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Lecture 6

GMS 200 LECTURE 6.docx

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Department
Global Management Studies
Course
GMS 200
Professor
Bamidele Adekunle
Semester
Winter

Description
GMS 200 LECTURE 6 Planning: Objectives: Plan:  Steps in the planning process • Define your objectives • Determine where you stand vis­a­vis objectives • Develop premises regarding future conditions • Analyzing and choose among action alternatives • Implement the plan and evaluate results Benefits of Planning: • Improves focus and flexibility • Improves action orientation • Improves coordination • Improves time management • Improves control Types of Plans • Short­range and long­range plans o Short­range plans= 1 year or less o Intermediate­range plans= 1 to 2 years o Long­range plans= 3 or more years • People vary in their capability to deal effectively with different time horizons • Higher management levels focus on longer time horizons • Strategic and operational plans o Strategic plans­ set broad, comprehensive, and longer­term action  directions for the entire organization  o Operational plans­ define what needs to be done in specific areas to  implement strategic plans  Production plans  Financial plans  Facilities plans  Marketing plans  Human resource plans  • Policies and procedures o Standing plans  Policies and procesures that are design for repeated use o Policy  Broad in guidelines for making decisions and taking action in  specific circumstances o Rules or procedures  Plans that describe exactly what actions are to be taken in specific  situations • Budgets and project schedules o Single­use plans  Only used once to meet the needs and objectives of a well­defined  situation in a timely manner o Budgets
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