Learning Objectives

Chapter 4

4.1

Every organization has some goals and objectives to achieve. Two types of goals and objectives are

included, short term goals and long term goals. There is a management to work in every institute or

organization to achieve these objectives. Managers are the leaders of that management and they guide and

operate the employees to go after those objectives and these managers have abilities and skills to resolve

all kind of issues during the journey to achieve the set objectives.

4.2

Mangers are the people who make decisions and these decisions should me simple and programmed.

Complex and lack of research work can bring higher risks and uncertainties for the organizations.

Managers should have enough experience and skills to execute the decisions and these decisions are the

basic factor of the maximum outcomes for an organization. Thus, early decisions are essential to be

perfect and they needed for later results.

4.3

Objectives are the bull’s eye and they are the basic aim and goal of a company to achieve in the end. In

the early stage of starting a thing, managers make decisions and set the objectives. Must and Want are the

elements that are used to work and include the factors to achieve the set objectives. Must is all about the

factors that are very essential to follow while heading towards the objectives. On the other hand, Want is

the area that can be ignored and it is not necessary to include because Want is to resolve some issues if

occur during the performing time.

4.4
There is a difference in creativity and innovation. Creativity refers to the new ideas that come to minds

and innovation is to apply that ideas and run as a process to bring the productivity. Creativity is an idea

while innovation is implementation of that idea. Alternatives can be used to bring the creativity and these

alternatives are as; brain storming sessions, Delphi techniques, synectics, nominal groups and consensus

mapping. During the time of decision making the alternatives can be decided.

4.5

Quantities designs and techniques are used during the decision making process and the decisions related

to the capital and budget are made with the help of data gathered from the different resources to utilize the

capital for maximum results. Cost control strategy can be decided during the decision process and

institutional data needed to analyze the elements involved in the production regarding capital and money.

Intuition and experience is the important to decide the capital and utilization later in this process.

4.6

Plans and strategies are essential to implement in an effective way to prove the decisions right. Decisions

have no use if plans are not executed. Plans are needed to implement with the perfect time management

and right time can bring maximum positive results. Furthermore, plans should be controlled and

monitored during the working time period. Analytical process should be there while implementing or

applying a plan.