Deck 5: Plans and Planning Techniques: Get There Faster With Objectives

Question 1

Planning offers all of the following advantages EXCEPT:

A) a guarantee of success.
B) Helping us to sharpen our focus.
C) Increasing our flexibility.
D) avoiding complacency.

Answer 1

A

Question 2

A(n) __________ is a statement of intended means for accomplishing objectives.

A) plan
B) schedule
C) objective
D) idea

Answer 2

A

Question 3

Most people are comfortable with a time horizon of:*

A) one week.
B) three months.
C) one year.
D) five years.

Answer 3

B

Question 4

Objectives should be measurable and __________.

A) specific
B) share a loftier goal
C) a well-kept secret
D) easily accomplishable

Question 5

Stretch goals are __________.

A) impossible to meet
B) good exercises
C) only for the very best employees
D) difficult and challenging, but achievable

Question 6

A process by which one establishes lower-level objectives in order to meet higher-level objectives is called _____________.*

A) objective analysis
B) strategic analysis
C) a hierarchy of objectives
D) a chain of command

Question 7

The process of monitoring task accomplishments and taking corrective action is called __________.

A) controlling
B) planning
C) leading
D) organizing

Question 8

Specific results that one wishes to achieve are called _________.

A) measurements
B) plans
C) objectives
D) end points

Question 9

Which of the following is NOT one of the four functions of management?

A) Planning
B) Controlling
C) Organizing
D) All of the above are functions of management.

Question 10

Which of the following is the fourth step in the planning process?

A) Implementing the plan
B) Making the plan
C) Defining objectives
D) Developing premises regarding future conditions

Question 11

Allocating and arranging resources in order to accomplish a task is called __________.

A) controlling
B) planning
C) leading
D) organizing

Question 12

Plans that identify the long-term direction for the organization, including a vision of what and where the organization wants to be in the longer-term, are called __________ plans.

A) extended
B) operational
C) strategic
D) lofty

Question 13

When setting goals, step one of the planning process should include:*

A) getting the mundane, trivial things planned first.
B) focusing on easy goals to build momentum.
C) keeping your eye on the past in order to know what you have accomplished.
D) defining your objectives, so that you know where you want to go.

Question 14

A statement that clarifies the purpose of the organization and expresses what it hopes to be in the future is called a(n) __________.*

A) operational plan
B) vision statement
C) strategic plan
D) tactical plan

Question 15

The last of the four management functions, control, actually begins with:

A) a good organization.
B) a well-developed plan to measure against.
C) inspired leadership to develop commitment.
D) inspired direction.

Question 16

The process of setting goals and objectives and determining how to accomplish them is called __________.

A) organizing
B) planning
C) leading
D) controlling

Question 17

The management function of planning involves:*

A) allocating and arranging resources.
B) guiding the efforts of human resources.
C) setting goals and objectives.
D) monitoring task accomplishments.

Question 18

Plans that cover a year or less are called __________ plans.

A) medium
B) strategic
C) short-range
D) long-term

Question 19

Plans that usually cover three years or more are called __________.

A) medium
B) operational
C) short-range
D) long-range

Question 20

Guiding and motivating others to achieve high levels of performance is called __________.

A) planning
B) organizing
C) leading
D) controlling

Question 21

Qualitative approaches to forecasting include:

A) statistical analysis of historical data.
B) mathematical models.
C) expert opinion.
D) all of the above.

Question 22

Joe has just been told that he has one million dollars to spend next year. Joe has been asked to do a(n) __________ budget.*

A) operating
B) flexible
C) fixed
D) zero-based

Question 23

A budget that compares sales or revenues to expenses is called a(n) __________ budget.

A) operating
B) flexible
C) fixed
D) zero-based

Question 24

A __________ or rule precisely describes actions to take in specific situations.*

A) policy
B) project plan
C) long-term plan
D) procedure

Question 25

A plan that commits resources to projects or activities is called a(n) __________.

A) strategy
B) business
C) ad-hoc
D) budget

Question 26

A plan that communicates broad guidelines for employees to use in their decisions and actions is called a __________.

A) policy
B) project plan
C) procedure
D) budget

Question 27

A company poster lists instructions as to what to do in case of a fire alarm. This is an example of a(n) __________.

A) policy
B) directive
C) operating plan
D) procedure

Question 28

Plans that specifically identify how different parts of the organization will contribute to accomplishing strategic plans are called __________ plans.

A) strategic
B) tactical
C) financial
D) functional

Question 29

A budget that allocates a specific amount of resources for a specific purpose is called a __________ budget.

A) project
B) flexible
C) fixed
D) zero-based

Question 30

Tactical plans are appropriate to all of the following EXCEPT:

A) production.
B) marketing.
C) human resources.
D) top strategic management.

Question 31

The planning process of "predicting what will happen in the future" is called:

A) contingency planning.
B) scenario planning.
C) forecasting.
D) zero-based budgeting.

Question 32

All students are expected to follow the guidelines regarding sexual harassment. This is an example of a:

A) policy.
B) rule.
C) procedure.
D) all of the above.

