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Lecture 6

GMS 200 Lecture 6: Chapter 6

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Global Management Studies
GMS 200
Bamidele Adekunle

Lecture 5 – Chapter 6 Outline 1. Explain why and how managers plan 2. Describe the types of plans managers use 3. Identify and describe the various planning tools and techniques 4. Explain how to implement plans to achieve results Why and How Managers Plan Planning – Process of setting objectives and determining how to accomplish them Planning Process Objectives – specific results that one wishes to achieve Plan – statement of intended means for accomplishing objectives 1. Defining your objectives • Identify desired outcomes/results in very specific way. Know where to go; be specific so you will know you have arrived when you get there, or know how far off the mark you are at various points along the way 2. Determine where you stand vis-à-vis objectives • Evaluate current accomplishments relative to the desired results. Know where you stand in reaching objectives; know strengths work in your favour and what weaknesses may hold you back 3. Develop premises regarding future conditions • Anticipate future events. Make alternate scenarios for what may happen; come up with solutions or threats for each situation 4. Analyze alternatives and make a plan • List and evaluate possible actions. Choose alternative most likely to accomplish your objectives; describe what must be done to follow best course of action 5. Implement the plan and evaluate results • Take action and carefully measure your progress toward objectives. Follow through by doing what plan requires; evaluate results, take corrective action and revise plans Benefits of Planning • Improves focus and flexibility o Knows what is best, knows the needs and how to serve them o Knows where he/she wants to go in a career or situation • Improves action orientation o Complacency trap – being carried along by the flow of events o Results oriented, priority oriented, advantage oriented, change oriented • Improves coordination • Improves time management • Improves control Describe the types of plans used Short-range and long-range plans • Short-range plans = 1 year or less • Intermediate-range plans = 1-2 years • Long-range plans = 3 or more years • People vary in their capability to deal effectively with different time horizons • Higher management levels focus on long time horizons Strategic and operational plans • Strategic plans – set broad, comprehensive and longer term action directions for the entire organization; identifies long term directions for the organization • Operational plans – define what needs to be done in specific areas to implement strategic plans o Production plans o Financial plans o Facilities plans o Marketing plans o Human Resources plans • Vision – clarifies the purpose of the organization and expresses what it hopes to be in the future • Tactical Plans – helps to implement all or parts of a strategic plans • Functional plans – indicate how different operations with
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