Professional Documents
Culture Documents
WEEK 5 G11
Forecasting
◦ Making assumptions about what will happen
in the future.
◦ Qualitative forecasting uses expert opinions.
◦ Quantitative forecasting uses
mathematical and statistical analysis.
◦ All forecasts rely on human judgment.
◦ Planning involves deciding on how to deal
with the implications of a forecast.
Contingency Planning
conditions.
BENCHMARKING
performance objectives.
results.
MBO Involves a formall agreement specifying
◦ Workers’ performance objectives for a specific time
period.
◦ Plans through which performance objectives will be
accomplished.
◦ Standards for measuring accomplishment of
performance objectives .
◦ Improvement
◦ Personal development
◦ Maintenance
Advantage of MBO
◦ Focuses workers on most important tasks and
objectives.
◦ Focuses supervisor’s efforts on important areas of
support.
◦ Contributes to relationship building.
◦ Gives workers a structured opportunity to
participate in decision making.