Chapter_8_notes - Florida Institute of Technology College...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Florida Institute of Technology - College of Business Management Principles, BUS 3501-01 Spring 2010 Instructor: Ravi K. Sundararaman 1. What is planning? a. Plan – A set of actions required to achieve goals. Also a “method for achieving an objective” b. It encompasses defining the organization’s goals, establishing strategies, tactics and action plans. c. Planning has to do with the ends (what is to be done) and the means (how it is to be done). d. Planning can be formal or informal, as well as short term or long term. 2. The Planning Framework a. A company utilizes its Mission/Vision to set Goals , which in turn drives the process of formulating Strategies , and Tactics/Operational Plans . b. Mission/Vision – Statements that talk of the vision that senior leaders and company founders have for promoting the company. These are often aspirational and philosophical rather than specific about products/services/markets that the
Background image of page 1

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

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

Chapter_8_notes - Florida Institute of Technology College...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online