Planning 9/13/11

Planning 9/13/11 - performance Criticisms of Formal...

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Planning Defined Defining goals (Where do I wanna get to) Establishing an overall strategy for achieving these goals (I wanna be there, I am here, how do I get there?) Developing a comprehensive hierarchy of plans to integrate and coordinate activities Planning is concerned with ends (what is to be done) as well as means (how it is to be done) Reasons for planning Provide direction o What Set the standards to facilitate control o What and how Minimize waste and redundancy o How Reduce the negative impact of changes o What and how o Very few plans are enacted in the way they were originally designed o What are the consequences if something changes? Planning and Performance Generally means higher profits, higher return on assets, and other positive financial results Plan quality and implementation probably contribute more to high performance than do how much time you spend planning o Quality not how much time you spend When there are few viable alternatives, planning does not lead to higher
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Unformatted text preview: performance Criticisms of Formal Planning May create rigidity Difficult to develop for dynamic environments o IN a constantly changing environment there is a short planning horizon Cant replace intuition and creativity o Although we really have no ideas if our intuitions are right, and with creativity not every new idea has value May focus managers attention on todays competition, not on tomorrows survival o Plan for the things we know and understand Reinforces success, which may lead to failure o Just because you were really good at things that happened in the past doesnt mean that you will be successful in the future What Do we want to accomplish?? Deciding what to do We can essentially do anything but that doesnt always make sense Enviornment/Market Driven Capital/Resource Driven Personal Preference...
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Planning 9/13/11 - performance Criticisms of Formal...

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