Student Chapter05 - Planning Systems Prentice Hall Chapter...

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Unformatted text preview: Planning Systems Prentice Hall, Chapter 5 1 Learning Objectives • Explain the benefits of planning • Describe the value of SWOT analysis • Contrast the strategies of cost-leadership, differentiation, and focus • Identify the elements in successful strategy implementation • Explain the concept of project management Prentice Hall, Chapter 5 2 Learning Objectives • Define entrepreneurship • Describe the personality characteristics of an entrepreneur • Differentiate between an organization’s stated and real objectives • Set up an MBO program • Learn time management techniques Prentice Hall, Chapter 5 3 Types of Plans Strategic Short­Term Prentice Hall, Operational Intermediate Chapter 5 Long­Term 4 Criticisms Criticisms of Planning of Planning Rigid Assumptions Rigid Assumptions Rigid Rigid off Stability of Stability of o Environmental Environmental Turbulence Turbulence Intuition Intuition and Creativity and Creativity Arguments Arguments Arguments Arguments Against Formal Against Formal Against Against Strategic Planning Strategic Planning Prentice Hall, Chapter 5 Focus on Today’s Focus on Today’s Focus Focus Industry Structure IIndustry Structure Industry ndustry Preoccupation with Preoccupation with Current Success Current Success 5 Does Planning Improve Performance? • Financial results • Contingency planning • Quality and implementation • Insight and creativity • Environmental concerns Prentice Hall, Chapter 5 6 Defining an Organization’s Purpose Mission Statement Vision Prentice Hall, Chapter 5 Guidance 7 Growth Stability Downsizing Creating a Strategy Combination Prentice Hall, Chapter 5 8 Strengths Threats SWOT Analysis Weaknesses Opportunities Prentice Hall, Chapter 5 9 Using SWOT Analysis Organization’s Resources Opportunities in the Environment Organization’s Niche Prentice Hall, Chapter 5 10 Choosing a Strategic Framework CostLeadership Differentiation Focus Prentice Hall, Chapter 5 11 Implementing a Strategy Structure Strategy Systems Superordinate Goals Skills Style Staff Prentice Hall, Chapter 5 12 Project Management Process 5 1 Define Objectives 2 Activities And Resources 6 3 Sequencing Relationships Prentice Hall, 4 Time Estimates Chapter 5 7 Completion Time Schedule Objectives Resource Requirements 13 The Entrepreneurial Personality Common Personality Traits Prentice Hall, Three Critical Factors Chapter 5 Other Important Factors 14 Comparing Entrepreneurs and Traditional Managers Characteristics Managers Entrepreneurs • Primary Motivation • Traditional Rewards • Nontraditional Rewards • Time Orientation • Short-term Goals • Long-term Goals • Activity • Delegation/Supervision • Direct Involvement • Risk Propensity • Low • Moderate • View of Failure/Errors • Avoidance • Acceptance Prentice Hall, Chapter 5 15 The Use and Misuse The Use and Misuse of Objectives of Objectives Multiple Multiple Objectives Objectives Real versus Real versus Stated Stated Bottom­Line Bottom­Line Value Value Prentice Hall, Chapter 5 16 Management by Objectives • Identify key jobs and tasks • Establish specific challenging goals • Set a deadline • Have the employee participate • Prioritize goals • Rate the goals • Set feedback mechanisms • Link rewards to goal attainment Prentice Hall, Chapter 5 17 Time Management Skills Time Management Skills Usage of Time Discretionary Time Time as a Resource Prentice Hall, Chapter 5 18 List Objectives Rank Objectives Five­Steps to Time Management List Activities Assign Priorities Schedule Activities Prentice Hall, Chapter 5 19 More Time Management Advice • Follow the 10-90 principle • Know your productivity cycle • Remember Parkinson’s Law • Group your activities • Minimize disruptions Prentice Hall, Chapter 5 20 ...
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This note was uploaded on 02/22/2012 for the course FINANCE 390:300:03 taught by Professor Palmon during the Fall '10 term at Rutgers.

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