Explanation:
Formal planning is a type of planning that involves a structured and systematic approach to setting goals, developing strategies, and implementing plans. It typically involves a clear hierarchy of goals and objectives, as well as detailed plans and procedures for achieving them.
While formal planning can be a useful tool for organizations, there is no direct correlation between the use of formal planning and high profits or returns on assets. The success of any planning approach depends on a variety of factors, including the specific goals and objectives being pursued, the competitive landscape, and the organization's ability to execute its plans effectively.
Explanation:
Single-use plans in principles of management are plans that are developed for a specific, one-time purpose and are not intended to be used again in the future. These plans are designed to address a specific problem or opportunity and are typically time-limited and narrowly focused.
Single-use plans are an important tool for effective management, as they help to ensure that specific problems or opportunities are addressed in a timely and efficient manner. They are designed to be flexible and adaptable and can be modified as needed to ensure that the desired outcome is achieved.
Explanation:
The documents that specify how objectives are to be achieved are known as action plans. An action plan is a detailed document that outlines the specific steps, resources, and timelines required to achieve a particular goal or objective.
Action plans typically include a description of the objective, a list of specific tasks or actions required to achieve the objective, a timeline for completing each task, and a list of the resources needed to carry out the plan (such as personnel, equipment, or funding).
Explanation:
Directional plans in principles of management are high-level plans that set the overall direction or vision for an organization. These plans are designed to provide guidance and focus for the organization's activities and decision-making, and to ensure that everyone in the organization is working towards a common goal.
Directional plans typically focus on the long-term goals and objectives of the organization and may include elements such as mission statements, vision statements, and strategic objectives. They may also outline the organization's core values, its competitive position in the marketplace, and its target customers or markets.
Explanation:
Planning is an essential function of management, and it serves several important purposes in organizations.
Is a critical function of management that helps organizations to achieve their goals, increase efficiency, reduce risk, facilitate decision-making, and improve communication.
Explanation:
Strategic planning is the type of planning that applies to the entire organization and establishes its goals. Strategic planning is a process that involves defining the organization's mission, vision, and values, and developing a plan for achieving its long-term goals and objectives.
Strategic planning typically involves a comprehensive analysis of the organization's internal and external environment, including its strengths, weaknesses, opportunities, and threats. Based on this analysis, the organization can develop a clear understanding of its competitive position and identify strategic initiatives that will enable it to achieve its goals and objectives.
Explanation:
Specific plans in principles of management are detailed, concrete, and measurable objectives that are designed to guide the actions and decision-making of individuals and teams within an organization. Specific plans can take many different forms, depending on the goals of the organization.
Specific plans are an important component of effective management, as they help to ensure that everyone in the organization is working towards a common goal and that resources are being used efficiently and effectively.
