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Group Work Assignment

The document outlines four types of plans: longterm, shortterm, intermediate, and strategic, each defined by their timeframes and purposes. It highlights key characteristics of planning, such as being continuous, participative, flexible, future-oriented, and systematic. Additionally, it explains the role of objectives in planning and how planning relates to decision making by guiding choices, measuring progress, and identifying risks.

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massamevic59
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3 views1 page

Group Work Assignment

The document outlines four types of plans: longterm, shortterm, intermediate, and strategic, each defined by their timeframes and purposes. It highlights key characteristics of planning, such as being continuous, participative, flexible, future-oriented, and systematic. Additionally, it explains the role of objectives in planning and how planning relates to decision making by guiding choices, measuring progress, and identifying risks.

Uploaded by

massamevic59
Copyright
© All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

GROUP WORK ASSIGNMENT

1. What are the four types of plans


*Longterm plans usually 5years or more
*Shortterm plans usually 1year or less
*Intermediate plans usually take 1 to 5years
*Strategic plans which is developed by top managers to guide general direction to the firm

2. What are the key characterestics of planning?


*It is continous since it is an ongoing process
*It is partisipative since it incrases ownership,commitment and accuracy
*It is flexible and adaptable to changing circumstances and allow for adjustments when needed
*It is future oriented since it focuses on future actions and outcomes
*It is systematic since it involve a structured and organised approach

3. Explain the term objectives as used in planning


*It guides in decision making informing choises and actions
*Measures progress allowing for evaluation and adjustment
*Focuses on efforts directing resources and energy towards archieving the derived outcomes
*Provides direction,motivation and a clear understanding of what succes looks like
*Determines the derived outcome since it clearly states what needs to be achieved

4. How does planning relate to decision making


*Involves gathering information,analyzing option and evaluating potential outcome which enables
informed decision making
*It helps define goals and objectives guiding decision making towards achieving those outcomes
*It involves considering alternative process of action allowing for more effective decision making
*It helps identify potential risks and develop mitigation strategies informing decision making
*It ensures resources are located efficiently supporting decision making that aligns with priorities.

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