BUSINESS ADMINISTRATION
STRATEGIC MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Planning may not work in dynamic environment
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Planning reduces creativity
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Planning involves huge cost
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Planning is time consuming
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Detailed explanation-1: -Strategic Planning It is more of a high-level planning done by the top-level managers in the organisation.
Detailed explanation-2: -The formulation of plans and policies is an intellectual process that requires creativity and innovation on the part of the managers. However, once a plan is formulated, the manager may not be able to change it. This rigidity creates hurdles when unforeseen changes come about and thereby reduces creativity.
Detailed explanation-3: -The main function of top level management is to frame the plans and policies of the Whole organisation to achieve its goals. It decides the long term objectives of the organisation and also frames particular plans and policies to get them. Further, it also sees that the policies are properly implemented.
Detailed explanation-4: -In particular, planning helps to critically assess the goal to see if it’s realistic. It facilitates decision making and allows setting a time frame by predicting when the company can achieve its goal. It also defines how to measure performance against the set goals and whose responsibility it will be.