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Lecture 6

GMS Week 6.docx

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Global Management Studies
GMS 200
Tsogbadral Galaabaatar

GMS Week 6 Planning Planning The process of setting objectives and determining how the best accomplish them ObjectivesIdentify the specific results or desired outcomes that one intends to achieve PlanA statement of action steps to be taken in order to accomplish the objectivesSteps in the planning process Define your objectives Determine where you stand vis a vis objectivesDevelop premises regarding future objectivesAnalyze and choose among action alternatives Implement the plan and evaluate resultsBenefits of planning Improves focus and flexibility Improves action orientationImproves coordination Improves time management Improves control Types of plansShort range and long range plans Short range plans 1 year or lessIntermediate range plans 1 to 2 years Long range plans 3 or more years People vary in capability to deal effectively with different time horizons Higher management levels focus on longer time horizons Strategic and operational plansStrategic plans set broad comprehensive and longer term action direction for the entire organization Operational plans define what needs to be done in specific areas to implement strategic plans Production plans Financial plansFacility plansMarketing plansHuman resource plans
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