MGC1010 Lecture Notes - Lecture 5: Scenario Planning
6 Jun 2018
School
Department
Course
Professor
Tutorial 4 21st March
Theory/theorist
The process of management
Functions of managers
1. Planning (and forecasting)
2. Leadership (Commanding and coordinating)
3. Organising
4. Control
• Management is a skill and therefore it can be taught
Planning
• Involves the creation and maintenance of a plan
• Planning is a fundamental property of intelligent behaviour
• The thought process is essential to the planning process
• Information about what’s happening outside of the firm
• Use analytical tools to tell what’s happening outside the firm
• Internal capabilities required to deliver
EXAM sample questions
1. Briefly explain the steps in the planning process
Step 1. Define objectives
Step 2. Determine where you stand in relation to the objectives
Step 3. Develop premises regarding future conditions
Step 4. Analyse and choose among alternatives
Implement and evaluate
2. Outline the various types of plans used by managers and the appropriate
circumstances in which each can be used
• Short range, intermediate range and long range (3+ years)
o Strategic plans
o Tactical plans
o Operational plans
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