Unit 2 - managerial planning.pptx - UNIT 2 Managerial planning Chapter Summary • After reading this chapter you will be able to understand 1 2 3 4 5

Unit 2 - managerial planning.pptx - UNIT 2 Managerial...

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UNIT 2 Managerial planning
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Chapter Summary After reading this chapter , you will be able to understand 1. Planning process 2. Types of plans 3. Strategic vs operational plans 4. Model of strategic planning 5. Linking strategy to structure
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planning Planning includes all the activities that lead to the definition of objectives and to the determination of appropriate courses of action to achieve those activities
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Steps in planning
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4 major benefits 1. Planning forces managers to think ahead 2. It leads to development of performance standards that enable more effective control 3. Having to formulate plans forces management to articulate clear objectives 4. Enables an organization to be better prepared for sudden developments.
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The elements of planning Requires managers to make decisions about 4 fundamental elements of plans: 1. Objectives Integral to plans because they specify future conditions that the planner deems satisfactory 2.
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