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GMS 200 (566)
Chapter 6

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Ryerson University
Global Management Studies
GMS 200
Ricardo Reyes

Chapter 6 – Planning Processes and Techniques 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 The importance of planning: • Creates a solid platform • Decide where you want to go • Decide how best to go about it Planning Process: • Define your objectives • Determine where you stand vis-a-vis objectives • Develop premises regarding future conditions • Analyze and choose among action alternatives • Implement the plan and evaluate results Benefits of Planning • Improves focus and flexibility • Improves action orientation • Improves coordination and control • Improves time management Planning and Time Management Tips: • DO say “no” to request 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 1 Types of Plans Used by Managers Long-range and Short-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 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 – standing plan that communicates broad guidelines and action o Procedure or rule – plans the describe exactly what actions are to be taken in specific situations • Budgets o Sing use plans that commit resources to activities, projects, or programs o Fixed, flexible, and zero-based budgets 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 2 • 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 implemented if circumstances change • Contingency plans anticipate changing conditions Scenario planning • A long-term version of contingency planni
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