New Enroll in our GIC Finance Online Course Here!

    Register

    Question

    Which core management function encompasses the following

    interrelated processes: defining organizational goals, establishing a roadmap for resource allocation and task prioritization, and formulating tactical approaches to mitigate risks and achieve desired outcomes within a specified timeframe?
    A Organizing Correct Answer Incorrect Answer
    B Leading Correct Answer Incorrect Answer
    C Controlling Correct Answer Incorrect Answer
    D Planning Correct Answer Incorrect Answer
    E Staffing Correct Answer Incorrect Answer

    Solution

    Planning is the function of management that involves setting objectives and determining a course of action for achieving those objectives.   Planning requires that managers be aware of critical environmental conditions facing their organization in terms of economic conditions, their competitors, and their customers. Planners must then attempt to forecast future conditions. These forecasts form the basis for planning.  It also requires that managers be good decision makers. Managers need to identify alternative courses of action for achieving objectives. After evaluating the various alternatives, they must make decisions about the best courses of action for achieving objectives.   

    Practice Next