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- 3a) Explain how a company's approach to planning and its mission can be translated into action plans. 3b) Imagine that you have just purchased a local ice cream/yogurt store. There are three other similar stores in the city, and yours is the smallest. Write a mission statement and a vision statement, and create an action plan for achieving your vision. 4a) Explain expectancy theory, and discuss how managers can use this model to help motivate employees. 4b) Imagine that you are managing Saud Bahwan Automobile business. Sales of cars, SUVS, and pick-ups have been very slow in the last few months due to COVID-19, and your staff is feeling demoralized, unsecured, and unmotivated. Analyze the situation in terms of expectancy theory, and explain how you might go about improving motivation once the economy opens up among the salesmen at Saud Bahwan Automobile business.For each situation, find the decisions using: • the optimistic approach • the conservative approach • The minimax regret approach A, B, C, and D are states of nature. X, Y, Z and Q are decision alternatives. 1. A 10 -9 7 14 -2 6. 2. A 10 -3 -7 Y. -7 13 6. -6 9. B19. . is the second step in the MBO process. A) Reviewing plans B) Performance appraisal C) Task analysis D) Developing action plans E) Setting objectives
- (1) Why is collaboration between employee andmanager essential to goal setting in MBO? (2) Howcan overly narrow goals and overly challenging goalscontribute to ethical lapses?What are 3 psychological barriers to good decision making, A. Goal displacement, overthinking and weaknesses. B . Illusion of control, framing effects and discounting the future. C. Time pressures, social realities, and framing effects. D. None of the above1. 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…
- Please explain and elaborate the things below: Planning is an essential capacity of the executives. Each capacity of the board depends on arranging. "Planning is the method involved with building up objectives and a reasonable game-plan for accomplishing these objectives." Separate Your Company's Goals. Track Your Goals' Progress. Focus on the Company's Goals. Fabricate Your Company's Support System. Stay Flexible With Your Company's Goals. Watch out for Your Company's End Goal. Acknowledge Your Company's Imperfections.1. In one sentence, state the concept of planning. 2. In one sentence define planning. 3. Do the purposes of planning really serve their purpose? Yes or No. Reasons.Charlie believes that her employees will work toward organizational goals if they are committed to them, and they will become committed to organizational goals if they can see that doing so will bring them personal rewards. Charlie is followinga. extinction theoryb. Theory Yc. scientific managementd. Theory Ze. Theory X
- 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 plans1. Identify how each bias can impact a manager when they are performing a performance appraisal. a) How can the bandwagon bias/ effect impact a manager when they are performing a performance appraisal? b) How can the confirmation bias impact a manager when they are performing a performance appraisal? c) How can the outcome bias impact a manager when they are performing a performance appraisal? d) How can the Placebo bias impact a manager when they are performing a performance appraisal?In which step.of the planning procesS would one know where one is placed in reaching the goals, and what strengths work in one's favor and what weaknesses may hold one back? * Implementing the plan and evaluating results. Defining the objectives. Developing premises regarding future conditions. Determining where one stands vis-à-vis objectives.