Planning And Decision Making Flashcards, test questions and answers

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What is Planning And Decision Making?

Planning and decision-making are two processes that are essential to any successful organization. Planning is the process of setting goals, developing strategies and tactics to reach those goals, and implementing a course of action. Decision-making is the process of selecting the best available option from among a range of alternatives. Both processes are used by organizations to ensure they make smart decisions in order to achieve their objectives. The planning process begins with establishing organizational objectives that should be SMART (Specific, Measurable, Achievable, Realistic and Time-bound). Once these objectives have been established, strategies are developed which will be used to help achieve them. These strategies often involve analyzing past performance data as well as examining external factors such as market trends or customer feedback in order to identify opportunities for growth or improvement. The strategies should then be broken down into tactical action plans with clear steps on how they will be implemented.Once the plan has been established it’s time for decision making. This involves evaluating all potential options and choosing which one is most likely to lead to success based on all available information such as costs, benefits, risks etc.. It’s important that all stakeholders involved in making the decision have access to relevant information so that everyone can contribute their own unique perspectives and insights which can ultimately result in better decisions being made. In conclusion, planning and decision making are both key elements of any successful organization’s operations. Planning helps organizations set realistic goals while decision making allows them evaluate different options in order to select the best one for achieving those goals effectively and efficiently