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- Goal Setting and Planning General FrameworkOutline the importance of goal setting in planning and the characteristics of well-defined goals.Individual Components1. Discuss Miles & Vergen’s landmark study into goal setting and the three conditions theyidentified to be satisfied to ensure best practice in goal setting2. Discuss Management by Objectives3. Discuss contingency factors which influence a manager’s approach to planning4. Discuss different types of plansIMPORTANCE OF FINANCIAL PLANNING IN BUSINESS 2 paragraphs1. The Importance of Planning: 000 Planning is a fundamental aspect of achieving goals and objectives. Whether in personal endeavors or professional projects, a well-thought-out plan provides a roadmap for success. It helps in organizing tasks, allocating resources efficiently, and anticipating potential challenges. Without a solid plan, individuals and organizations may find themselves navigating through uncertainty and facing unnecessary hurdles 2. Strategic Planning in Business: In the business world, strategic planning plays a pivotal role in shaping the future of an organization. It involves setting clear goals, identifying key performance indicators, and formulating strategies to achieve them. A well-crafted business plan not only guides day- to-day operations but also facilitates adaptability in a dynamic market. How do successful businesses strike a balance between detailed planning and the need for flexibility in today's fast-paced environment? 3. Personal Planning…
- 11. Strategic planning is beneficial because the organization can ⦁ establish long-term goals that extend 5-10 years into the future.⦁ establish short-term goals that extend one year into the future.⦁ establish goals for next month.⦁ execute directives from the board of directorsWhat is Contingency Plans, Scenario planning, Participatory planning, Linear Programming, Scheduling, Gantt Chart, Decision-making. ExplainV1 Analyze a selected company, its operations, and its associated industry and evaluate these areas for development of a business plan for growth to increase revenues by 10% over the next five years with ethical financial practices. 1. Recommend three or more well-defined improvements to corporate governance over the internal controls supported with examples of how the recommendations would impact the company's financial statements. The recommendations could be for improvement of sales, justification of opening different markets, or enhancement of current operations.
- In Special Events and Management 1. Event Planning and Organization Choose a type of special event (e.g., fundraiser, conference, gala) anddevelop a comprehensive plan for organizing it. Identify the event's goals, target audience, timeline, and location. Develop a detailed schedule of activities and assign responsibilities toteam members. Ensure that all necessary permits, licenses, and insurance are obtained.2. Budgeting and Financial Management Develop a realistic budget for the special event. Identify all sources of revenue and expenses. Monitor expenses throughout the planning process to ensure that thebudget is not exceeded. Develop contingency plans for unexpected expenses. 3. Logistics and Operations Management Develop a detailed plan for managing logistics and operations during thespecial event. Ensure that all necessary equipment, supplies, and personnel areavailable. Coordinate with vendors, contractors, and other third-party serviceproviders as…18 - Which of the following is the type of planning that managers usually deal with? a) operational plans B) tactical plans c) Unscheduled plans D) contingency plans e) Formal plans2.How is planning and control linked?