GMS 200 Chapter Notes - Chapter 6: Participatory Planning, Scenario Planning, Personal Development

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Ricardo Reyes

Document Summary

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. Long-range and short-range plans: short-range plans = 1 year or less. 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. Forecasting: making assumptions about what will happen in the future, qualitative forecasting uses expert opinions, quantitative forecasting uses mathematical and statistical analysis.