INST 335 Lecture 5: INST335 Lecture 5: Strategic Planning
5 Feb 2019
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Document Summary
Planning is the function of management that involves setting objectives and determining a course of action for achieving those objectives. Planning requires that managers be aware of environmental conditions facing their organization and forecast future conditions. It also requires that managers be good decision makers. Planning is a process consisting of several steps. Planners must then attempt to forecast future conditions. Planners must establish objectives, which are statements of tangible actions that need to be achieved, and a timeline for their completion. Planners must then identify alternative courses of action for achieving objectives. After evaluating the various alternatives, planners must make decisions about the best courses of action for achieving objectives. They then formulate necessary steps and ensure effective implementation of plans. Finally, planners must constantly evaluate the success of their plans and take corrective action when necessary. There are many different types of plans and planning. Strategic planning has a long time frame, often three years or more.
