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Chapter 8

Chapter 8

11 Pages
96 Views

Department
Global Management Studies
Course Code
GMS 200
Professor
Sui Sui

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Chapter 8 Planning and Controlling
Key Study questions for Chapter 8
1.How do managers plan?
2.What types of plans do managers use?
3.What are the useful planning tools and techniques?
4.What is the control process?
5.What are the common organizational controls?
Study Question 1: How do managers plan?
Planning
oThe process of setting objectives and determining how to best accomplish
them.
Objectives
oIdentify the specific results or desired outcomes that one intends to achieve.
Plan
oA statement of action steps to be taken in order to accomplish the objectives.
Steps in the planning process:
oDefine your objectives.
oDetermine where you stand vis-à-vis objectives.
oDevelop premises regarding future conditions.
oAnalyze and choose among action alternatives.
oImplement the plan and evaluate results.
Figure 8.1 The roles of planning and controlling in the management process
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Benefits of planning:
oImproves focus and flexibility.
oImproves action orientation.
oImproves coordination.
oImproves time management.
oImproves control.
Figure 8.2 A sample means-ends chain for total quality management
Study Question 2: What types of plans do managers use?
Short-range and long-range plans
oShort-range plans = 1 year or less
oIntermediate-range plans = 1 to 2 years
oLong-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 operational plans
oStrategic plans — set broad, comprehensive, and longer-term action
directions for the entire organization.
oOperational plans define what needs to be done in specific areas to
implement strategic plans.
Production plans
Financial plans
Facilities plans
Marketing plans
Human resource plans
Policies and procedures
oStanding plans
Policies and procedures that are designed for repeated use.
oPolicy
Broad guidelines for making decisions and taking action in specific
circumstances.
oRules or procedures
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Plans that describe exactly what actions are to be taken in specific
situations.
Budgets and project schedules
oSingle-use plans
Only used once to meet the needs and objectives of a well-defined
situation in a timely manner.
oBudgets
Single-use plans that commit resources to activities, projects, or
programs.
Fixed, flexible, and zero-based budgets.
oProjects
One-time activities that have clear beginning and end points.
Project management and project schedules.
Study Question 3: What are the useful planning tools and techniques?
Forecasting
oMaking assumptions about what will happen in the future.
oQualitative forecasting uses expert opinions.
oQuantitative forecasting uses mathematical and statistical analysis.
oAll forecasts rely on human judgment.
oPlanning involves deciding on how to deal with the implications of a forecast.
Contingency planning
oIdentifying alternative courses of action that can be implemented to meet the
needs of changing circumstances.
oContingency plans anticipate changing conditions.
oContingency plans contain trigger points.
Scenario planning
oA long-term version of contingency planning.
oIdentifying alternative future scenarios.
oPlans made for each future scenario.
oIncreases organizations flexibility and preparation for future shocks.
Benchmarking
oUse of external comparisons to better evaluate current performance and
identify possible actions for the future.
oAdopting best practices of other organizations that achieve superior
performance.
Use of staff planners
oCoordinating the planning function for the total organization or one of its
major components.
oPossible communication gaps between staff planners and line management.
Participation and involvement
oParticipatory planning requires that the planning process include people who
will be affected by the plans and/or will help implement them.
oBenefits of participation and involvement:
Promotes creativity in planning.
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Description
Chapter 8 Planning and Controlling Key Study questions for Chapter 8 1. How do managers plan? 2. What types of plans do managers use? 3. What are the useful planning tools and techniques? 4. What is the control process? 5. What are the common organizational controls? Study Question 1: How do managers plan? Planning o The process of setting objectives and determining how to best accomplish them. Objectives o Identify the specific results or desired outcomes that one intends to achieve. Plan o A statement of action steps to be taken in order to accomplish the objectives. Steps in the planning process: o Define your objectives. o Determine where you stand vis- -vis objectives. o Develop premises regarding future conditions. o Analyze and choose among action alternatives. o Implement the plan and evaluate results. Figure 8.1 The roles of planning and controlling in the management process www.notesolution.com Benefits of planning: o Improves focus and flexibility. o Improves action orientation. o Improves coordination. o Improves time management. o Improves control. Figure 8.2 A sample means-ends chain for total quality management Study Question 2: What types of plans do managers use? Short-range and 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 operational plans o Strategic plans set broad, comprehensive, and longer-term action directions for the entire organization. o Operational plans define what needs to be done in specific areas to implement strategic plans. Production plans Financial plans Facilities plans Marketing plans Human resource plans Policies and procedures o Standing plans Policies and procedures that are designed for repeated use. o Policy Broad guidelines for making decisions and taking action in specific circumstances. o Rules or procedures www.notesolution.com
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