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Lecture 6

GMS 200 Lecture Notes - Lecture 6: Specific Performance


Department
Global Management Studies
Course Code
GMS 200
Professor
Shavin Malhotra
Lecture
6

Page:
of 2
GMS Chapter 6 Notes
Planning- the process of setting objectives and determining how to accomplish them
The Planning Process
1. Define Your Objectives- identify desired outcomes/results
2. Determine where you stand- evaluate current accomplishments relative to the desired results
3. Develop premises regarding future conditions- anticipate future events
4. Analyze alternatives and make a plan- list and evaluate possible actions
5. Implement the plan and evaluate results- take action and measure progress
Benefits of Planning. Improves:
Focus and Flexibility
Action Orientation: - Good Planning Helps Make Us: 1. Result-oriented
2. Action-oriented
3. Advantage-oriented
4. Change-oriented
- Complacency Trap - Being carried along by flow of events
Coordination and Control
Strategic Plan - Identifies long-term directions
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
Functional Plans Includes:
Production plans - work methods and technologies
Financial plans - money and capital investments
Facilities plans - facilities and work layouts
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
SMART Goals: 1. Specific - Desired outcomes
2. Measurable - No doubt when accomplished, or missed
3. Attainable - Realistic, possible to accomplish
4. Referred to - Include "stretch", focused on doing better
5. Timely - Linked to due date and timetable
Hierarchy of Goals Objectives - Lower-level objectives are means to accomplishing higher-level ones
Management By Objectives (MBO) - Process of joint objective-setting between a superior and subordinate
MBO involves a formal agreement specifying:
– Performance objectives for a specific time period
– Plans on how to accomplish performance objectives
– Standards for measuring accomplishment of performance objectives
– Procedures for reviewing results
Improvement Objectives - Describes intentions for specific performance improvements
Personal Development Objectives - Describes intentions for personal growth through knowledge and skills development
Advantages of MBO
– Focuses workers on most important tasks and objectives
– Focuses supervisor’s efforts on important areas of support
– Contributes to relationship building
– Gives workers a structured opportunity to participate in decision making
Participatory Planning - Includes the persons who will be affected by plans and/or those who will implement them