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Ch10 Management Activities 1: Planning - Coggle Diagram
Ch10 Management Activities 1: Planning
SMART Goals
Specific
Measurable
Achievable
Relevant
Timed
Steps in the Planning Process
1. Assess the current situation
SWOT/SCOT Analysis
2. Set a Goal
Mission Statement
3. Create a Plan
Strategic Plan 1-5 years (Senior mgt)
Tactical Plan 1-2 years (Middle mgt)
Operational Plan 0-1 year (All mgt levels)
Contingency Plan 0-1 year (All mgt levels)
Human Resource (Manpower) Plan 0-1 year (HR Manager)
Financial Plan 0-1 year (Finance mgr)
4. Implement the plan
Mgt chooses the plan, communicates it to employees and assigns tasks to employees
5. Review the plan
Regular meetings to ensure the plan is still on track. make amendments if necessary.
Benefits of Planning
Anticipates Problems
Identifies SWOT/SCOT
Benchmarking
Improves motivation
Finance
Stakeholdrs and Planning
Investors
e.g. ability to repay loans, slaes/profit levels
Employees
e.g. can show future promotion opportunities, upskill themselves.
Suppliers
e.g. helps to show if a business intends to expand or not & supplier can potentially sell more (can organise stock to take up the expansion opportunity)