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Fundamentals of Management > Planning and Strategy > Flashcards

Flashcards in Planning and Strategy Deck (15)
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1

Strategy is an important part of which management process?

Planning

2

Strategic plans are sometimes called...

Directional plans

3

Tactical plans are sometimes called...

Intermediate plans

4

Operational plans are sometimes called...

Action plans

5

SWOT analysis stands for...

Strengths, Weaknesses, Opportunities, Threats

6

Name the 6 aspects of PESTLE analysis.

- Political factors
- Economic factors
- Socio-cultural factors
- Technological factors
- Legal factors
- Environmental factors

7

Name one criticism of strategic planning.

Any 1 of the below:
• It is only useful with the benefit of hindsight.
• It makes senior management less responsive to changes in the environment.

8

Name one of the assumptions in strategic plans that were criticised by Mintzberg.

Any 1 of the below:
• An organisation can predetermine its future
• Planners take an objective view
• Standard procedures will produce an effective strategy

9

Tactical plans are usually concerned with...

how things are done

10

What is the main tool of tactical planning?

Gantt charts

11

What kind of plans have the shortest time-frame?

Operational

12

What does the acronym PERT stand for?

Performance, evaluation, review, technique

13

Which three features are essential aspects of planning?

• Goals
• Analysis of resources & stages
• Arranging stages

14

Name two strategies concerned with size.

Any two of the below:
- Globalisation
- Industry dominance
- Growth
- Retrenchment

15

Name two weaknesses of Management by Objectives (MBO)

Any two of the below:
• Focus on measurable aspects
• Excessive managerial effort
• Encourages setting lower goals
• MBO may be culturally specific and not work in all cultures
• MBO does not work where rapid change is normal