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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.