GMS 200 Study Guide - Final Guide: Pareto Analysis, Strategic Planning, Strategic Management

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Louis Pike

Document Summary

Planning: the process of setting objectives and determining how best to accomplish them. Objectives: the specific results or desired end states that one intends to achieve. Plan: a statement of action steps to be taken in order to accomplish the objectives. Steps in planning process: define your objectives, determine where you stand vis- -vis objectives, develop premises regarding future conditions, analyze and choose among action alternatives, implement the plan and evaluate results. Pareto analysis (80/20: vilfred pareto, 20% of people owned 80% of the land and vice versa, 20% of your effort will give you the most output, small number of customers will generate 80% of revenue. Short range (1 year or less) and long range plans (3 or more: intermediate (1 to 2 years, people vary in their ability to deal effectively with different time horizons, higher management levels focus on longer time horizons.