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CBSE Questions for Class 12 Commerce Business Studies Planning Quiz 7 - MCQExams.com
CBSE
Class 12 Commerce Business Studies
Planning
Quiz 7
Operational planning is ________.
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long term in nature
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medium term in nature
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short term in nature
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none of the above
Explanation
Operational planning has a short term scope. It is specific for the working teams of any operational unit. Operational planning focusses on achieving objectives and carrying out short term activities. It corresponds to the annual work plan. It explains how a strategic plan will be put into operation during a given operational period.
Decision making is a _______.
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goal oriented activity
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conscious and human process
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process of selection from amongst alternative courses of action
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all of the above
Explanation
Planning is needed only when different alternatives are available and we have to select most suitable alternative. Decision making of best alternative is totally depends on the goal of the organisation. It is conscious and human process.
Forecasting is a prerequisite to _____.
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plan
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organise
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manage
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all of the above
Explanation
All business man have to think about future, make predictions and achieve target. Forecasting is necessary to make plans as we make plans for future not for past. Forecasting is the base of planning. Planning makes it possible for things to happen.
Match the following:
(1) Policy
(a) Guidelines for repetitive problems
(2) Budget
(b) Quantitative plan of action
(3) Project
(c) Scheme for deployment of resources
(4) Rule
(d) Rigid plan, no scope for discretion
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1-a; 2-c; 3-d; 4-b
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1-a; 2-b; 3-c; 4-d
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1-b; 2-a; 3-c; 4-d
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1-d; 2-c; 3-b; 4-a
Explanation
Policy, budget, project and rule are the types of plans. Policies are the organisation's own way of handling the problems. Budget is the statement of expected result expressed in numerical terms. Project is the way utilising the resources. Rules spell out special actions or non actions of the employees.
Strategy is ______.
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forward looking
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backward looking
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downward looking
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upward looking
Explanation
Strategy is forward looking as it is created to take into account the probable behaviour of customers and competitors. Strategies dealing with employees predict the employee behaviour. Strategy in short, bridges the gap between "where we are " and "where we want to be".
Decision making can be ________.
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positive
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negative
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both (a) and (b)
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none of the above
Explanation
Decision making is a human process as decisions are taken by humans only. Managers select the best alternative according to the required goal. But sometimes the decision made by him may not succeed. So we can say that decision making can be both positive as well as negative.
Strategy is a ______.
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long term plan
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medium term plan
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short term plan
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all of the above
Explanation
Strategy is long term, medium term as well as short term plan. Long term includes corporate strategies, medium term includes business unit strategies and short term includes functional strategies. Different strategies are decided at their level by their heads.
The concept of strategy in business has been borrowed from ________.
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military science
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sports
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political science
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both (a) and (b)
Explanation
The concept of strategy is borrowed from military and sports. Enterprises need business strategies for much the same reasons that armies need military strategies. Sports manager also make assessment of the 'battlefield' earlier. Business, military and sports strategy share a number of common concepts and principles, the most basic being the distinction between strategy and tactics.
Which of the following are true or false?
(a) Planning and forecasting both are concerned with failure
(b) Forecasting is helpful not only in planning but in the entire management process
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Both (a) and (b) are true
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Both (a) is true, but (b) is false
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Both (a) and (b) are false
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Both (a) and (b)
Explanation
It is true that planning and forecasting both are concerned with failure. We can only predict the future but we can not decide the situations to be held in future. Forecasting is helpful in all the process of management but it just reduces the risk of uncertainties.
Goals are _______________.
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Ultimate aims to be achieved
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Objectives
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Policies
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Assumptions
Explanation
Goals are long term objectives of the organisation which are backed by time constraint and strategic plans.
These are the ultimate aims for which the organisation was formed. These goals direct the managerial actions in an organisation and aims at achieving these goals.
Planning is a ____________ process.
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goal oriented
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flexible
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time bound
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all of the above
Match the following:
(a) Strategy
(1) General guide to thinking and decision-making
(b) Policy
(2) Contigent plan to meet environmental pressures
(c) Procedure
(3) Chronological sequence of steps
(d) Programme
(4) Combination plan for goal achievement
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a-1; b-2; c-3; d-4
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a-2; b-1; c-3; d-4
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a-1; b-2; c-4; d-3
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a-3; b-2; c-4; d-1
Explanation
Strategy, policy, procedure and programmes are the types of plans. A strategy is a comprehensive plan to achieve the organisational objectives. Policy is organisation's general response to a particular situation. Procedures are required steps established in advance to handle future conditions. Programmes are the combination of goals, policies, procedures and rules.
Decision-making is an integral part of every _________.
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manager's job
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director's job
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worker's job
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all of the above
Explanation
Decision making is a integral part of every manager. He has to recognize what is required in every single context. He has to take all types of decision to focus on everyday, logistic, technical, strategic, holistic decisions.
Selecting one from several alternatives is called ________.
