Assignment 1. Why Should One Plan? What Are The Benefits of Planning?

Assignment
1. Why should one plan? What are the benefits of planning?

There are many reasons why a business plan should be prepared. Regardless of the specific reason, the underlying
goal of preparing a business plan is to ensure the success of the business. Here are the main reasons why a business
plan should be prepared.
It provides you with the road map that you need in order to run your business. It allows
you to make detours, change directions and alter the pace that you set in starting or
running the business.
It establishes a system of checks and balances for your business so that you avoid
mistakes.
It helps you clearly think through what type of business you are starting and allows you
to consider every aspect of that business
In other hand the benefits of planning is:
Planning facilitates management by objectives.
Planning begins with determination of objectives.
It highlights the purposes for which various activities are to be undertaken
Planning minimizes uncertainties.
Business is full of uncertainties.
There are risks of various types due to uncertainties.
Planning helps in reducing uncertainties of future as it involves anticipation of future
events.
Planning facilitates co-ordination.
Planning revolves around organizational goals.
All activities are directed towards common goals.
It helps in finding out problems of work performance and aims at rectifying the same.
Planning improves employees moral
Employees know in advance what is expected of them and therefore conformity can be
achieved easily.
This encourages employees to show their best and also earn reward for the same.
Planning creates a healthy attitude towards work environment which helps in boosting
employees moral and efficiency.
Planning facilitates controlling.

Planning facilitates existence of certain planned goals and standard of performance.
It provides basis of controlling.
2. If you were serving as a strategic management consultant how might your respond to the
following question. How can I plan the next year when I dont even know what I am going to
do tomorrow?
we can plant as follows:
Make sure the goal is specific. For any goal, it is important that your goal is specific and
clearly defined. The work you will do to achieve short-term goals occurs over a shorter,
so it's important to avoid confusion about what you are trying to achieve. Confusion
creates delay and decreases motivation
Make sure the goal is realistic. It is important to set goals that you will actually be able to
achieve in the available time. Failure to do so will result in discouragement, which may
lead you to give up on future goals or to set up Goal Accomplishment
SMART Objectives Strategic, Measurable, Achievable, Realistic, Timebound or
Determine the steps. Nearly every goal can be broken down into smaller steps. Knowing
what those steps are can help the goal feel more manageable. It also can help you
create a clear plan to follow in working toward the goal or
Strengths Weaknesses Opportunities Threats (SWOT)
Permits exploring new directions
Facilitates decisions about moving forward
Can show where change can happen
Allows adjusting and refining current plan
Estimate how long you expect each step to take. Having a timeline and deadlines for these tasks will
help keep you motivated, accountable and on-task
Sketch out a plan. Once you've determined the steps, write up a quick plan that puts them in a
logical order that will be easy to follow
3. Comment on the following statement (most organizations succeed or fail based on their ability to
react to environmental challenges)
The succeed organization have done the following steps
Survey customers/members
Feedback from customers is an important input into the strategic planning process.
Valuable information can be learned about the organizations programs, services and events.
A survey can draw out the views of customers as to where issues need to be fixed, and it
provides an opportunity to test the popularity of proposed changes to programs and
services. Important factors in conducting a survey are
Defining the questions correctly and
utilizing technology to analyses the surveys
THE organization MAKE IT pestle analysis

PESTLE analysis, a more developed form of PEST analysis, is one of the most important
tools in business analysis and relies almost entirely on external factors
The organization Don't let external factors shift focus:
External factors can, certainly, effect or even justify changes to the goals from time to
time. However, external factors should have little or no effect on the organization's
objectives towards achieving its core mission.
In other hand: the organization fail based on their ability to react environmental
challenges is caused mainly that they cannot deal with the most suitable so they dont
make strategic plan for the environmental challenges like economic political social
technological and so on
4. Discuss the following statement (an induvial who owns a business should be
able to hire anyone and shouldnt have to worry about government
interference)
When you have a business, you have ability to hire anyone or (person) wants your
organization and you are looking for like this
You're looking for a combination of characteristics in the manager you select: an
experienced, mature person who is also very dynamic, forceful and able to do the job for
you. Ideally, you'd like to hire dedicated and honest management as well. This is why you
need to apply strong tests of character and ability to your search for the right person. In
order to do this, the first thing you have to do is determine what it is that your business
requires and what is really important. Write down what it takes to do the day-to-day
management. Also, look ahead a few years and see if the requirements for your manager are
going to change. If you can anticipate that, add those requirements to the description of the
person you're looking for now. so
there are many different ways in which governments is not interference in your organization when
you are hiring any person you want for number reasons like
The government does not know the person who can work in the appropriate
organization
The government does not know the type of work the organization forms are available
The government does not know the policy inside the organization
cannot imagine or cannot understand the government's goal of an organization
5. What factors do you think affect the amount of risk a manager is willing
to take when making a decision?
Risk Perceptions: Two approaches have been used to study individual differences in
risk perceptions. In the first, risk is a multidimensional construct with dimensions
labeled as dread, lack of familiarity, and lack of controllability.
Risk Attitudes: In economic theories, risk attitudes are measured by revealed
preferences. Consider a choice between a gamble and a sure thing equal to the
expected value of the gamble. People who choose the sure thing are said to have risk
averse preferences, and those who choose the gamble have risk-seeking preferences
Emotions: Emotions have powerful effects on decisions. Moreover, the outcomes of
decisions have powerful effects on emotions. This section reviews research on both
pre-decision and post decision affect
Beliefs: Decisions are based on beliefs about the likelihood of future events. Those
beliefs are expressed as probability judgments, judgments under uncertainty, and
confidence judgments.
Values: The endowment effect refers to the observation that people value objects
they own more than objects that are not part of their subjective endowment

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Assignment

1. Why should one plan? What are the benefits of planning?

Planning facilitates controlling.

It provides basis of controlling.

Defining the questions correctly and

utilizing technology to analyses the surveys

THE organization MAKE IT pestle analysis

The organization Don't let external factors shift focus:

cannot imagine or cannot understand the government's goal of an organization

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