GMS 200 Lecture Notes - Lecture 6: Specific Performance

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

Document Summary

Planning- the process of setting objectives and determining how to accomplish them. Action orientation: - good planning helps make us: 1. Complacency trap - being carried along by flow of events. Vision - clarifies purpose and expresses future hopes. Tactical plan - helps implement all/parts of a strategic plan. Functional plans - indicates how different operations will help advance the overall strategy. Logistics plans - suppliers and acquiring resource inputs. Marketing plans - selling and distributing goods/services. Human resource plans - building a talented workforce. Operational plans - identifies short-term activities to implement strategic plans. Zero-based budget - allocates resources as if each budget were brand new. Contingency planning - identifies alternative courses of action to take when things go wrong. Scenario planning - identifies alternative future scenarios and make plans to deal with them. Benchmarking - uses external and internal comparisons to plan for future improvements.