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planning
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forecasting
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decision making
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controlling
Explanation
Selecting one from the various alternatives is called decision making. When trying to make a good decision, a person must weigh the positives and negatives of each option, and consider all the best possible alternative. For effective decision making, a person must be able to forecast the outcome of each option as well and determine the best.
Group-decision making is _______.
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more time consuming
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costly
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both (a) and (b)
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none of the above
Explanation
Group decision making is very time consuming process as it is difficult to plan, organise and control the group, explaining them the purpose of meeting and then finally reach to the solution. It is also very costly in terms of time, money, energy and man hours.
The decision tree is a _______.
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statistical method
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mathematical method
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graphic method
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economic method
Explanation
The decision tree is a graph that uses a branching method to illustrate every possible outcome of a decision. It can be drawn by hand or created with a graphics program or specialised software. It is called a decision tree because it starts with a single box or root which then branches off into a number of solutions just like a tree.
Planning may be defined as a ____________.
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programme of action
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systematic network
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plan model
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all of the above
The first step in decision making is ______.
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defining the problem
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analysing the problem
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evaluating the alternatives
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selection of best solution
Explanation
The first step in decision making is to visualise the problem clearly. It is said that a well defined problem is half solved. The problem may be financial, technical or related to marketing. These problems generally arise due to shortage, depression, government regulations, competition, changing patterns of consumption etc.
What do you call a small group of people that are stimulated to creative thinking?
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Stimulation
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Brain storming
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Operations research
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Risk analysis
Explanation
Brain storming is a group activity technique designed to generate a large number of ideas spontaneously by its members for the solution of a specific problem. Brainstorming method was popularised by Alex Faickney Osborn in a book called Applied Imagination in 1953. Osborn proposed that groups could double their creative output with brainstorming.
The most critical part of the decision-making process is ________.
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defining the problem
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analysing the problem
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selecting the best solution
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evaluating the alternatives
Explanation
Selecting the best solution is the most critical part of decision making. There is a risk element involved in each alternative against the expected gain. Selection should be made at proper time. Selection of decision is also affected by the limited resources available at our disposal.
Herbert A.Simon has identified ________ phases with decision making process.
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2
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3
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4
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5
Explanation
Herbert Simon has identified 3 phases with decision making process. First phase is intelligence activity which consists of finding occasion for decision making. Second phase is design activity which consists of identifying, developing and analysing all possible course of action. Third phase is choice activity which consists of choosing among courses of action.
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Both Assertion and Reason are correct and Reason is the correct explanation for Assertion
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Both Assertion and Reason are correct but Reason is not the correct explanation for Assertion
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Assertion is correct but Reason is incorrect
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Assertion is incorrect but Reason is correct
Explanation
Group decisions are better than individual decisions because the groups generally have a greater knowledge, expertise and skill base. Large number of members provide more perspectives of the problem and helps to reach quality decision.
"Brain storming" is associated with ________.
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planning
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decision-making
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directing
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supervision
Explanation
Brainstorming is a popular group decision making technique that is used for generating ideas. It is a combination of group problem solving and discussions. It works on the belief that the more the number of ideas greater the possibility of arriving at a solution to the problem that is acceptable to all. It starts with the group generating ideas whichbarevthen analysed, with action points based on the discussions.
Which of the following elements gave birth to economic planning?
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Merits of capitalism
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Merit of Mixed economy
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Influence of socialistic thought
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Suppression of the idea of rationalization
The Big Push strategy was adopted in the _______.
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First Five Year Plan
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Second Five Year Plan
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Third Five Year Plan
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Fourth Five Year Plan
Planning is usually a ________.
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short-term procedure
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long-term procedure
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medium-term procedure
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end process
Explanation
Planning involves setting objectives and deciding the course of action to achieve those objectives. Objectives are generally decided for the long term say for one year, two years, or five years. That's why planning is usually a long-term procedure.
Planning from the below or grass-root level planning is refers to _____.
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Centralised planning
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Indicative planning
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Decentralised planning
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Functional planning
Planning from the top or planning by direction is called as ______.
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Centralised planning
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Decentralised planning
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Physical planning
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Financial planning
Explanation
Option A is correct answer. If planning is done at top level only or plans are communicated from superior to subordinate in one direction is called centralised planning. In decentralised planning, Subordinates also make plans. These plans are in harmony with main plan. Physical planning means the active process of organizing the physical infrastructure and its functions to ensure orderly and effective siting. Financial planning is the plan needed for estimating the fund requirements of a business and determining the sources for the same. Therefore, Option A is correct.
"Planning is the grand Panacea of our age" is told by ________.
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Keynes
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Prof. Robbins
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S.F. Harouis
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F.A. Hayak
Explanation
If planning was the word on everyone's lips, very few were clear about exactly what it was to entail.
"Planning is the grand Panacea of our age" is told by Prof. Robbins.
It helps to
making of major economic decisions.
Hence b is the correct answer.
Pure capitalists countries also appreciated
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Partial planning
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Centralised planning
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Decentralised planning
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Rolling plan
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