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Lecture

GMS Chapter 6.docx

3 Pages
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Department
Global Management Studies
Course Code
GMS 200
Professor
Tsogbadral Galaabaatar

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GMS Chapter 6  Planning: is the process of setting objectives and determining how to accomplish them.  Objectives: are the specific results that one wishes to achieve.  A Plan: is a statement of intended means for accomplishment objectives.  Complacency trap: is being carried along by the flow of events.  will help advance the overall strategy.  Operational plan: identifies short term activities to implement strategic plans  Scenario Planning: Identifies alternative future scenarios and makes plans to deal with each.  Benchmarking: uses external and internal comparison to plan for future improvements.  Best practices: are things people and organizations do that lead to superior performance.  Hierarchy of goals or objectives: lower level objectives are means to accomplishing high level ones.  Improvement objectives: describe intentions for specific performance improvements.  Personal development objectives: Describes intentions for personal growth through knowledge and skills development.  Participatory planning: includes the persons who will be affected by plans and/or those who will implement them. Importance of planning  Planning  Organizing  Controlling  Leading The Planning Process  Define your objectives: identify desired outcomes or results in very specific ways. Know where you want to go; be specific enough that you will know you have arrived when you get there.  Determine where you stand vis-à-vis objectives: Evaluate current accomplishments relative to the desired results. Know where you stand in reaching the objectives; know what strengths work in your favor.  Develop premises regarding future conditions: Anticipate future events. Generate alternative “scenarios” for what may happen.  Analyze alternatives and make a plan: list and evaluate possible actions. Choose the alternative most likely to accomplish your objectives, describe what must be done to follow the best the best course of action.  Implement the plan and evaluate results: Take action and carefully measure progress toward objectives. Follow through by doing what the plan requires; evaluate results, take corrective action, and revise plans as needed. Benefits of Planning  Improves flexibility  Improves action orientation  Improves coordination and control Long and short range plans: Long range: look 3 or 4 years into the fu
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