B&S4StudentVersion

B&S4StudentVersion - Chapter Four Planning and...

Info icon This preview shows pages 1–9. Sign up to view the full content.

View Full Document Right Arrow Icon
Chapter Four Planning and Strategic Management
Image of page 1

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

View Full Document Right Arrow Icon
An Overview Of Planning Fundamentals (p. 126) Planning the conscious, systematic process of making decisions about goals and activities that will be pursued in the future planning entails: future goals – targets or ends that management desires to reach effectiveness activities – blueprint specifying the resource allocations, schedules, and other actions necessary for attaining goals efficiency Blake & Mouton - planning is the second leading cause of managerial problems Importance of formal planning
Image of page 2
Payoff from Planning Profitability Years Informal Planners Formal Planners Importance of formal planning (cont.) An Overview Of Planning Fundamentals (cont.)
Image of page 3

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

View Full Document Right Arrow Icon
Specific Formal Planning Steps – Figure 4.1 (p. 127) Identifying and diagnosing the problem Generating alternative solutions Evaluating alternatives Making the choice Implementation Evaluation Decision Making Stages Situational analysis Alternative goals and plans Goal and plan evaluation Goal and plan selection Implementation Monitor and control Planning Stages
Image of page 4
The Basic Planning Process Step 2: Alternative goals and plans (p. 127) important characteristics of goals R elevant – contributes to organizational goals T ime-bound defined time period S pecific – precisely describe particular behaviors/outcomes M easurable – desired results are quantifiable A ttainable – challenging but realistic
Image of page 5

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

View Full Document Right Arrow Icon
The Basic Planning Process (cont.) Step 2: Alternative goals and plans (cont.) plans – the actions or means managers intend to use to achieve organizational goals (p. 128) single-use plans - designed to achieve a set of goals that are not likely to be repeated in the future specificity standing plans – focus on ongoing activities designed to achieve an enduring set of goals policies - general guide that provides broad parameters within which organization members are expected to operate in pursuit of organizational goals procedures - prescribed series of related steps to be taken under certain recurring circumstances rules - statement that spells out specific actions that must or must not be taken in a given situation contingency plans – “what if” plans implemented when initial plans have not worked well or circumstances have changed
Image of page 6
Levels of Planning (p. 130) Strategic planning set of procedures for making decisions about the organization’s long- term goals and strategies strategic goals major targets or end results relating to the organization’s long- term survival, value, and growth pertain to the organization as a whole rather than to specific divisions or departments strategy action steps by which an organization intends to attain strategic goals should address the following issues match organization’s strengths with environmental opportunities identify sources and availability of financial resources reach a shared understanding of priorities allocate resources appropriately
Image of page 7

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

View Full Document Right Arrow Icon
Levels of Planning (cont.)
Image of page 8
Image of page 9
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern