GMS 200 Chapter Notes - Chapter 8: Strategic Planning, Project Management, Scenario Planning

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Jian Guan

Document Summary

Objectives are specific results that one wishes to achieve. A plan is a statement of intended means for accomplishing objectives. Benefits of planning: planning improves focus and flexibility. An organization with focus knows what it does best, knows the needs of its customers, and knows how to serve them well. An individual with focus knows where he or she wants to go in a career or situation, and is able to retain that objective even when difficulties arise. An organization with flexibility is willing and able to change and adapt to shifting circumstances, and operates with an orientation toward the future rather than the past. An individual with flexibility adjusts career plans to fit new and developing opportunities: planning improves action orientation. Good planning throughout an organization creates a means-end chain or hierarchy of objectives in which lower level objectives lead to the accomplishments of higher level ones: planning improves time management.