GMS 200 Chapter Notes - Chapter 6: Scenario Planning, Swot Analysis, Stretch Factor

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Ricardo Reyes

Document Summary

Management skills and tasks get things done through others. Main skills and tasks of management entail planning, organizing, leading, direction, coordinating and controlling. Management begins with the famous five p rule proper planning prevents poor performance (tom gorman) In the life of any organization, the need for planning is of critical importance to success regardless of size. Planning serves as the primary management function. Planning sets the stage and provides a foundation for the manager"s efforts to organize, lead and control. A plan must be n writing, if not, it"s just an idea in a person"s head. Through planning, managers attempt to look into the future and make decisions that will facilitate goal accomplishment. In business that goal is maximization of profit. Because of the future nature of planning there will not be complete information. All plans include some element of uncertainty and risk. Planning entails (1) setting objectives and (2) determining how best to accomplish them.