According to Henri Fayol, Effective Plans Should Have the Qualities

question 18

Essay

According to Henri Fayol, effective plans should have the qualities of unity, continuity, accuracy, and flexibility. Describe each quality in the context of planning and provide an example where the lack of that quality would be a problem for an organization.

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Definitions:

Herfindahl-Hirschman Index

A measure of market concentration used to determine the level of competition within an industry.

Market Share

The portion of a market controlled by a particular company or product.

Oligopolistic Models

Economic models that describe markets in which a few firms dominate, often leading to pricing and output decisions that consider the actions of competitors.

Cartel

An agreement among competing firms to control prices or exclude entry of a new competitor in a market, often in order to maximize the members' profits at the expense of consumers.