Planning in Management Flashcard

Front

What is the significance of planning in management?

Back

It sets the direction for the business and establishes specific goals

Front

Which step in the planning process involves defining SMART goals?

Back

Goal Setting

Front

What does SMART stand for in goal setting?

Back

Specific, Measurable, Attainable, Relevant, Time-bound

Front

Which step in the planning process involves analyzing the current conditions of the business, competition, and target market?

Back

Situational Analysis

Front

What does SWOT stand for in situational analysis?

Back

Strengths, Weaknesses, Opportunities, Threats

Front

Which step in the planning process involves fostering creativity and exploring various paths?

Back

Generating Alternatives

Front

Which step in the planning process involves selecting the most viable alternative based on evaluation?

Back

Decision Making

Front

Which step in the planning process involves transforming the plan into action?

Back

Implementation

Front

What is the purpose of a PEST analysis in situational analysis?

Back

To analyze political, economic, sociocultural, and technological factors

Front

Which step in the planning process involves coordinating event logistics, allocating resources, and creating a timeline?

Back

Implementation