Question 1

Objective setting is closely linking with the ____ process.

Accepted Answer

Objective setting is a crucial step in the planning process. By setting specific and measurable objectives, an organization can create a roadmap to achieve its goals and prioritize its resources accordingly. This step is essential for effective planning, as it helps to clarify what the organization wants to achieve and how it will get there. Objective setting is also closely linked to performance management, as objectives are used to evaluate employee performance and determine rewards and incentives.

Question 2

Bob Bach has just started his own solar architecture company. Bob wants to create a business document that expresses his new company's vision, priorities and goals. What kind of document should Bob write?

Accepted Answer

Bob should write a Mission Statement to clearly define his company's purpose, values, and goals. This will help him establish a clear direction for the company and communicate this direction to employees, customers, and other stakeholders. A Vision Statement is typically a more aspirational statement about where the company wants to be in the future, while an Operational Plan provides a detailed roadmap for achieving specific goals. A Corporate Credo and Ethics Statement both focus on the company's values and ethical principles, but may be more appropriate for larger companies with more established cultures.

Question 3

A(n) ____ is a specific commitment to achieve a measurable result within a given time frame.

Accepted Answer

An objective is a specific goal that is time-bound and measurable. It is something that an individual or organization aims to achieve within a certain time frame. Motivators are factors that drive or inspire individuals to take action. A mission is a statement that defines an organization's purpose and objectives. A priority is a task or goal that is given special attention and importance. A vision is an aspirational statement that describes an ideal future state.

Question 4

____ is a term that best describes priority "C" objectives.

Accepted Answer

Priority "C" objectives are typically considered "Nice to do" tasks, which are not essential but would be beneficial if accomplished.

Question 5

Which type of planning has the shortest planning horizon?

Accepted Answer

Operational planning focuses on short-term goals and has the shortest planning horizon, typically ranging from a few weeks to a year. Tactical planning has a longer planning horizon of 1-3 years, while strategic planning has the longest horizon of 3-10 years or more. Intermediate planning falls between tactical and strategic planning and typically has a planning horizon of 1-3 years. Procedural planning focuses on standardizing and documenting processes and procedures, but does not have a specific planning horizon.

Question 6

The relationship between planning and control can best be summed up by which statement?

Accepted Answer

Planning and control are interdependent functions, where control is used to ensure that planned activities stay on track and align with established objectives. Therefore, option D best captures the relationship between planning and control.

Question 7

____ is not described as a benefit of objectives in the text.

Accepted Answer

Expertise is not described as a benefit of objectives in the text. The other options (Motivation, Measuring sticks, Targets, Commitment) are all mentioned as benefits of objectives.

Question 8

The process of determining how to pursue the organization's long-term goals with the resources expected to be available refers to ____ planning.

Accepted Answer

Strategic planning involves setting long-term goals and determining the resources necessary to achieve those goals. It is a process of analyzing the organization's strengths, weaknesses, opportunities, and threats in order to develop strategies for success. Intermediate planning focuses on medium-term goals, operational planning focuses on day-to-day activities, budgetary planning focuses on financial goals and constraints, and contingency planning involves preparing for unexpected events or crises.

Question 9

____ planning involves determining how specific tasks can best be accomplished on time with available resources.

Accepted Answer

Operational planning involves determining how specific tasks can best be accomplished on time with available resources. It is focused on the day-to-day activities and tasks necessary for the organization to function effectively. Budgetary planning involves the allocation of financial resources and setting financial goals, intermediate planning involves achieving specific objectives within a set timeframe, strategic planning involves setting long-term goals and determining the overall direction of the organization, and contingency planning involves preparing for unexpected events or circumstances.

Question 10

Which of these is created by the downward flow of the objectives?

Accepted Answer

A means-ends chain is a diagram that shows the relationship between an organization's objectives and the specific actions needed to achieve those objectives. The downward flow of objectives is a key component of a means-ends chain, as the objectives determine the actions that need to be taken at lower levels of the organization.

Question 11

An example of a well-written objective is:

Accepted Answer

This objective is specific, measurable, achievable, relevant and time-bound. It clearly states what needs to be achieved (15% increase in hydro power car sales), by when (December 31), and can be tracked and measured for success. The objective also aligns with the company's overall goals and is realistic to attain.

Question 12

Objectives are both targets and

Accepted Answer

Objectives serve as both targets to aim for and measuring sticks to evaluate progress. They are not barriers, threats, priorities, or flow charts.

Question 13

Janice Stafford is a CEO for a large scooter manufacturer. Due to changes in her company's competitive environment, Janice wants to reexamine how the company will achieve a competitive advantage so that it will continue to grow and increase profits. What kind of planning should Janice focus on?

Accepted Answer

Janice should focus on strategic planning, which involves examining the company's competitive environment, assessing strengths and weaknesses, and developing strategies to achieve a competitive advantage. Intermediate planning involves developing detailed plans to implement a strategic plan, mission planning involves defining the organization's purpose and goals, operational planning involves developing specific actions to achieve a plan, and business planning typically refers to the process of starting a new business. None of these focus specifically on achieving a competitive advantage in a changing competitive environment.

Question 14

____ refers to the time elapsed between the formulation and the execution of a planned activity.

Accepted Answer

Planning horizon refers to the time elapsed between the formulation and the execution of a planned activity. This can vary depending on the complexity and scope of the activity being planned.

Question 15

Brooke, a fellow student, asks you to explain Pareto's law because she has heard it mentioned as a way to establish priorities. Your answer should center on which of these?

Accepted Answer

Pareto's law, also known as the 80/20 principle, states that 80% of the effects come from 20% of the causes. In terms of establishing priorities, this means that focusing on the 20% of tasks or issues that have the greatest impact will yield 80% of the desired results. This can be applied in various contexts, from business management to personal time management.

Question 16

"Should do" objectives fall into the ____ priority category.

Accepted Answer

"Should do" objectives are typically categorized as B priority, indicating they are important but not as critical as "must do" (A priority) tasks.

Question 17

____ planning has the longest horizon.

Accepted Answer

Strategic planning has the longest horizon as it involves long-term planning typically beyond five years, whereas operational planning focuses on day-to-day activities, tactical planning focuses on medium-term planning typically within a year, intermediate planning focuses on plans for two to five years and budgetary planning focuses on financial planning for a particular period of time typically a year.

Question 18

Veronica Gilbert is an accountant for a surf shop that is expanding their retail store locations. Her supervisor has assigned her the responsibility to complete the loan application to obtain financing from the bank to begin their expansion within six months. What type of priority is this?

Accepted Answer

This is a crucial task that must be completed within a specific timeframe in order for the business to expand. As such, it is a high priority task that cannot be postponed or skipped over.

Question 19

____ planning is the process of determining the contributions that subunits can make with allocated resources.

Accepted Answer

The answer of ____ planning is the process of determining...

Question 20

Good objectives represent a challenge 3/4 something to reach for. As such, they have a ____ aspect.

Accepted Answer

Good objectives should motivate individuals or teams to strive towards achieving something that is challenging but attainable. The motivational aspect encourages individuals to work harder and overcome obstacles to reach their goals. While profit, target, measurement, and commitment are important aspects of objectives, they do not necessarily represent the challenge or motivation behind them.

Quiz 6: The Basics of Planning and Project Management