Question 33

A ________ type of budget allows resource allocations to vary with the level of activity.

A) project
B) flexible
C) fixed
D) zero-based

Question 34

A plan covering production activities for the three months would be an example of a(n) __________ plan.

A) long-term
B) operational
C) strategic
D) recovery

Question 35

Plans that define the various short term activities needed to implement strategic plans are called __________ plans.

A) strategic
B) business
C) operational
D) long-term

Question 36

Sally, the general manager at Trinkets Inc. has asked accounting to prepare a cash flow versus expenditure plan for the next year. Sally is asking for a __________ budget.

A) financial
B) flexible
C) fixed
D) zero-based

Question 37

__________ plans deal with the methods and technology needed by people in their work.

A) Financial
B) Facilities
C) Production
D) Marketing

Question 38

Sally has just been told that, funds not used from last year's budget will not carry over into the next year. Sally has been asked to do a __________.

A) project budget
B) flexible budget
C) fixed budget
D) zero-based budget

Question 39

The president of Virtual Products LLC is concerned about next year's economic outlook. Even though next year's plan has been completed, he has requested his staff to generate another plan that assumes a 10% reduction in sales. This is an example of __________.

A) contingency planning
B) forecasting
C) operation planning
D) budgeting

Question 40

The process of developing alternative plans, in anticipation of having problems with implementing the existing plan is called __________.*

A) contingency planning
B) forecasting
C) scenario planning
D) budgeting

Question 41

One of the most consistently top rated "must-have" skills for new graduates entering fast-paced and complicated careers in business and management is time management.

Question 42

Identifying possible future situations and plans for dealing with them is called __________.*

A) contingency planning
B) forecasting
C) scenario planning
D) budgeting

Question 43

Each level of the organization should create their plans independently, in order to be responsive to the varying needs at each level.

Question 44

Managerial planning is usually done free of distractions in quiet areas, where the manager can think.

Question 45

The management process is complete once the plan implementation is done.

Question 46

In the book Analytics at Work, authors Thomas Davenport, Jeanne Harris, and Robert Morison argue that organizations can improve their strategies by making better use of available information to guide decisions.

Question 47

Plans done by the various departments, such as marketing and manufacturing, are called functional plans.

Question 48

The purpose of strategic plans is to support tactical plans.

Question 49

A policy describes exactly what actions should be taken in specific situations.

Question 50

Short-range plans focus only on two to three months into the future.

Question 51

One of the critical pieces of the planning effort is defining the objectives.

Question 52

Research shows that it is a waste of time to occasionally relax.

Question 53

One of the former CEOs of Boeing was asked to resign by his board of directors. His violation of the company's policy on office relationships came to light, after his relationship with a female executive become public.

Question 54

If a forecast is carefully created, it can be relied upon to accurately predict the future.

Question 55

A common phrase used to define the things that world class companies do better than others is __________.*

A) best practices
B) international comparisons
C) operating procedures
D) forecasting

Question 56

Which of the following techniques makes use of external comparisons to evaluate current performance?*

A) Forecasting
B) Benchmarking
C) Allocating
D) Justifying

Question 57

If you have time management problems, setting aside time to plan may actually help you to have more control over your time.

Question 58

Involving others, particularly those who implement the plan in the planning process is called __________.

A) groupthink
B) marketing research
C) participatory planning
D) selecting alternatives

Question 59

Strategic plans define what specific work units need to do in order for the organization to move ahead.

Question 60

Leading consists of guiding the efforts of human resources to ensure high levels of task accomplishment.

Question 61

__________ is the planning process involved in predicting the future.

Question 62

Planning is best done by independent staff organizations.

Question 63

Effective planning ensures that each level's goals support the goals of the next higher level, fitting into a(n) _____ of objectives.

Question 64

__________ plans should support strategic plans.

Question 65

A planning technique that utilizes external comparisons to evaluate internal processes is called __________.

Question 66

How does planning fit into the four basic functions of management?

Question 67

The __________ is being lulled into inaction by current successes or failures.

Question 68

What are the four functions of management? Describe each of them.

Question 69

Define the difference between a policy and a procedure.

Question 70

__________ are specific results that one wishes to achieve.

Question 71

A(n) __________ clarifies the purpose of the organization and expresses what it hopes to be in the future.

Question 72

__________ plans deal with the requirements of selling and distributing goods or services.

Question 73

A(n) __________ communicates broad guidelines for making decisions and taking action.

Question 74

In order to get the best performance out of your organization, you should use __________ goals to encourage extra effort.

Question 75

__________ is the process of setting goals/objectives and determining how to accomplish them.

Question 76

__________ are the activation signals for implementing contingency plans.

Question 77

A(n) __________ budget involves approaching each budget cycle as if it were new, starting from scratch each time.

Question 78

Contingency planning identifies alternate courses of action to be implemented in order to meet changing circumstances.

Question 79

One effective way to build commitment to the implementation of a plan is to involve the people who will have to do the implementing in the creation of the plan.

Question 80

A plan that commits resources to projects or activities is called a(n) __________.