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www.gyaniversity.com93MMPC001: Management Functions and Organisational ProcessesExplain the need for MBO in an organization and the process involved in it. Briefly discuss the benefits of having MBO in an organization.accountability drives personal responsibility and builds a culture of trust and transparency.Adaptability and Continuous Improvement:Through periodic reviews and iterative feedback, MBO allows organizations to remain agile. It provides a mechanism to revise strategies and objectives in response to external changes, facilitating continuous improvement.Explain the various types of Planning and its significance in organisations. Give examples.Exam Prediction: 53%Source: Jun 2022Various types of planning play a significant role in shaping the direction, efficiency, and sustainability of organizations. Planning can be classified into various types based on the scope, time frame, and focus of the activities. Corporate Planning is the broadest form of planning within an organization. It involves setting long-term objectives and formulating overall strategies that mirror the organization%u2019s mission and vision. Typically, this type of planning covers all major aspects of the organization, such as marketing, finance, operations, and human resources.Strategic Planning is more focused than corporate planning and is predominantly concerned with long-term direction. It involves analysis of both internal strengths and weaknesses as well as external opportunities and threats. A strategic plan is usually devised by top management and is designed to capitalize on opportunities while mitigating risks. This form of planning sets overall priorities, allocates resources, and provides a framework for the future, thereby guiding the organization in a competitive environment.Tactical Planning, on the other hand, is narrower in scope and focuses on how the strategies outlined in the strategic plan will be implemented. Tactical plans are typically formulated by middle management and are designed to be more short-term, usually covering one to three years. They translate the broader objectives set by strategic planning into actionable tasks. This kind of planning ensures that the strategic objectives are broken down into manageable partsthat can be executed more effectively.Operational Planning is the most detailed and specific type of planning. It deals with the day-to-day functioning of the organization and is focused on ensuring that