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Correct option is (C) Procedure

Planning provides direction is a benefit of planning

Correct option is (C) Employees

i. Standing Plans: It refers to those plans which are formulated once and they are repeatedly used.

ii. Single-use Plan: It refers to those plans which are formulated to solve some special problems and these plans end the moment the problem is solved.

Planning provides direction for action by deciding in advance what has to be done, how to do, when to do and who will do. When we try to seek answers to the above questions, which are well planned then directions are automatically highlighted.

Planning provides direction for action by deciding in advance what has to be done, how to do, when to do and who will do. When we try to seek answers to the above questions, which are well planned, then directions are automatically highlighted.

Correct option is (D) None of these

Planning may not work in a changing environment. The environment consists of a number of dimensions, economic, political, social, legal and technological dimensions. The organisation has to constantly adapt itself to changes. It becomes difficult to accurately assess future trends in the environment. Planning cannot foresee everything and thus, there may be obstacles to effective planning.

Planning may not work in a changing environment. The environment consists of a number of dimensions, economic, political, social, legal and technological dimensions. The organisation has to constantly adapt itself to changes. It becomes difficult to accurately assess future trends in the environment. Planning cannot foresee everything and thus, there may be obstacles to effective planning.

Method is an arrangement for carrying out business programmes. Strategy depicts the arrangement of facing competition, policy gives information to fulfill the objectives while method refers to best way of accomplishment of pre-determined objectives.

i. Policies: Policies are those general statements which are decided for the guidance of the employees while taking decision. Their purpose is to lay down a limit within which a particular work can be done or a decision taken. Objectives decide what is to be achieved and the policies tell us how it can be achieved. Sometimes we hear the following in connection with policies: Personnel Policy: Under this policy it can be decided that the basis for the promotion of employees will be their age. Once this is decided, no departmental manager will need the permission of the General Manager regarding the promotion of the employees.

ii. Procedures: Procedures are those plans which determine the sequence of any work performance. For example, the recovery of money from the debtors can be done in the following order:

a. Writing letters

b. Contacting on telephone

c. Meeting personally

d. Taking legal action.

This is the procedure of collecting money from all the debtors.

Difference between budget and forecast.

Policies are guide to thinking while procedures are guide to action.

 Steps taken by management in the planning process are.

I. Setting up organizational objectives: 

(a) The first step in the planning process is the setting up of objectives as a whole as well as for each department thereof. 

(b) If the end result is clear, it becomes easier to work towards the goal. 

II. Developing planning premises: 

(a) Planning is concerned with the future which is uncertain. The manager is required to make certain assumptions about the future which is known as premises. 

(b) Planning premises refers to certain assumptions about estimates and projections of the future behavior of variables which are likely to affect the activities of the organization. They are in nature of informed guesses of managers with respect to specific future trends. 

III. Identifying alternative courses of action : 

(a) Once objectives are set, assumptions are made .Then the next step would be to act upon them. 

(b) There may be many ways to act and achieve objectives. All the alternatives courses of action should be identified. 

IV. Evaluating alternative courses : 

(a) Planning requires that each alternative course of action should be evaluated taking into facts about positive and negative aspects. 

(b) All alternative should be compared and evaluated with references to cost, speed, risk, profit and enterprise’s long-term objectives. 

V. Selecting an alternative: 

(a) This is real point of decision-making .The best plan has to be adopted and implemented. 

(b) The ideal plan, of course, would be the most feasible, profitable and with least negative consequences. 

VI. Implementing the plan:

(a) This step is concerned with putting the plan into action i.e., doing what is required. 

(b) For example, if there is a plan to increase production then more labour, more machinery will be required. This step would also involve organizing for labour and purchase of machinery. 

VII. Follow-up action: 

(a) After implementation of the plan, the next step is to review the existing plans periodically to ensure their relevance and effectiveness. 

(b) Once a plan is put into action as per schedule, its monitoring is equally important. In course of implementation, many adjustments may be required to achieve the given objectives.

Correct option is (c) Identifying alternative courses of action

It is right to say that planning is not a guarantee of success of business. Since it based on assumptions regarding future and assumptions cannot be hundred percent accurate.

(i)'Planning may not work in a dynamic environment': The business environment is dynamic, nothing is constant. The environment consists of a number of dimensions, economic, political, physical, legal and social dimensions. The organisation has to constantly adapt itself to changes. It becomes difficult to accurately assess future trends in the environment if economic policies are modified or political conditions in the country are not stable or there is a natural calamity.

(ii) 'Planning does not guarantee success': The success of an enterprise is possible only when plans are properly drawn up and implemented. Any plan needs to be translated into action or it becomes meaningless. Managers have a tendency to rely on previously tried and tested successful plans. It is not always true that just because a plan has worked before it will work again.

Planning is not a full proof key to success because plannihg is based on assumptions and forecasting which is made’ for future. Future is not certain and thus, assumptions are not fully correct.

Following are the steps included in planning:

i. Setting Objectives: In the planning process, objectives are determined and defined first of all.

ii. Developing Premises: At this stage planning premises are developed. They affect the possible results of various alternates.

iii. Identifying Alternative courses of Action: On the basis of the objectives of the organisation and limitations of planning, alternative courses of doing a particular work can be discovered.

iv. Evaluating Alternative Courses: At this stage, it is seen as to what extent a particular alternative course can help in the attainment of objectives of the organisation.

v. Selecting of Alternative: After careful analysis, the best alternative is selected.

vi. Implementing the Plan: The next step is to implement the chief and the subsidiary plans.

vii. Follow up Action: In the end, there is a constant review of plans so as to ensure success in the uncertain future.

The following are the steps involved in planning while establishing a new business unit: 

• Setting objectives 
• Developing premises 
• Identification of alternative course of action 
• Evaluating alternative courses 
• Selecting an alternative 
• Implementing the plan 
• Follow up action

Correct option is 3.planning is mental exercise

Planning is the management function.

Correct option is (b) Planning may not work in a dynamic environment.

Correct option is (ii) Planning is a mental exercise.

Correct option is (b) Planning is a mental exercise.