MGMT_405_Study_Sheet_2 - MGMT 405 Study Sheet (Chapter 5-9)...

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Page 1 of 8 Chapter 5 Planning: the process of setting objectives and determining what should be done to accomplish them. Objectives: specific results that one wishes to achieve. Planning Process: Step 1: Define your objectives. Identify desired outcomes or results in very specific ways. Know where you want to go; be specific enough that you will know you have arrived when you get there or know how far off the mark you at various points along the way. Step 2: Determine where you stand vis-à-vis objectives. . Evaluate current accomplishments relative to the desired results. Know where you stand in reaching the objectives; know what strengths work in your favor and what weaknesses may hold you back. Step 3: Develop premises regarding future conditions . Try to anticipate future events. Generate alternative “scenarios” for what may happen; identify for each scenario things that may help or hinder progress toward achieving your objectives. Step 4: Analyze possible action alternatives, choose the best among them, and decide how to implement. List and carefully evaluate the possible actions that may be taken. Choose the alternative(s) most likely to accomplish your objectives; describe step by step what must be done to follow the chosen course of action. Step 5: Implement the plan and evaluate results. Take action and carefully measure your progress toward objectives. Do what the plan requires; evaluate results; take corrective action and revise plans as needed. Benefits of Planning: Externally, these include the forces of competition, increased government regulations, ever-more complex technologies, the uncertainties of a global economy, and the sheer cost of investments in labor, capital, and other supporting resources. Internally, they include the quest for operating efficiencies, new structures and work arrangements, greater diversity in the workforce, and related managerial challenges. More Focus and Flexibility Good planning improves focus and flexibility. An organization with focus knows what it does best, knows the needs of its customers, and knows how to serve them well. An individual with focus knows where he or she wants to go in a career or situation and is able to retain that objective even in difficult circumstances. An organization with flexibility is willing and able to change and adapt to shifting circumstances and operates with an orientation toward the future rather than the past or present. An individual with flexibility factors into career plans the problems and opportunities posed by new and developing circumstances – personal and organizational. Action Orientation Good planning provides an action orientation. It makes people and organizations more: (1) results oriented (2) priority oriented (3) advantage oriented (4) change oriented Good planning improves coordination. Strategic plan:
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MGMT_405_Study_Sheet_2 - MGMT 405 Study Sheet (Chapter 5-9)...

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