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Chapter 6

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Department
Global Management Studies
Course
GMS 200
Professor
Sui Sui
Semester
Winter

Description
GMS200 SUI SUI CHAPTER 6: PLANNING PROCESSES AND TECHNIQUES Chapter 6 Study Questions  Why and how do managers plan?  What types of plans do managers use?  What are the useful planning tools and techniques?  How can plans be well implemented? Study Question 1: Why and how do managers plan?  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.  Steps in the planning process: 1. Define your objectives. 2. Determine where you stand vis-à-vis objectives. 3. Develop premises regarding future conditions. 4. Analyze and choose among action alternatives. 5. Implement the plan and evaluate results. Figure 6.1 The roles of planning and controlling in the management process  Benefits of planning:  Improves: o Focus and flexibility. o Action orientation. o Coordination and Control. o 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. GMS200 SUI SUI CHAPTER 6: PLANNING PROCESSES AND TECHNIQUES  Short-range and long-range plans  Short-range plans = 1 year or less  Intermediate-range plans = 1 to 2 years  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. Study Question 2: What types of plans do managers use?  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. o Production plans o Financial plans o Facilities plans o Marketing plans o Human resource plans  Operational plans  Policies and procedures o Policy  Broad guidelines for making decisions and taking action in specific circumstances. o Rules or procedures  Plans that describe exactly what actions are to be taken in specific situations.  Operational plans  Budgets o Single-use plans that commit resources to activities, projects, or programs. o Fixed, flexible, and zero-based budgets. Study Question 3: What are the useful planning tools and techniques?  Forecasting  Making assumptions 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 courses of action that can be implem
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