Planning and Decision Making

Planning and Decision Making

Assessment

Flashcard

Business

University

Easy

Created by

Vidhi Pitroda

Used 1+ times

FREE Resource

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25 questions

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1.

FLASHCARD QUESTION

Front

What is the meaning of planning?

Back

Planning is a blueprint of the course of action to be followed in the future, requiring imagination, foresight, and sound judgment.

2.

FLASHCARD QUESTION

Front

What are the characteristics of sound business plans?

Back

Objective oriented, clear, logical, simple, controllable, flexible, stable, complete, and integrated.

3.

FLASHCARD QUESTION

Front

What are the steps in the planning process?

Back

1. Setting objectives 2. Planning premises 3. Alternate course of action 4. Evaluating alternate courses 5. Selecting the best alternative 6. Implementing the plan 7. Follow up

4.

FLASHCARD QUESTION

Front

What are the limitations of planning?

Back

Planning can lead to rigidity, may not work in dynamic environments, reduces creativity, involves huge costs, is time-consuming, and does not guarantee success.

5.

FLASHCARD QUESTION

Front

What are the types of plans?

Back

1. Standing or multi-use plans 2. Single-use or ad hoc plans

6.

FLASHCARD QUESTION

Front

What is the definition of decision-making?

Back

Decision-making is the process of selection from a set of alternative courses of action to fulfill the objective of the decision problem.

7.

FLASHCARD QUESTION

Front

What are the characteristics of decision-making?

Back

Goal-oriented, choice of the most appropriate course of action, continuous process, intellectual process, dynamic process, situational, and pervasive.

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