Planning Must Be Done Before Performing Any Function

question 18

Multiple Choice

Planning must be done before performing any function. A schedule is a time-phased plan. The principal uses of schedules in the implementation process are outlined in the textbook. The list below contains items from the section entitled, Before Starting Project. One does not belong. Which one is incorrect?

• A) Forms the basis for management to issue instructions to subordinates.
• B) Establishes the planned rate of progress.
• C) Identifies the expenses associated with the use of manpower, materials, and machines.
• D) Establishes the planned sequence for the use of manpower, materials, machines, and money.
• E) Provides an estimate of the time required for each portion of the project as well as for the total project.

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Definitions:

Scarce Resources

Raw materials, labor, and capital that are limited in availability, requiring societies to make decisions on their allocation and use.

Unit-Costs

Expenses a firm faces for producing, holding, and marketing one unit of a given product or service.

Restricts Trade

Actions or policies implemented by governments or economic entities to limit or control the exchange of goods and services across borders.

Specialization of Production

The process in which individuals, firms, or countries focus on producing a limited range of goods or services to gain economies of scale or advantages by virtue of unique skills, resources, or technology.