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Published by Ameer Ali Mehrani

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Published by: Ameer Ali Mehrani on Dec 22, 2011
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Chapter 5 Foundations of Planning

FOM 5.1

Learning Outcomes
  

Define planning Explain the potential benefits of planning Identify the potential drawbacks of planning Distinguish between strategic and tactical plans (continued)

FOM 5.2

Learning Outcomes (continued)

State when directional plans are preferred over specific plans Define management by objectives and identify its common elements Outline the steps in the strategic management process

FOM 5.3

Learning Outcomes (continued)    Describe the four grand strategies Explain SWOT analysis Compare how entrepreneurs and bureaucratic managers approach strategy FOM 5.4 .

Planning Defining the organization’s goals. 4th Canadian Edition ©2005 Pearson Education Canada. FOM 5..5 . Inc. and developing a hierarchy of plans to achieve goals Robbins et al. Fundamentals of Management. establishing an overall strategy.

Sets Standards to Facilitate Control Provides Direction Reasons for Planning Minimizes Waste and Redundancy Reduces the Impact of Change FOM 5.6 .

May Create Rigidity Can’t Be Done in a Dynamic Environment Can’t Replace Intuition and Creativity Focus on Today’s Competition Reinforces Success FOM 5.7 Criticisms of Formal Planning .

8 .Does Planning Improve Performance?   Financial results Environmental concerns  Quality and implementation FOM 5.

How Do Strategic and Tactical Plans Differ? Time Frame Scope Objectives FOM 5.9 .

The Time Frame of Planning Short-Term Plans Long-Term Plans FOM 5.10 .

Clear Specific Plans Low Objectives Flexibility General Directional Plans High FOM 5.11 .

Single-Use vs. Standing Plans Unique Situations Ongoing Operations FOM 5.12 .

13 .What Is Management by Objectives? Organizational Objectives Divisional Objectives Departmental Objectives Individual Objectives FOM 5.

14 .Common Elements of MBO     Goal specificity Participative decision making Set time period Performance feedback FOM 5.

More Difficult Goals Lead To Higher Performance Specific Goals Lead to Better Results Does MBO Work? Support from Top Management Is Critical Participation Is Key FOM 5.15 .

Employees Setting Objectives       Identify key job tasks Set specific and challenging goals Encourage active participation Prioritize goals Build in feedback Link rewards to goal attainment FOM 5.16 .

Problems with MBO    Efforts directed primarily toward output Encourage individual rather than team efforts Goals may discourage efforts for continuous improvement FOM 5.17 .

1 Identify Current Mission.18 Analyze Environment 4 Analyze Resources 5 Note Weaknesses and Strengths . Objectives & Strategy 2 The Strategic Management Process 3 Note Threats and Opportunities 6 Reassess Mission 7&8 Strategies 9 Evaluate Results FOM 5.

19 .Starting the Process Mission Strategies Objectives FOM 5.

20 .Analyzing the Environment Environmental Scanning Competitive Intelligence FOM 5.

Strengths Opportunities SWOT Analysis Threats Weaknesses FOM 5.21 .

22 .Identifying Opportunities Organization’s Resources Opportunities in the Environment Organization’s Opportunities FOM 5.

Grand Strategies     Growth Stability Retrenchment Combination FOM 5.23 .

24 .Determining A Business-Level Strategy Cost Leadership Differentiation Focus FOM 5.

After Strategies Are Formulated   Implementation Evaluating results FOM 5.25 .

26 .Benchmarking Quality As A Strategic Weapon ISO 9000 and ISO 14000 Six Sigma FOM 5.

fulfilling need and wants through innovation.27 .Entrepreneurship   Process by which individuals pursue opportunities. without regard to the resources they currently control Important themes    Pursuit of opportunities Innovation Growth FOM 5.

Entrepreneurial Process     Exploring the entrepreneurial context Identifying opportunities and possible competitive advantages Starting the venture Managing the venture FOM 5.28 .

Comparison: Entrepreneurs and Traditional Managers Traditional Manager Primary motivation Corporate rewards Entrepreneur Independence Time orientation Activity Risk tendency View toward mistakes Short-term goals Delegation Low Avoidance 5-10 year growth of business Direct involvement Moderate Acceptance FOM 5.29 .

Project Management    Contemporary planning tool Is a process of quality control to ensure a project’s activities are done on time. and according to specification Project is a one-time-only set of activities that has a definite beginning and ending point in time FOM 5. within budget.30 .

31 .Project Management Process (Exhibit 5-8) Define objectives Identify activities and resources Determine project completion date Establish sequences Estimate time for activities Compare with objectives Determine additional resource requirements FOM 5.

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