MAN 3025 Lecture Notes - Lecture 8: Business Plan, Root Mean Square, Dynamic Capabilities
23 Oct 2018
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Document Summary
Why plan: planning is an important management function, planning will. Work out whether you can achieve what you want. Think about how you are going to achieve what you want: especially critical when: big changes, transitions. Helps you cope with uncertainty: drawbacks/concerns. Time consuming behavior: information gathering, forecasting, and budgeting. What is a plan: a blueprint for action, how you are going to realize your goals. Tuesday, september 25, 2018: key type of plan. Business plan: firm"s strategic plans, firm"s operating plans. Planning and strategic management: a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals. Bene ts of planning: providing direction and momentum. Strategy is the rm"s theory about how to be successful: encouraging new ideas. Focuses on not just the present but the future. Strategy innovation: reinvention of the basis of competition, developing a sustainable competitive advantage.
