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ch04 - Ch 4 Planning and Strategic Management Principles of...

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Ch 4 – Planning and Strategic Management Principles of Management An Overview of Planning Fundamentals Planning – conscious systematic process of making decisions about goals and activities that an ind, group, work unit, or organization will pursue in the future The Basic Planning Process 1. Situational analysis Process that planners use within time and resource constraints, to gather, interpret, and summarize all information relevant to the planning issue under consideration Examine past events, current conditions, and forecasts future trends Studies influences from internal forces (org or work unit) and external environment Will provide information about the decision you need to make 2. Alternative goals and plans Stress creativity and thinking on broader terms Once alternatives are created, they then evaluate the merit of the different goals and plans Goals – target or end that mgmt desires to reach; qualities of goals are: i. S – Specific – employee can tell if they are working towards goal ii. M – Measurable – quantifiable results so there is no doubt of achievement iii. A - Attainable (but challenging) – employees feel it is doable iv. R – Relevant – contributes to org’s mission, consistent with values and ethical stds v. T - Time-Bound – target date for completion Smart goals direct and motivate employees Plans – actions or means managers intend to use to achieve organizational goals Planning should outline alternative actions that may lead to the attainment of each goal, the resources required to reach the goal thru those means, and the obstacles that may develop i. Single-use plans – designed to achieve a set of goals that are not likely to be repeated in the future ii. Standing plans – focus on ongoing activities designed to achieve an enduring set of goals; usually become more permanent policies and rules for running the org iii. Contingency plans – “what if” plans; sets of actions to be taken when a co’s initial plans have not worked well or if events in the external envi require a sudden change 3. Goal and Plan Evaluation Evaluate advantages, disadvantages, and potential effects of each alternative goal and plan Prioritize goals and eliminate plans 4. Goal and plan selection Select plan that is most appropriate and feasible
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Ch 4 – Planning and Strategic Management Principles of Management Experienced judgment is important Formal planning process usually has written set of goals and plans that are appropriate and feasible for a set of circumstances Scenario - a narrative that describes a particular set of future conditions; there is a diff contingency plan attached to each scenario helps to anticipate and manage crises; greater flexibility and responsiveness 5. Implementation Successful implementation requires a plan to be linked to other systems in the org, particularly the budget and reward systems
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