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Foundations of Planning :star: (the nature and purposes of planning :check…
Foundations of Planning
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the nature and purposes of planning
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formal plan
it reduces uncertainty
it reduces overlapping and wasteful activities
it establishes coordinated efforts
it establishes the goals or standards that are used in controlling work
Criticisms of Formal Planning
Can’t replace intuition and creativity
Focuses attention on today’s success, not tomorrow’s survival
May create rigidity
Reinforces success, which may lead to failure
managers do in the strategic management process :check:
strategic management
strategic management
is what managers do to develop an organization's strategies
strategic
the plans for how the org. will do what it's in business to do
important
It prepares managers to cope with changing situations
It guides managers to examine relevant factors in planning future action
It has a positive impact on organizational performance
Steps in the Strategic Management Process
(2) External Analysis
(3) Internal Analysis
(1) Identify Mission, Goals and Strategies
(4) Formulate Strategies
(5) Implement Strategies
(6) Evaluate Results
Strategies Managers Use
corporate strategy
stability strategy
renewal strategy
growth strategy
competitive strategy
Cost leadership strategy
Differentiation
Focus strategy
stuck in the middle
functional strategy
compare and contrast approaches to goal setting and planning
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goals
setting goals
traditional goal setting
management by objectives(MBO)
goal specificity
participative decision making
an explicit time period
performance feedback
types of goals
stated goals
real goals
characteristics of well-written goals
written in terms of outcomes rather than actions
measurable and quantifiable
clear as to a time frame
challenging yet attainable
written down
communicated to all members
steps in setting goals
determine the goals individually or with input from others
Make sure goals are well-written and communicate to all who need to know
evaluate available resources
Build in feedback mechanisms to assess goal progress
review the org.'s mission & employees' key job tasks
Link rewards to goal attainment
plan
types of plans
breadth
strategic plans
tactical plans
time frame
long-term plans
short-term plans
specificity
specific plans
directional plans
frequency of use
standing plan
single-use plan
developing plans
contingency factors in planning
organizational level
degree of environmental uncertainly
approaches to planning
contemporary issues in planning
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Planning in dynamic environments
Environmental scanning
environmental scanning
competitive intelligence