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Ryerson University
Global Management Studies
GMS 200
Shavin Malhotra

October 29, 2012 Planning processes and techniques Why planning creates value? - Leads to an increased match between the internal organizational conditions of the firm and its external environment - Creates awareness of problems, strengths and weaknesses - Improves focus and flexibility o Avoids wasting time o Takes into account all factors and focus on critical ones o Pareto principle o Allows systematic resource allocation o Minimization of affects of adverse conditions o Gives competitive advantage over competitors o Helps stakeholders to plan their future o Beware of planning paralysis Why people avoid planning? - Poor reward structures o Normally people that execute plans get awards - Fire-fighting - Opposition to time and expense of planning - Resistance to change - Fear of failure - Prior bad experience Steps in the planning process - Define your objectives - Determine where you stand vis a vis objecti
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