Page 74 - DCOM102_DMGT101_PRINCIPLES_AND_PRACTICES_OF_MANAGEMENT

Principles and Practices of Management

Notes 3.9 Self Assessment

Fill in the blanks:
1. An initial idea about corporate objectives may have to be .................. if there is no feasible
implementation plan that will meet with a sufficient level of acceptance.
2. .................. systems should be used to share information and create common goals.
3. Formulation and .................. of strategy must occur side-by-side rather than sequentially.

4. .................. involves adapting the organisation to its business environment.
5. Traditional goal setting was initiated in 1800s by…………………….industry.
6. A plan is a .................. for accomplishment.
7. A strategic business unit is a .................. unit that is usually responsible for its own budgeting,
new product decisions, hiring decisions, and price setting.
8. Alternate plans to be used in case of failure of original plans are called…………………plans.
9. …………………plans are related to short term goals.
10. …………………of the strategy refers to the overall rationale of the strategy.

3.10 Review Questions

1. ‘Future keeps on moving. It may not be possible to predict future changes accurately and
provide for them in plans’. Discuss.
2. Discuss the essential features of a good plan that you developed to make your project(s)
successful.
3. Which kind of plan – tactical or operational, should an organisation develop first? Why?
4. ‘Planning and forecasting are inextricably intertwined’. Comment.

5. Almost by definition, organisations cannot accomplish all of their goals. Why?
6. Think of examples of each type of operational plan you have used at work, in your college
work or even in your personal life.

7. A new business venture has to develop a comprehensive business plan to borrow money
to get started. Companies leading the industry assert that they did not follow the original
plan very closely. Does that mean that developing the plan was a waste of time for these
eventually successful companies?

8. What will you do when a project does not come to fruition as expected, because of inefficient
planning?
9. What do you perceive to be the role of a city planner in private practice? In public service?

10. Do your personal values support the concepts of successful planning? If so, how?
11. Can you recall a time when important plans were changed? What did you do?
12. Comprehensive planning emerges as a relatively new concept these days in management
arena. On the basis of the knowledge you gained from this unit, how would you define the
concept and its significance?

66 LOVELY PROFESSIONAL UNIVERSITY