Planning Slides 2009 - Planning Definition Selecting the...

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Planning Definition Selecting the best course of future action from the alternatives available given certain time, money, market, and personnel constraints The thought process that precedes action
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General Information re: Planning Planning is the first step in the process of management It is also viewed as the most important step since it is the foundation upon which all of the other managerial processes rest Planning is the mechanism that allows managers to come to grips with change and deal with the extremely dynamic external business environment
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Why Managers Don’t Plan Even though practicing managers readily acknowledge that planning is crucial to organizational and managerial success, most managers also say that they don’t feel that they plan enough…Why? 1) No time…day to day activities take priority 2) Planning is hard work…too much uncertainty involved 3) Things are going well…no need to plan
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Benefits of a Formalized Planning System A formalized planning system is one that requires the input of all managers within an organization Formal plans do not just exist in a manager’s head…instead they include and integrate the plans of various levels of management and are always written plans A good example of a formal planning system is an organization’s budgeting system
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Benefits of a Formal Planning System: 1) Forces managers to focus their attention on the future 2) Helps ensure success 3) Minimizes costs through more efficient operations 4) Facilitates control 5) Helps avoid “management by crisis”
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Steps in the Planning Process 1) Establish Goals and Objectives 2) Develop an Action Plan to achieve objectives 3) Implement the plan 4) Monitor results (control) 5) Make necessary modifications and adjustments to plan (control)
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Defining Goals and Objectives Goals and Objectives What we hope to achieve Desired and expected standards of performance Characteristics of “Good” (well defined) objectives: Specific Measurable
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Challenging Reasonably attainable Time based Known and understood by all
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Developing an Action Plan Sounds complex but actually is quite straightforward An action plan simply provides the answers to the following questions 1) What needs to be done to achieve objectives? 2) Why must it be done? 3) When should it be done?
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should do what? 2. How
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This note was uploaded on 02/21/2010 for the course BUS 111 taught by Professor Jimmccutcheon during the Fall '09 term at Wilfred Laurier University .

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Planning Slides 2009 - Planning Definition Selecting the...

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