GENERAL KNOWLEDGE

Detailed explanation-1: -Strategic planning is a process in which an organization’s leaders define their vision for the future and identify their organization’s goals and objectives. The process includes establishing the sequence in which those goals should be realized so that the organization can reach its stated vision.

Detailed explanation-2: -“Management” is the process of working with and through others to effectively achieve the goals of the organization, by efficiently using limited resources in the changing world.

Detailed explanation-3: -The art of formulating business strategies, implementing them, and evaluating their impact based on organizational objectives.

Detailed explanation-4: -Planning is the process by which managers establish goals and specify how these goals are to be attained. Plans have two basic components: outcome or goal statements and action statements. Outcome or goal statements represent the end state-the targets and outcomes managers hope to attain.

Detailed explanation-5: -Management by objectives (MBO) is a process in which a manager and an employee agree on specific performance goals and then develop a plan to reach them. It is designed to align objectives throughout an organization and boost employee participation and commitment.