MGT 3120H Chapter 5: CH 5
Document Summary
Time management is an essential planning skill in the fast paced and complicated world of business. Planning is one of the four functions of management. Planning: is the process of setting performance objectives and determining how to accomplish them leading : to inspire effort. Planning is the process of setting objectives and identifying how to achieve them: define your objectives. Objective: are specific results that one wishes to achieve: determine where you stand vis-a vis objectives. Establish baselines for performance, present becomes a standard against which future progress can be gauged: develop premise regarding future conditions, make a plan. Plan: is a statement of intended means for accomplishing objectives. Complacency trap: of being lulled into inaction by successes or failures of the moment can be avoided with planning. Hierarchy objectives: lower-level objectives help to accomplish higher level ones. Without controls, plans may fail because of a lack of follow-through. Managers use short range and long range plans.