GMS 200 Lecture : Planning

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Shavin Malhotra

Document Summary

It is the process of deciding today what has to be done today to be ready for tomorrow. planning is the process of collecting information and making decisions by which management formulates objectives, and chooses the pattern of action to achieve those objectives. Ansoff (1970: used 13 separate financial variables. sales, earnings, total assets, stock price: compared firms which do extensive planning with those which do no or very little planning, companies which do planning outperform the other companies on nearly all variables. Gershefski: compared the growth of sales in companies over a 5-year period before planning was introduced and over a period of 5 years after planning was introduced, same results as other experiment. Leads to an increased match between the internal organizational conditions of the firm and its external environment. creates awareness of problems, strengths, and weaknesses.