ADM 1300 Lecture 5: Oct.29.2018

• School: University of Ottawa
• Department: Administration
• Course: ADM 1300
• Professor: Matthew Archibald

Document Summary

Planning involves defining goals, establishing a strategy to achieve goals and develop plans to coordinate activities. Goals setting as part of the plan. In order to pursue a certain goal what is the action plan. Decision-making process that focuses on the future of the organization and how to achieve goals. Identifying the objectives to be attained and the ways to realize them. Focuses attention on objectives and goals (avoid complacency trap) Offsets (to a degree) the uncertainty and change. Minimizes cost through efficiency of operations (minimize waste) How to achieve long-term goals/vision: operational (usually yearly or shorter) Prepared by first level managers/middle managers: tactical. What i di day to day to achieve goals. The company wants to reach billion in revenue by 2020. Focus on women"s products segment (high priority) Forecasting - attempt to predict the future (based on historical trends) Contingency planning - alternative courses of action of things don"t work.