Earl Louise B Candia

HW#2

1.Forms of Business Organization

Sole Proprietorship

A sole proprietorship is the most common form of business organization. It's easy to
form and offers complete control to the owner. But the business owner is also
personally liable for all financial obligations and debts of the business.

Partnership

A partnership is the relationship existing between two or more persons who join to
carry on a trade or business. Each person contributes money, property, labor or skill,
and expects to share in the profits and losses of the business.

Corporation

A corporate structure is more complex than other business structures. It requires

complying with more regulations and tax requirements.
Corporations are formed under the laws of each state and are subject to corporate
income tax at the federal and state level. In addition, any earnings distributed to
shareholders in the form of dividends are taxed at the individual tax rates on their
personal annual tax returns.

2.Planning
is the process of thinking about the activities required to achieve a desired goal. It is
the first and foremost activity to achieve desired results. It involves the creation and
maintenance of a plan, such as psychological aspects that require conceptual skills.

3.Types Of Planning
Operational Planning

This type of planning typically describes the day-to-day running of the company.
Operational plans are often described as single use plans or ongoing plans. Single use
plans are created for events and activities with a single occurrence (such as a single
marketing campaign).
Earl Louise B Candia
Strategic Planning

Strategic planning includes a high-level overview of the entire business. It’s the
foundational basis of the organization and will dictate long-term decisions. The scope
of strategic planning can be anywhere from the next two years to the next 10 years.

Tactical Planning

Tactical planning supports strategic planning. It includes tactics that the organization
plans to use to achieve what’s outlined in the strategic plan. Often, the scope is less
than one year and breaks down the strategic plan into actionable chunks. Tactical
planning is different from operational planning in that tactical plans ask specific
questions about what needs to happen to accomplish a strategic goal; operational
plans ask how the organization will generally do something to accomplish the
company’s mission.

Contingency Planning

Contingency plans are made when something unexpected happens or when

something needs to be changed. Business experts sometimes refer to these plans as a
special type of planning.

4.Steps in Planning

 Develop objectives
 Develop tasks to meet those objectives
 Determine resources needed to implement tasks
 Create a timeline
 Determine tracking and assessment method
 Finalize plan
 Distribute to all involved in the process
Earl Louise B Candia

HW#3

1.Decision Making
Decision-making is an integral part of modern management. ... Decisions play important roles as they
determine both organizational and managerial activities. A decision can be defined as a course of
action purposely chosen from a set of alternatives to achieve organizational or managerial objectives
or goals.

2. Types of Decisions

Programmed and non-programmed decisions

Programmed decisions are concerned with the problems of repetitive nature or routine type matters
while non-programmed decisions relate to difficult situations for which there is no easy solution.

Routine and strategic decisions

Routine decisions are related to the general functioning of the organization. They do not require much
evaluation and analysis and can be taken quickly. Ample powers are delegated to lower ranks to take
these decisions within the broad policy structure of the organization.

Strategic decisions are important which affect objectives, organizational goals and other important
policy matters. These decisions usually involve huge investments or funds. These are non-repetitive
in nature and are taken after careful analysis and evaluation of many alternatives. These decisions
are taken at the higher level of management.

Organizational and personal decisions:

When an individual takes decision as an executive in the official capacity, it is known as
organizational decision. If decision is taken by the executive in the personal capacity (thereby
affecting his personal life), it is known as personal decision.

Major and minor decisions

Another classification of decisions is major and minor. Decision pertaining to purchase of new factory
premises is a major decision. Major decisions are taken by top management. Purchase of office
stationery is a minor decision which can be taken by office superintendent.

Individual and group decisions

When the decision is taken by a single individual, it is known as individual decision. Usually routine
type decisions are taken by individuals within the broad policy framework of the organisation.

Group decisions are taken by group of individuals constituted in the form of a standing committee.
Generally very important and pertinent matters for the organisation are referred to this committee.
Earl Louise B Candia
The main aim in taking group decisions is the involvement of maximum number of individuals in the
process of decision- making.

3. Organization
an organized body of people with a particular purpose, especially a business, society, association.