Ch. 5-1: Planning as one of the four functions of Management. :star:
Ch. 5-1: Planning as one of the four functions of Management.
Benefits of Planning
Planning promotes team-building
Planning promotes team building and a spirit of cooperation. When the plan is completed and communicated to members of the organization, everyone knows what their responsibilities are, and how other areas of the organization need their assistance and expertise in order to complete assigned tasks.
Planning provides direction
Planning improves coordination and control
Planning reduces overlapping and wasteful activities
Planning improves time management
Time management is a form of planning and planning can easily suffer the same fate as the to-do lists put together with the best of intentions.
Planning promotes innovative ideas
Planning facilitates decision making
Planning establishes standards for controlling planning
Types of Plans
Strategic VS. Operation plans
Strategic plans set critical long-range directions; operational plans are designed to support and help implement strategic plans.
Organizational policies & Procedures
A procedure or rule precisely
describes actions to take in
specifi c situations.
A policy is a standing plan that
communicates broad guidelines
for decisions and action.
A budget is a plan that commits resources to activities, programs, or projects. It is a powerful tool that allocates scarce resources among multiple and often competing uses.
Short-range VS. Long-range plans
Short-range plans tend to cover a year or less, whereas long-range plans extend out to three years or more.
Real-world examples of Planning in Action.
Google's 5 Year Plan
1: Become our primary interface to the world
2: Improve the quality and reach of the internet
3: Own the home
4: Control more of the purchase cycle
5: Extend/improve life and cure disease
Amazon reveals plans to make deliveries using incredible airship drone base
Microsoft's plan to go extend Windows.
P = Planning;
O = Organizing;
Le = Leading;
C = Controlling
The organization and coordination of the activities of a business in order to achieve defined objectives.
Management is often included as a factor of production along with? machines, materials, and money. According to the management guru Peter Drucker (1909-2005), the basic task of management includes both marketing and innovation. Practice of modern management originates from the 16th century study of low-efficiency and failures of certain enterprises, conducted by the English statesman Sir Thomas More (1478-1535). Management consists of the interlocking functions of creating corporate policy and organizing, planning, controlling, and directing an organization's resources in order to achieve the objectives of that policy.
Planning is the process of setting objectives and identifying how to achieve them.