Principles of Management · Unit 5 · 5 hrs
Planning and Decision Making
Exam-focused notes for Planning and Decision Making (Principles of Management, MGT421): what the TU syllabus asks and how it has actually been tested, with 8 solved past questions from this unit.
What this unit covers
- Concept, types, hierarchy of planning
- Process and importance of planning
- Strategic planning
- Environmental scanning – concept and methods
- SWOT analysis
- Formulation and implementation of strategic plans
- Quantitative tools for planning
- Decision making – definition and approaches
- Types of decisions
- Decision making under conditions of certainty and uncertainty
- Problem solving – concepts, types of problem
- Problem solving strategies
Concept, types, hierarchy of planning
What is Planning? Discuss the types of Plans. [5]
Planning is the process of formulating goals, identifying activities to be undertaken, and choosing the means to achieve those goals. It is concerned with deciding in advance what, when, where, why, how something is to be done, and who shall do it. Planning...
Full solved answer →Write five differences between strategic and tactical planning. [5]
(Based on Unit 5: Planning and Decision Making) S.N. Basis Strategic Planning Tactical Planning --------------------------------------------------- 1. Definition It is the process of determining how to pursue the organization's long-term goals with the reso...
Full solved answer →Decision making under conditions of certainty and uncertainty
State and explain the decision making conditions. [5]
Decision making is the process of selecting the best course of action from among available alternatives. Every decision is made under a certain condition or environment that affects the quality and nature of the decision. There are two basic approaches (mod...
Full solved answer →What do you mean by making decisions under conditions of uncertainty? [5]
Decision making under conditions of uncertainty refers to a situation where a manager must choose among alternative courses of action without knowing the probabilities of outcomes or even all the possible outcomes. The future is unclear, information is inco...
Full solved answer →Process and importance of planning
What is planning? Discuss the major steps involved in the planning process.[10]
Planning can be defined as the process of formulating goals, identifying activities to be undertaken, and choosing the means to achieve those goals. Planning arises from the recognition that some intervention is necessary to bring about a change from the pr...
Full solved answer →Explain the importance of planning.[10]
Planning is the primary and most fundamental function of management. It is the process of predetermining the future course of action -- deciding in advance what to do, how to do it, when to do it, and who is to do it. Planning bridges the gap between where ...
Full solved answer →Problem solving – concepts, types of problem
Mention the types of problems on the basis of urgency. [5]
A problem is a deviation between the actual and the desired situation. Problems can be classified on several bases such as frequency, urgency, and impact. On the basis of urgency, problems are divided into two types: --- An urgent problem is one that must b...
Full solved answer →Types of decisions
Explain the different types of decisions. [5]
Decision making is the process of selecting the best course of action from among available alternatives to solve a problem or achieve an organizational goal. Managers at different levels of an organization make different types of decisions depending on the ...
Full solved answer →Make Unit 5 stick
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