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Chapter 6

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Global Management Studies
GMS 200
Masoomeh Moharrer

Why and how do managers plan? 4/11/2013 5:21:00 PM Planning the process of setting objectives and determining how to best accomplish them. Objectives identify the specific results or desired outcomes that one intends to achieve. Plan A statement of action steps to be taken in order to accomplish the objectives. PLANNING PROCESS: 1. Define your objectives – outcomes/results intended to achieve. 2. Determine where you stand vis-à-vis objectives – evaluate current accomplishments relative to desired results 3. Develop premises regarding future conditions – anticipate future events, alternative scenarios 4. Analyze and choose among action alternatives – list/evaluate possible actions, choose alternatives, what to be done 5. Implement the plan and evaluate results – take action, carefully measure process toward objectives Fig. 6.1 the roles of planning/controlling in the management process. BENEFITS OF PLANNING:  Improves focus and flexibility.  Improves action orientation. o complacency trap: being carried along by flow of events  Improves coordination and control.  Improves time management PERSONAL TIME MANAGEMENT TIPS:  DO say ―no‖ to requests that distract from what you should be doing.  DON’T get bogged down in details that can be addressed later.  DO screen telephone calls, emails, and meeting requests.  DON’T let drop-in visitors instant messaging use up your time  DO prioritize your important and urgent work  DON’T become calendar bound by letting others control your schedule  DO follow priorities; do most important and urgent work first. What types of plans do managers use? 4/11/2013 5:21:00 PM SHORT-RANGE + LONG-RANGE PLANS: o Short-range plans = 1 year or less o Intermediate-range plans = 1 to 2 years o Long-range plans = 3 or more years People vary in their capability to deal effectively with different time horizons. Higher management levels focus on longer time horizons. STRATEGIC AND TACTICAL PLANS Strategic plans — set broad, comprehensive, and longer-term action directions for the entire organization. Tactical plans — define what needs to be done in specific functions to implement strategic plans.  Production plans dealing w/ work methods or technologies  Financial plans dealing w/ money and capital investments  Facilities plans dealing w facilities and work layouts  Marketing plans dealing w/ suppliers and acquiring resource inputs  Human resource plans dealing w building talented work force OPERATIONAL PLANS Policies and procedures: Policy broad guidelines for making decisions and taking action in specific circumstances. Rules/procedures plans that describe exactly what actions are to be taken in specific situations. Budgets Single-use plans that commit resources to activities, projects, or programs. o Fixed, flexible, and zero-based budgets- allocates resources as if each budget were brand new  financial budget  operating budget  non-monetary budget  fixed budget  flexible budget What are the useful planning tools and techniques? 4/11/2013 5:21:00 PM FORECASTING Making attempts about what will happen in the future.  Qualitative forecasting uses expert opinions.  Quantitative forecasting uses mathematical and statistical analysis.  All forecasts rely on human judgment.  Planning involves deciding on how to deal with the implications of a forecast. CONTINGENCY PLANNING: Identifying alternative co
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