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Chapter 6.docx

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Department
Global Management Studies
Course
GMS 200
Professor
Rodney Umrah
Semester
Winter

Description
Chapter 6 Planning Processes and Techniques Why and How Managers Plan? Planning Plan (statement of intended means for accomplishing objectives) - The process of setting objectives and determining how to best accomplish them. - Deine your objectives ( specific results that one wishes to achieve) - Determine where you stand vis-à-vis objectives - Develop premises regarding future conditions - Analyze and choose among action alternatives - Implement the plan and evaluate results Benefits of Planning o Improves focus and flexibility  Knows its core competence  Knows customer needs  Adapt to shifting circumstances o Improves action orientation  Stay ahead of completion  Avoids complacency trap – being carried along by the flow of events o Stephen R Covey on priorites:  Makes companies results-oriented  Makes companies priority-oriented  Makes companies advantage-oriented  Makes companies change-oriented o Improves Time Management  “ Im locked in by meetings, travel and other constraints….i have to put down in priority things I like to do”. Daniel Vasella, CEO Novartis AG  “ No one can reach me by phone and I can get reading and thinking done” Kathleen Murphy, CEO ING US Wealth Management o Personal Time management Tips  Do say “no” to requests that distract from what you should be doing.  Don’t get bogged down in details that can be addressed later  Do prioritize your important and urgent work  Don’t become calendar bound by letting others control your schedule  Do follow priorities; do most important and urgent work first. Types of Plans Used by Managers - I am the master of my fate, I am the captain of my soul. ( William E Henley. 1875) o Response to henleys statement  Not without a plan you’re not - Short Range and long range plans o Shore range plans = 1 year or less o Intermediate range plans = 1 to 2 years o Long range plans = 3 or more years - Senior executives deal with strategic plans - Middle managers deal with tactical plans o Helps to implement all or parts of a strategic plan o Intermediate term plans that specify how resources will be used to put strategies together - Line managers deal with operational plans o Activities to be done in the short term to implement the strategic plans o Include plans used on many occasions such as policies Discussion question: Is there any real value to long term planning in today’s rapidly changing environment? - long term plan but adapting to changes that are happening short term so it is a good thing to have a plan for the future Planning Tools and Techniques Forecasting o Making assumptions about what will happen in the future o Qualitative forecasting uses expert opinions o Quantitative forecasting uses mathematical and statistical analysis o All forecasts rely on human judgment o Planning involves deciding on how to deal with the implications of a forecast Contingency Planning o Identifying alternative courses of action that can be implemented if circu
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