Management MGT 3303 Chapter Notes - Chapter 5: Plans, Vertical Integration, Big Data

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Planning is often called the primary management function because it establishes the basis for all the other things managers do as they organize, lead, and control. Managers should plan for at least four reasons: planning establishes coordinated effort. It gives direction to managers and nonmanagerial employees. It also clarifies the consequences of the actions managers might take in response to change. Planning, then, is precisely what managers need in a changing environment: third, planning reduces overlapping and wasteful activities. Coordinating efforts and responsibilities before the fact is likely to uncover waste and redundancy. Furthermore, when means and ends are clear, inefficiencies become obvious: planning establishes the goals or standards that facilitate control. Without planning, there are no goals against which to measure or evaluate work efforts. Formal planning generally means higher profits, higher return on assets, and other positive financial results.

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