Intro to Management - Planning\/SWOT - Planning One of the four primary functions of management Involves a systematic process of making decisions

Intro to Management - Planning/SWOT - Planning One of...

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Planning One of the four primary functions of management. Involves a systematic process of making decisions about goals and activities that will be carried out by individuals, groups, and the organization. Successful management depends on an accurate a thorough evaluation of the organization's environment. Scuba divers like to say, “Plan your dive, and dive your plan” “Fail to plan, plan to fail” Steps to the planning process 1. Analyze the situation 2. Generate alternative goals and plans 3. Evaluate goals and plans 4. Select goals and plans 5. Implement goals and plans 6. Monitor and control performance (if you don’t control, you’re going to fail) Analyzing the situation Step 1: Within the constraints of time and resources, gather, interpret, and summarize all relevant information of the issue or problem at hand Step 2: Examine past events, current conditions, and try to forecast future trends. (Ex. Blockbuster did not change with the trends) End result the manager seeks. Must be specific, measurable, attainable, relevant, and time-bound (SMART). S- Specific M- Measurable A- Attainable R- Relevant T- Time-bound Ex. I want to earn a Bachelor's Degree in Finance by the year 2023.

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