GMS 200 Chapter Notes - Chapter 6: Scenario Planning, Swot Analysis, Stretch Factor

33 views4 pages
Published on 22 Apr 2013
School
Ryerson University
Department
Global Management Studies
Course
GMS 200
Professor
Planning Process and Techniques Chapter 6
Introduction
- Management skills and tasks get things done through others
- Main skills and tasks of management entail planning, organizing, leading, direction,
coordinating and controlling
- Management begins with the famous five p rule proper planning prevents poor performance
(tom Gorman)
- In the life of any organization, the need for planning is of critical importance to success
regardless of size
Objectives of planning
- Planning serves as the primary management function
- Planning sets the stage and provides a foundation for the manager’s efforts to organize, lead
and control
- A plan must be n writing, if not, it’s just an idea in a person’s head
- Through planning, managers attempt to look into the future and make decisions that will
facilitate goal accomplishment
- In business that goal is maximization of profit
- Because of the future nature of planning there will not be complete information
- All plans include some element of uncertainty and risk
Proper planning prevents poor performance
- Planning entails (1) setting objectives and (2) determining how best to accomplish them
- Objectives involves identifying 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
- Planning sets the stage for organizing, leading, and controlling by providing direction
- Planning is central to the management process
- Planning involves deciding where you want to go and how best to go about it
Elements of planning
- A goal and a measure of the distance from the goal
- An assessment of the external environment (political, economical, social, technological, legal,
environment)
an assessment of the company’s (internal environment) strengths, weaknesses, opportunities
and threats (swot)
- An assessment of existing and needed resources
- A series of tasks that will move the company toward the goal
- A mechanism for measuring progress
Five steps in the systematic planning process
1. Define your objectives- know where you want to go
2. Determine where you stand via-a-vis objectives know your strengths and weaknesses(SWOT)
3. Develop premises regarding future conditions generate alternative scenarios of what may
happen (what if?)
4. Analyze and choose among action alternatives
5. Implement the plan and evaluate results
Unlock document

This preview shows page 1 of the document.
Unlock all 4 pages and 3 million more documents.

Already have an account? Log in

Document Summary

Management skills and tasks get things done through others. Main skills and tasks of management entail planning, organizing, leading, direction, coordinating and controlling. Management begins with the famous five p rule proper planning prevents poor performance (tom gorman) In the life of any organization, the need for planning is of critical importance to success regardless of size. Planning serves as the primary management function. Planning sets the stage and provides a foundation for the manager"s efforts to organize, lead and control. A plan must be n writing, if not, it"s just an idea in a person"s head. Through planning, managers attempt to look into the future and make decisions that will facilitate goal accomplishment. In business that goal is maximization of profit. Because of the future nature of planning there will not be complete information. All plans include some element of uncertainty and risk. Planning entails (1) setting objectives and (2) determining how best to accomplish them.

Get OneClass Grade+

Unlimited access to all notes and study guides.

YearlyMost Popular
75% OFF
$9.98/m
Monthly
$39.98/m
Single doc
$39.98

or

You will be charged $119.76 upfront and auto renewed at the end of each cycle. You may cancel anytime under Payment Settings. For more information, see our Terms and Privacy.
Payments are encrypted using 256-bit SSL. Powered by Stripe.