APSM 3340 Chapter 14

Strategic planning and the sales forecast are related in that

***

_____ may take several years or less than a day to complete.

***

Planning sheets, Gantt charts, and PERT diagrams are alike in that

****

The ______ tracks the most time-consuming series of activities in a PERT network.

Critical path

The _____ technique is appropriate if one has very few customers.

Customer composite

_______ techniques enable people to get more done in less time with better results.

Efficiency

Nike's share of the U.S. athletic shoe market is currently more than 20 percent.

False, 18.7%

A contingency plan is an alternative plan to be implemented if controllable events occur.

False, if uncontrollable events occur

A time management system is the use of techniques that enable people to get more done in less time with better results.

False, it involves planning each day and week out ahead of time

Market share forecasting is predicting the units or dollar volume of products or services to be sold to customers during a specified period.

False, it is an organization's % of total industry sales

Stating an objective and listing the sequence of activities, when each will begin and end, and who will complete each activity to meet the objective is called scheduling.

False, it is listing essential activities with the time needed to complete each

The critical path is the most time-consuming series of activities in a Gantt chart.

False, it is the most time consuming part of the PERT

Single-use plans are made to be used over and over again, whereas standing plans are made to be used only once.

False, mostly will not be used again

The three steps in the time management system are (1) plan each week, (2) plan each day, and (3) schedule each day.

False, plan each week, schedule each week, schedule each day

A rule is a sequence of actions to be followed to achieve an objective.

False, rules state what should and should not be done

The jury of executive opinion technique involves salespeople and customers, whereas the three composite sales forecasting techniques involve managers.

False, the jury involves managers while the composites involve customers and sales reps

A single-use plan includes programs and budgets developed for handling repetitive situations.

False, they address non-repetitive situations

PERT diagrams use bars to graphically illustrate a schedule and progress toward the objective over a period of time.

False, they highlight the independence of activities by diagraming their network

A _____ uses bars to graphically illustrate a schedule and progress toward the objective over a period of time.

Gantt chart

Which of the following lists activities required for attaining an objective?

Gantt chart, PERT Diagram, Planning sheet

`Analyzing your time log will help you identify all of the following except

How/where do you spend your time, what can you delegate to others, where do you need to spend more time

A _____ is a network schedule that illustrates the dependence of activities.

PERT

According to the _____ technique, future changes are based on the past.

Past Sales **

Professional teams would most likely use which of the following quantitative sales forecasting techniques to predict ticket sales?

Past sales

The _____ technique assumes that past sales will be repeated.

Past sales

The _____ technique assumes that the future is the same as the past.

Past sales

Qualitative sales forecasting techniques use all of the following except

Past sales data

The _____ states an objective and lists the sequence and timing of activities and who does what.

Planning sheet

General guidelines to be followed when making decisions is the definition of

Policies

_____ are the part of a standing plan that provides guidelines for decisions.

Policies

_____ minimize interpretation and discretion in implementation.

Policies

A sequence of actions to be followed to achieve an objective is a

Procedure

_____ are the part of a standing plan that addresses sequences of actions.

Procedures

All of the following are included in standing plans except

Programs

_____ are the part of a single-use plan that addresses specific activities and their duration.

Programs

Which of the following are included in single-use plans?

Programs and budgets

_____ sales forecasting techniques use objective, mathematical, past sales data to predict sales.

Quantitative

_____ are the part of a standing plan that governs specific actions.

Rules

_____ state exactly what should or should not be done.

Rules

The _____ technique may have a bias toward optimism.

Sales force composite

The _____ technique works well with expensive products or services.

Sales force composite

All of the following are examples of standing plans except

Strategies

The _____ technique assumes that past sales trends will continue.

Time series

The _____ technique can indicate future seasonal changes.

Time series

_____ predicts future sales by extending the trend line of past sales into the future.

Time series

A policy is a general guideline to be followed when making decisions.

True

A procedure is a sequence of actions to be followed to achieve an objective.

True

A standing plan is a general guideline to be followed when making decisions.

True

Contingency plans are needed because no matter how effectively you plan, there will be times when things go wrong that prevent you from achieving your objectives.

True

Gantt charts use bars to graphically illustrate a schedule and progress toward the objective over a period of time.

True

In 1976, the Louisiana Superdome became the first major sporting facility to use outside professionals to manage its operations.

True

Organizations normally use a combination of quantitative sales forecasting techniques (which use objective, mathematical, and past sales data to predict sales) and qualitative sales forecasting techniques (which use primarily judgment, intuition, experience, and opinion to predict sales).

True

Planning sheets involve stating an objective and listing the sequence of activities, when each activity will begin and end, and who will complete each activity to meet the objective.

True

Quantitative sales forecasting uses primarily subjective judgment, intuition, experience, and opinion to predict sales.

True

Sales forecasting is predicting the units or dollar volume of products or services to be sold to customers during a specified period.

True

The past sales technique uses previous sales adjusted for external factors, whereas the time series is a mathematical trend analysis.

True

The sales forecast is generally considered the most important organizational forecast providing input for strategic planning.

True

The time log is a daily diary that tracks your activities and enables you to determine how you spend your time.

True

Time management is the use of techniques that enable people to get more done in less time with better results.

True

Contingency plans are alternative plans to be implemented when

Uncontrollable events occur

The sales forecast predicts

Units and dollar volume expected to be sold to customers