Question : Which of the following is a factor that influences the choice of forecasting techniques?
Option 1: Organizational culture
Option 2: Employee motivation
Option 3: Available resources
Option 4: Decision-making styles
Correct Answer: Available resources
Solution : The correct answer is (c). Available resources
When selecting a forecasting technique, the available resources of an organization play a significant role. Different forecasting techniques may require varying levels of data, expertise, technology, and financial resources.
The choice of a forecasting technique needs to align with the resources available to the organization. For example, if an organization has limited data or lacks the necessary technology or expertise for complex statistical modelling, it may opt for simpler qualitative techniques or rely on expert judgment. On the other hand, if an organization has extensive data and resources, it may choose more advanced quantitative forecasting techniques.
Question : Which of the following is an external factor that influences the planning process?
Option 2: Available resources
Option 3: Market trends
Option 4: Employee skills
Question : Which of the following is a disadvantage of planning?
Option 1: Facilitates decision making
Option 2: Increases coordination and control
Option 3: Leads to inflexibility
Option 4: Enhances employee motivation
Question : Which of the following is a component of the external environment that can impact planning?
Option 1: Organizational structure
Option 2: Company policies
Option 3: Economic conditions
Option 4: Employee motivation
Question : Which of the following is not a feature of behavioral management theory?
Option 1: Focus on individual behavior
Option 2: Emphasis on employee motivation
Option 3: Importance of social interactions
Option 4: Centralized decision-making
Question : Which of the following is not a benefit of effective planning?
Option 1: Improved coordination
Option 2: Increased employee motivation
Option 3: Limited control over outcomes
Option 4: Enhanced decision making
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