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Chapter 8

CHAPTER 8.docx

8 Pages
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Department
Global Management Studies
Course Code
GMS 200
Professor
Jian Guan

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CHAPTER 8 PLANNING AND CONTROLLING Study Question 1 How do managers planPlanningThe process of setting objectives and determining how to best accomplish them Objectives Identify the specific results or desired outcomes that one intends to achievePlanA statement of action steps to be taken in order to accomplish the objectivesSteps in the planning processDefine your objectivesDetermine where you stand visvis objectivesDevelop premises regarding future conditionsAnalyze and choose among action alternativesImplement the plan and evaluate resultsa Benefits of planningImproves focus and flexibilityImproves action orientationImproves coordinationImproves time managementImproves control Study Question 2 What types of plans do managers useShortrange and longrange plansShortrange plans1 year or lessIntermediaterange plans1 to 2 yearsLongrange plans3 or more yearsPeople vary in their capability to deal effectively with different time horizonsHigher management levels focus on longer time horizons
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