Read the passage and answer the following questions:

Question

Passage:
Abhimanyu Industries Ltd. had a team of professionals and experts to draft a comprehensive yearly document with all the relevant details of internal and external elements in managing the venture. This document acts as a decision-making tool for the management. The Chief Executive Officer of the company always pays special focus on one element of this document that ensures the orderly flow of materials from raw state to finished product with a proper system of quality control, as according to him 'work your plan' is more important than 'plan your work'

Questions:
Q1: Identify the 'comprehensive yearly document' being prepared by Abhimanyu Industries
A: Business plan.

Q2: How is this plan a 'decision-making tool' for the management?
A: Business plans are decision-making tools: 1. Describing all necessary inputs for the enterprise.

2. Explaining the mode of utilization of resources.

3. Detailing strategies for execution of the project.

4. Outlining desired goals.

5. Assessing market sensitivity and profitability.

Q3: Identify the element that is the priority of the CEO of the company
A: Operational plan.

Q4: Why is the element as identified in (c) important?
A: Importance: i) Ensures orderly flow of materials from raw state to finished products. ii) Facilitates continuous production, lesser work-in-progress. iii) Co-ordinates work of engineering, purchasing, production, selling and inventory management. iv) Describes flow of goods/services from production to consumers. v) Introduces proper system of quality control. vi) Undertakes best production policies.

Accepted Answer

Business plan.

Accepted Answer

Business plans are decision-making tools: 1. Describing all necessary inputs for the enterprise.

2. Explaining the mode of utilization of resources.

3. Detailing strategies for execution of the project.

4. Outlining desired goals.

5. Assessing market sensitivity and profitability.

Accepted Answer

Operational plan.

Accepted Answer

Importance: i) Ensures orderly flow of materials from raw state to finished products. ii) Facilitates continuous production, lesser work-in-progress. iii) Co-ordinates work of engineering, purchasing, production, selling and inventory management. iv) Describes flow of goods/services from production to consumers. v) Introduces proper system of quality control. vi) Undertakes best production policies.