Describe the components of planning function.

      

Describe the components of planning function.

  

Answers


sharon
a) Objective - is the measurable, verifiable, specific and attainable
- The objective gives focus and direction to a business mission
statement.
b) Strategies - are a scheme & methods which an entrepreneur hopes to
deploy in order to move the enterprises from it’s present
position to arrive at its targeted goals
c) Policies - are overall guides to action which must be followed
consistently for the achievement of organization goals
-
they act as rules & regulations which an entrepreneur imposes on the enterprise in order to achieve the major objectives.
d) Standards - are a planning function that permit an entrepreneur to use
values as forms (acceptable standards) when certain things have been adopted as norms in the entrepreneur, they acts as control measures for evaluation of performance.
e) Budgets – are quantitative expressions of future cause of action. They
usually show cash flow of an organization and act as a guide
especially for the entrepreneurial spending i.e
-sales budgets
-purchases
-experiences
-cash
f) Procedures - help and entrepreneur to chart the sequence or related
tasks to be performed for the accomplishment of the
enterprises objectives-it enables the entrepreneurship determine how a particular
task will performed and when it should be done.
g) Methods reveal the manner of performing specific tasks. It mainly
Prescribes how one step of a procedure should be carried
out.
h) Programme - are a set of activities undertaken to accomplish
objectives e.g a Production programme may specify a production objective
Production standard or even production policies.
sharon kalunda answered the question on April 16, 2019 at 14:37


Next: Give advantages of using finance from institutional investors.
Previous: Highlight five reasons for Preparing a Business Plan.

View More Entrepreneurship Questions and Answers | Return to Questions Index


Exams With Marking Schemes

Related Questions