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DIP – Tutorial 3

DIP – Tutorial 3. Lim Sei Kee @ cK. 1. Planning is the process of ____________ and _____________. a) developing premises about the future, evaluating them b) measuring results, taking corrective action c) measuring past performance, targeting future performance

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DIP – Tutorial 3

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  1. DIP – Tutorial 3 Lim SeiKee @ cK

  2. 1. Planning is the process of ____________ and _____________. • a) developing premises about the future, evaluating them • b) measuring results, taking corrective action • c) measuring past performance, targeting future performance • d) setting objectives, deciding how to accomplish them

  3. 2. The benefits of planning include _______________. • a) improved focus • b) lower labor costs • c) more accurate forecasts • d) guaranteed profits

  4. 3. In order to implement its strategy, a business firm would likely develop a (an) _____________ plan for the marketing function. • a) benchmarking IT • b) operational • c) productivity • d) strategic

  5. 4. ___________ planning identifies alternative courses of action that can be taken if and when certain situations arise. • a) Strategic • b) Operational • c) Strategic • d) Contingency

  6. 5. The planning process isn’t complete until __________ • a) future conditions have been identified • b) stretch goals have been set • c) plans are implemented and results evaluated • d) budgets commit resources to plans

  7. 6. Planning is the process of. . . • Setting objectives • Determining what should be done to accomplish them • Implementing the plan • Evaluating the results of the plan

  8. 7. What are the advantages of planning? • Planning facilitates management by objectives. • Planning minimizes uncertainties. • Planning facilitates co-ordination. • Planning improves employee’s moral. • Planning helps in achieving economies. • Planning facilitates controlling. • Planning provides competitive edge. • Planning encourages innovations.

  9. 8. How does planning help to improve focus? • Planning – identifying your objectives and specifying exactly where it is you hope to get in the future. • Having a clear sense of direction – avoiding getting sidetracked on things that might not contribute to accomplishing our objectives.

  10. – find discipline in stopping periodically to assess how well we are doing. • - With a clear objective, present progress can be realistically evaluated and efforts refocused on accomplishing the objective.

  11. Discussion Qs • What is forecasting? Is planning and forecasting the same?

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