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प्रश्न
Briefly explain the next three steps in the process of planning which the manager will have to have to follow after using conjecture about what might happen in the future.
उत्तर
The next three steps are :
- Identifying alternative courses of action: Once objectives are set, assumptions are made. Then the next step would be to act upon them. There may be many ways to act and achieve objectives. All the alternative courses of action should be identified. The course of action which may be taken could be either routine or innovative. An innovative course may be adopted by involving more people and sharing their ideas. If the project is important, then more alternatives should be generated and thoroughly discussed amongst the members of the organization.
- Evaluating alternative courses: The next step is to weigh the pros and cons of each alternative. Each course will have many variables which have to be weighed against each other. The positive and negative aspects of each proposal need to be evaluated in the light of the objective to be achieved. In financial plans, for example, the risk‐return trade‐off is very common. The more risky the investment, the higher the returns it is likely to give. To evaluate such proposals detailed calculations of earnings, earnings per share, interest, taxes, dividends are made and decisions taken. Accurate forecasts in conditions of certainty/uncertainty then become vital assumptions for these proposals. Alternatives are evaluated in the light of their feasibility and consequences.
- Selecting an alternative: This is the real point of decision making. The best plan has to be adopted and implemented. The ideal plan, of course, would be the most feasible, profitable and with least negative consequences. Most plans may not always be subjected to a mathematical analysis. In such cases, subjectivity and the manager’s experience, judgment and at times, intuition play an important part in selecting the most viable alternative. Sometimes, a combination of plans may be selected instead of one best course. The manager will have to apply permutations and combinations and select the best possible course of action.
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संबंधित प्रश्न
State the role of 'route clerk' in functional foremanship.
Explain the first three steps in the process of 'Planning'.
What are the steps taken by management in the planning process?
First step in planning process is to ____________.
Which step in the process of planning will precede the step in which the manager is required to make certain assumptions about the future, which are the base material upon which the plans are drawn.
Read the following text and answer the following question on the basis of the same:
Simplex limited had been taken over by Mundhra Group immediately following India’s independence. Since then it enjoys a rich record of industry presence and experience. In 2005, with the aim to accelerate growth the company had gone through several rounds of meetings and discussions before launching ERP system to attract large projects. The management had done effective forecast and critical thinking regarding allocation resources to reduce wastage. For this purpose the company had laid down multiple courses of action to meet the challenge of adverse situations. In 2008, the company suffered loss in many projects due to the great recession despite taking many cost cutting measures. The management had taken utmost care regarding the possible outcome and timely review of the plans to achieve the set target during that hard time. In 2010 the system implemented successfully which subsequently helped the company to execute numerous projects with precision and timeliness.
“In 2005, with the aim to accelerate growth the company had gone through several rounds of meetings and discussions.” What is the objective mentioned here according to the process stated here?
Planning requires logical and systematic thinking rather than guess work or wishful thinking. Identify the related feature of planning.
They represent the end point of planning.
Match the STEPS of Planning process in Column I with the appropriate SEQUENCE in Column II.
| Column I | Column II | ||
| (1) | Setting Objectives | (i) | Fourth step |
| (2) | Implementing the plan | (ii) | First step |
| (3) | Evaluating alternative courses | (iii) | Sixth step |
To see whether plans are being implemented and activities are being performed according to the schedule, is a step of planning process. Identify the step.
Which of the following statements is incorrect?
While 'selecting an alternative' under the planning process, which of the following are considered?
Assertion (A): Planning is a time-saving process.
Reason (R): The success of an enterprise is possible only when plans are properly drawn up and implemented.
Which of the following step in the process of planning states that the manager is required to make certain assumptions about the future:
To see whether plans are being implemented and activities are being performed according to the schedule, is a step of planning process. Identify the step.
‘The pros and cons of each alternative need to be weighed.’ Name and briefly explain the logical steps in the process of planning which are followed by a manager before performing the step highlighted in the above statement.
