MGT 125 Lecture Notes - Lecture 19: Risk Management, Participatory Planning

• School: Irvine Valley College
• Department: Management
• Course: MGT 125
• Professor: budgay

Document Summary

Sets the direction and objectives of the business. Planning - is the process of setting objectives and determining how to accomplish them: planning involves deciding exactly what you want to accomplish and the best way to go about it. Objectives : are specific results usually expressed in measurable indices that someone wishes to achieve and may relate to the individual, a group or the whole organisation. Establishes the goals or standards that are used in controlling. Provides a starting point for further managerial actions. A formal planning department takes sole responsibility for planning in the tradition approach to planning. Includes the people who will be affected by plans and/or whose help is needed to implement them. To create and implement the best plans, proper attention must be given to genuinely involve others during planning steps. Even through this process it may mean that planning takes more time, it can improve results by improving implementation.