planning
Define planning
Planning is the process of setting the objectives of the business and putting a strategy (course of action) in place to effectively achieve them i.e. set goals/objectives/targets and seek out ways to achieve them.
It sets out what to achieve and how to achieve it. The main objective is to survive and be profitable while meeting the needs of customers.
Planning gives purpose and direction and reduces risk and uncertainty.
define organising
Organising means building a structure in an organisation so that its activities are coordinated, and its objectives are achieved.
Organising involves arranging resources (staff, equipment and finances) in the most efficient way to achieve the firm’s objectives i.e. bringing people together to achieve a common objective.
define controlling
The management activity of controlling involves the manager making sure that the business stays on target to achieve the objectives that were set during planning.
Controlling is measuring actual performance to see if its in line with the target of the plan.
What does SMART stand for
Specific, measurable, achieveable/agreeable, realistic, timely
differentiate between a product organisation structure and geographical organisation structure
product: by product [dairy milk, flake, creme egg]
geographical: by location [ireland and uk]
Name 4 management controls
1.Stock control
2.Quality control
3.Credit control
4.Financial control
list the steps involved in planning
•Analyse the current situation
•Draft a mission statement/ objectives
•Set a timeline
•Review the plan
the matrix organisational structure is made up of what?
functional organisation
project team organisation.
There are various ways that a business can control its quality, including:
quality circles
ISO 9000 awards
differentiate between an operational plan and manpower planning.
operational plan: This is the planning of day-to-day activities of the business and includes timetabling of staff for the week/month or deciding on production quantities for the week
manpower planning: A manpower plan is a plan for the human resources of a business. It aims to ensure the business puts the right number of people, with the right skills in the right place, at the right time to achieve the goals of the organisation
name 2 advantages and 2 disadvantages of the matrix organisationl structure
ADVANTAGES
Better coordination, better ideas, Develops employees
DISADVANTAGES:
Two bosses, Increased cost, Slow decision
What is the difference between credit control and financial control
credit control: It seeks to eliminate bad debts.
Financial control: The aim of financial control is to make sure that the business is profitable and has enough money to pay its debts.
answer must contain 2 or more examples for each of the following: strength, weakness, opportunities and threats.
Less than 2: no points given
differentiate between chain of command and span of control.
[must say more than 1 sentences per element]
Chain of command: It specifies who reports to whom. The chain also shows the official channel of communication in the business
Span of control: The number of subordinates who are delegated authority and report to the manager. [the number of people a manager is ‘in control’ of]
name 3 advantages of controlling
•Controlling makes sure that the business achieves its objectives.
•It reduces the business’s costs, by producing quality products that reduce the need for repairs or refunds.
•It improves the business’s cash flow by having an effective credit control system.
•Top quality products increase a business’s sales and profits.