AFM131 Chapter Notes - Chapter 7: Swot Analysis, Strategic Planning, Situation Two

• School: University of Waterloo
• Department: Accounting & Financial Management
• Course: AFM131
• Professor: Mohsin Bashir

Document Summary

Managers are more progressive now and emphasize team building and cooperation. 1: planning: includes anticipating trends and determining strategies for objectives. 2: leading: creating a vision for guidance and motivation. 3: control: clear standards to determine progress with rewarding/corrective measures. 4: organizing: designing the organization structure and making conditions where everything works together. Vision: explanation of why the organization exists and where it"s trying to go. Objectives: specific short term statements dealing with how to achieve goals. Swot analysis: strength, weakness, opportunity, threats to analyse organizations. Strategic planning: determining major goals, policies, and strategies for goals. Tactical planning: detailed short term statements about what"s to be done by who and how. Operational planning: setting work standards and schedules to implement tactical objectives. Contingency planning: preparing alternative courses of action if the primary plan fails. 6: determine whether the decision was good and follow up. Problem solving: solving problems that occur daily and is faster than decision making.