these limitations.

Laxmi Chemicals Ltd., a soap manufacturing company, wanted to increase its market share from 30% to 55% in the long-run. A recent report submitted by the Research & Development Department of the company had predicted a growing trend of herbal and organic products. On the basis of this report, the company decided to diversify into new variety of soaps with natural ingredients having benefits and fragrances of Jasmine, Rose, Lavender, Mogra, Lemon Grass, Green Apple, Strawberry etc. The Unique Selling Proposition (USP) was to promote eco-friendly living in the contemporary life style. The company decided to allocate t 30 crores to achieve the objective.
Identify the type of one of the functions of management mentioned above which will help the company to acquire dominant position in the market.

Give the meaning of ‘Programme’ as a type of plan.

Give the meaning of ‘Policy’ as a type of plan.

A company is manufacturing garments. The manager wants to increase the profits by purchasing new high speed machines or increasing the sale price or using waste material in manufacturing stuffed toys.
He decided that using waste material to increase the profit is the best solution for him.
(i) Identify the concept of management involved.
(ii) Mention the steps involved in the above process by quoting the lines from the question,
(iii) To complete the process of the concept identified. What further steps does the manager have to take ?

Suhasini, a home science graduate from a reputed college, has recently done a cookery course. She wished to start her own venture with a goal to provide ‘health food’ at reasonable prices. She discussed her idea with her teacher (mentor) who encouraged her. After analysing various options for starting her business venture, they short listed the option to sell ready made and ‘ready to make’ vegetable shakes and sattu milk shakes. Then, they weighed the pros and cons of both the short listed options.

1. Name the function of management being discussed above and give any one of its characteristics.
2. Also briefly discuss any three limitations of the function discussed in the case.

Explain any three points that highlight the importance of planning.

Define 'Planning.' Explain the first two steps in the process of planning.

Why is training important for the employees? State any three reasons.

Give the meaning of ‘Objectives’ and ‘Procedure’ as types of plans.

Give the meaning of ‘Policy’ and ‘Budget’ as types of plans.

Give the meaning of ‘Strategy’ and ‘Rule’ as types of plans.

Explain ‘objective’ and ‘strategy’ as types of plans.

Explain ‘Procedure’ and ‘Programme’ as types of plans, with a suitable example.

Two years ago Mayank obtained degree in food technology. For some time he worked in a company manufacturing Bread and Biscuits. He was not happy in the company and decided to have his own Bread and Biscuits manufacturing unit. For this, he decided the objectives and targets and formulated action plan to achieve the same. One of his objectives was to earn 50% profit on the amount invested in the first year. It was decided that raw materials like Hour, sugar, salt, etc. will be purchased on two months credit. He also decided to follow the steps required for marketing the products through his own outlets. He appointed Harsh as a Production Manager who decided the exact manner in which the production activities are to be carried out. Harsh also prepared a statement showing the requirement of workers in the factory throughout the year. Mayank informed Harsh about his sales target for different products, area wise for the forth corning quarter. While working on the production table a penalty of Rs. 150 per day was announced for not wearing the helmet, gloves and apron by the workers.
Quoting lines from the above para identify and explain the different types of plans discussed.

Define ‘Planning’. State any four points of importance of planning.

Explain any five features of planning.

State any five limitations of Planning.

Explain any five points of importance of planning for a large business enterprise.

_________ refers to the general guidelines (for thinking) which brings uniformity in decision-making for achievement of organisational objectives.

_______ are those plans which determine the sequential steps to carry out some work/ activity.

_________ refers to future decisions defining the organisational directions and scope in the long run.

A __________ refers to plans developed for a onetime project or event that has one specific objective.

__________ is a specific statement that tells what is to be done and what not to be done in a specified situation.

Planning guarantee success. (True/ False)

Planning reduces overlapping and wasteful activities. (True/ False)

'Increase in sale by 10%' is an example of a Policy. (True/ False)

Planning is futuristic. (True/ False)

Planning facilitates decision-making. (True/ False)