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GMS200 Chapter 6 Lecture Notes.docx

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Global Management Studies
GMS 200
Shavin Malhotra

GMS200 Chapter 6: Planning Processes and Techniques Planning- is the process of setting objectives and determining how to accomplish them Importance of Planning – Planning, Leading, Controlling and Organizing Planning Process Objectives- specific results that one wishes to achieve Plan- statement of intended means for accomplishing objectives. 1. Define your objectives 2. Determine where you stand vis-avis objectives 3. Develop premises regarding future conditions 4. Analyze alternatives and make a plan 5. Implement the plan and evaluate results Good planning helps make us  Priority oriented  Action oriented  Advantage oriented  Change oriented Benefits of Planning Improves focus and flexibility Improves Action oriented – complacency trap – being carried along by the flow of events Improves coordination and control Planning and Time Management Types of Plans used by Managers – Long range and short range plans – 3 month (most of us) 1 year (a few of us) 20 year (very few of us) Strategic and Tactical Plans Strategic plan – identifies long term directions for the organizations ^Vision – clarifies the purpose of the organization and expresses what it hopes to be in the future Tactical Plans – help to implement all or parts of a strategic plan ^Functional plans – indicate how different operations w/I the organization will help advance the overall strategy  Production plans- deals w/ word methods and technologies  Financial plans- deals w/ money and capital investments  Facilities plans – deals w/ facilities and work layouts  Logistic plans- deals w/ suppliers and acquiring resource inputs  Marketing plans – deals w/selling and distributing goods/services  HR plans – deals w/ building a talented workforce Operation Plans – identifies short term activities to implement strategic plans Policy – standing plan that communications broad guidelines for decisions and action Procedure or rules – precisely describes actions that are to be taken in specific situations Budget – plan that commits resource to projects or activities Zero based budget – allocates res
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