MNGT141Session7.pdf - Know How Management Concepts Relate 1...

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Know How Management Concepts Relate 1. The various stages involved in the planning process are: a. Establishment of Goals to be achieved b. Establishment of planning premises i.e. certain assumptions about the future on which the plan is formulated. c. Decision on the planning period d. Establishment of alternative courses of action e. Evaluating and selecting course of action f. Development of derivative plans g. Measuring and controlling the progress For example when Tata Group decided to launch a new low cost water purifier in India, they started out with the setting of goals and objectives. The objective was clear that product should be low cost, affordable, easy to maintain and universally accessible with high quality. Further more certain key assumptions about the demography was made as part of the planning premise and the planning horizon was fixed with an objective to launch the product within a specified time. After the above steps were completed, the core product team went about brainstorming to figure out the key features of the product. Market research studies were included in this phase of planning and several alternative designs were discussed on. Finally a product design was selected for further development based on decision and market feedback. The entire project was then broken down into individual tasks and plan was drilled down with clear responsibilities on managers and executives. With the project team and structure in place, key metrics were developed and progress on these was reviewed weekly, fortnightly or monthly as deemed suitable.
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  • Summer '16
  • berman
  • Management, Corbin Church, cost water purifier

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