Planning Slides 2009 - Planning Definition Selecting the...

Info icon This preview shows pages 1–11. Sign up to view the full content.

View Full Document Right Arrow Icon
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
Image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
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
Image of page 2
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
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
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
Image of page 4
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”
Image of page 5

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
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)
Image of page 6
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
Image of page 7

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Challenging Reasonably attainable Time based Known and understood by all
Image of page 8
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?
Image of page 9

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
1. Who should do what?
Image of page 10
Image of page 11
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern