ch 5 - Slide 1 Principles of Management Summer 2010 Week 3...

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Slide 1 Principles of Management Summer 2010 Week 3 Managing the Planning Process Martin Spraggon Assistant Professor M.Sc., M.B.A., D.E.S.S., PhD
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Slide 2 Learning Objectives After reading this chapter, you should be able to: • Identify the different elements of an effective plan. • Analyze the advantages and disadvantages of planning, and identify how planning pitfalls can be avoided. • Distinguish between formal and informal planning. • Recognize the features of well-designed objectives. • Identify the various types of action plans that managers can use to accomplish stated objectives.
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Slide 3 What is planning? The management function that: assesses the management environment to set future objectives ; and maps out activities necessary to achieve those objectives. Planned actions require careful resource allocation .
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Slide 4 Key Elements to a Plan Objectives Actions Resource allocation Implementation guidelines Goals a firm wishes to accomplish within a stated amount of time. Requires anticipation of the future. Steps a firm intends to take to achieve desired goals. Plan that states where resources come from and how they will be deployed. Plan that shows how actions will be carried out (dividing tasks, specifying reporting relationships ,scheduling)
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Slide 5 Benefits of Planning • Assessment of external forces • Developing a sense of direction and purpose (guideline plan) • Encouraging participation (integrate workers) • Coordination of efforts (increase efficiency) • Establishment of priorities (focus) • Focusing attention on different time horizons (short – long term)
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Slide 6 Benefits of planning (continued) • Understanding circumstances contributing to past success or failure (learn from the past) • Ensuring the availability of adequate resources • Establishing performance standards (clear
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ch 5 - Slide 1 Principles of Management Summer 2010 Week 3...

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