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PLANNING
defining organizational goals, establishing a strategy to…
PLANNING
defining organizational goals, establishing a strategy to reach those goals, and developing a comprehensive hierarchy of plans to integrate and coordinate activities
IMPORTANCE
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reduces uncertainty (emergency, nonroutine events)
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PLANNING DISADVANTAGES
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focuses managers’ attention on today’s competition, not on tomorrow’s survival
Formal planning reinforces success, which may lead to complacency
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STRATEGIC MANAGEMENT
The set of managerial decisions and actions that determines the long-run performance of an organization
IMPORTANCE
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coordinates diverse organizational units, helping them focus on organizational goals
STRATEGIC PLANNING
process by which an organization makes decision and takes actions to enhance its long term performance.
evaluation and development of the organization’s purpose, mission, and overall objectives and policies for current and future years
3 levels of strategic planning which are corporate strategy, business strategies and functional strategies.
TACTICAL PLAN
micro-oriented and focused your short term S.M.A.R.T. goals, which usually have 1 to 18 month time frames
creating and executing effective, efficient action plans
OPERATIONAL PLANNING
process of determining the day-to-day activities that are necessary to achieve the long term goals of the organization
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STANDING PLAN
plans that deal with organizational issues and problems that recur frequently. It assists managers in solving problems or processes
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Procedures- instructions or detailed guidelines for handling organizational action that occur regularly
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