BBA 3rd Year Corporate Planning Short Question Answer Study material notes Unit-Wise division of content 3 mock papers for Self-assessment Semester-Wise Notes Book Code-602
BBA 3rd Year Corporate Planning Short Question Answer | Index
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Section – B
(Short Answer Questions)
Q.1. Write a short note on corporate planning.
Ans. Corporate Planning: Planning is traditionally considered to be one of the four major functions of management, along with organising, leading, coordinating and controlling. Simply, planning is identifying where you want to go, why you want to go there, how you will get there, what you need in order to get there and how you will know if you are there or not. In other words, planning is setting the direction for something, some system and then working to ensure that the system follows.
To explain, inputs to the system include resources such as raw materials, money, technologies and people. These inputs go through a process where they are aligned, moved along and carefully coordinated, ultimately to achieve the goals set for the system. Outputs are tangible results produced by processes in the system, such as products or services for consumers. Another kind of result is outcomes, or benefits for consumers, e.g. jobs for workers, enhanced quality of life for customers etc. Systems can be the entire organisation, or its departments, groups, processes etc.
Q.2. What are the benefits of strategic planning?
Ans. The benefits of strategic planning are as follows:
1. It clearly defines the purpose of the organisation and establishes realistic goals and
objectives consistent with that mission in a defined time frame within the organisation’s
capacity for implementation.
2. It communicates goals and objectives to the organisation’s constituents.
3. It develops a sense of ownership of the plan.
4. It ensures that the most effective use is made of the organisation’s resources by focusing
the resources on the key priorities.
5. It provides a base from which progress can be measured and establishes a mechanism for
informed change when needed.
6. It brings everyone’s best and most reasoned efforts have important value in building a
consensus about where an organisation is going.
7. It bridges staff and board of directors, also builds strong teams in the board and the staff.
8. It provides the glue that keeps the board together and produces great satisfaction among
planners around common vision.
9. It increases productivity by increasing efficiency and effectiveness.
10. It solves major problems which come up in different phases of planning.