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Planning part 1 (Consists of (formulating objectives, strategy, hierarchy…
Planning part 1
Consists of
formulating objectives
strategy
hierarchy of plans
time frame
Formal
Specific
recorded in writing
continuous
Action programs
Purposes
Direction
coordinated
contribution from employees
teamwork among employees
moving efficiently
Reduce impact of changes
anticipate change and appropriate responses
clarify the consequences of actions taken
Minimises waste & redundancy
careful coordination
no overlapping
inefficiencies obvius
Standards to faciliate control
significant deviation is identified
comparison with actual performances
Measurements
Profitability
profit to sales
profit to assets
profit to capital
Marketing
Market share
share volume
rate of new product development
numbers of outlets
Productivity
output to labour cost
output to capital cost
values added to sales
Physical and Financial
working capital turnover
debt to equity
accounts receivable turnover
inventory turnover
Informal
Not written
Objectives not shared
Lacks continuity
Environment factors influence decisions
government regulation
powerful labour unions
Successful planning
quality of planning
appropriate implementation