...To what extent are ‘big businesses’ poor at contingency planning? Contingency plans are made to deal with unplanned events such as natural and crises such as floods, fire, system failures or fatalities. For businesses this will be dependent on size or industry area, for example a small shop owner will have a different range of contingency plans to say that of a national bank. A contingency plan is generally made prior to a project taking place and forms part of the formal corporate planning process. Its two main aims being to firstly try and foresee any potential risks that are faced within the course of a projects life, and secondly it sets out guidelines to be followed in the event of any such event actually take place. Large businesses take these precautions generally as standard as in the process of projects, in the short run contingency planning may be costly to the businesses but in the long run it can save the business a lot of money in the event of such crisis. Small businesses often lack the resources and capital to undertake such thorough planning, often this leads to negative consequences for these businesses. When undertaking contingency planning businesses will use ‘SWOT matrix’ analysis, weighing up the strengths, weaknesses, opportunities and threats to carrying out a venture. By doing so businesses will firstly decide whether or not the plan is viable enough to carry on, after this it allows them to delve into what potential problems or threats and the likelihood...
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...Running head: Financial Contingency Planning Financial Contingency Planning for the FBI’s CJIS Division’s Lasting Impressions Child Development Center In partial fulfillment of The Requirements for the degree of Master’s of Science in Administration Justice and Security Julia Ann Minnocci March 4, 2013 Dr. Hector Garcia Financial Contingency Planning Introduction This paper will provide details how the upcoming sequestration will affect the Department of Justice’s (DOJ’s) Federal Bureau of Investigation’s (FBI) Criminal Justice Information Services (CJIS) Division’s Lasting Impressions Child Development Center (LICDC). In addition to possible sources of revenue, temporary assistance, and funding assets as part of financial contingency planning, the paper will discuss the following: public-private partners; nonprofits; bond issuance; grants; multi-level government financing, and the effects of taxation. Also the paper will evaluate the role that financial efficiency will play in obtaining funding at the state and local levels as well as how to identify sources of fundsfor the project. Financial Contingency Planning The FBI CJIS Division decided to build a daycare center for the use by the FBI Employees. The FBI built the LICDC facility on the CJIS Division’s campus in June 1993; however, it did not open until June 1995. FBI Employees are given first priority to enroll their child/children at the facility. Once the FBI Employees enrolled their...
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...Chemical Dependency Counseling in Prison Financial Contingency Planning is essential to the success of any chemical dependency counseling program. There are many problems that can surface in the financial sector of the organizations and can result in high costs for the organization. A contingency plan in place can reduce the harmful effects of the challenge that surfaces. The development of financial contingency plan is through strategic scenario planning and develops the actions to be employ only upon the occurrence of anticipated future events. A contingency plan will protect the chemical dependency program from unforeseen threats or events that could interrupt the success of the program. This requires the source of revenue to be readily available to the chemical dependency counseling program in prison. Public-Private Partners However, for any financial contingency plan to be successful there needs to be sources of revenue available. One source of revenue is the public-private partner. There are many forms of the public-private partner that can be put to use by the program. The Operations and Management model involves a public partner (federal, state, or local government agency or authority) who contracts with a private partner to provide or maintain a specific service (North, 2011). Through O&M, the public partner retains control over the chemical dependency program and retains management control. The next type of public-private partnership is the Operations...
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...Contingency Planning Policy Statement iPremier has chosen to adopt the Contingency Planning principles established in NIST SP 800-34 “Contingency Planning Guide for Information Technology (IT) Systems,” as the official policy for the risk management, incident response for DDoS attacks. The following subsections outline the Contingency Planning standards that constitute iPremier’s policy. Each iPremier Business System, including third-party service providers, is then bound to this policy, and must develop or adhere to a program plan which demonstrates compliance with the policy related the standards documented. Business Impact Analysis Preliminary System Information Organization: iPremier Date BIA Completed: System Name: Customer’s Web...
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...certificates, vendor credits, and outstanding checks, such as payroll and dividend checks. Since unclaimed property claims do not constitute a tax, Statement of Financial Accounting Standards No. 5, "Accounting for Contingencies" (FAS 5)5 may affect an enterprise's financial reporting obligations. In FAS 5, the term "contingency" is defined as "an existing condition, situation, or set of circumstances involving uncertainty as to possible gain (hereinafter a 'gain contingency') or loss (hereinafter a 'loss contingency') to an enterprise that will ultimately be resolved when one or more future events occur or fail to occur. According to FAS 5, a contingent loss should be charged to income if information is available before issuance of the financial statements indicating by fiscal year-end that a loss probably has been incurred and that the amount of such loss can be reasonably estimated. If there is a reasonable possibility that the loss will be incurred, FAS 5 generally requires the disclosure in the footnotes of the financial statements to include a discussion of the nature of the loss and either the possible range of the loss (if it can be estimated) or a statement that such loss cannot be estimated. FAS 5 provides: "Disclosure is not required of a loss contingency involving an un-asserted claim or assessment when there has been no manifestation by a potential claimant of an awareness of a possible claim or assessment unless it is...
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...1. Contingency means 'factors in the future that could happen but the chances of it are out of our control' and contingency planning means putting safe guards in place to make provisions for such occurrences. The contingency factors that affect planning would mean that any planning that the company undertakes, need to take into occurrences that might result in needing to consult the contingency plan. Things to take into account when planning for change in a business are: * Organizational level, this shows the relationship between a manger’s level in the organization and the type of planning done. For this most, lower level Managers do operational planning while upper level managers do strategic planning. * Degree of environmental certainty - when uncertainty is high, plans should be specific, but flexible. Mangers must be prepared to change or amend plans as they are implemented * Length of future commitments says that plans should extend far enough to meet those commitments made when the plans were developed. Planning for too long or too short a time period is inefficient and in-effective. If you take all of these contingency factors into account when making any business decision, it is likely that there are some that will carry too much risk to go ahead with, meaning that contingency factors can greatly affect planning. 2. In an uncertain environment, managers should develop plans that are specific, but flexible. Although this may seem contradictory...
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...MGT/230_ Wk3_Management Planning MGT/230 April 15, 2013 Management Planning As today’s leading energy company, British Petroleum, PLC (BP) has been thriving to satisfy the investors with legal, ethical, and social responsibility issues as a corporation while protecting employees and environment. The global economy has been fluctuating rapidly since the last tragic incident that happened in 2010; therefore, now is the time to evaluate the organization’s management planning function, analyze the influence that have had on management planning at BP, and analyze the factors that influence the company’s strategic, tactical, operational and contingency planning. Planning Function of Management The board of directors have played valuable role in both planning and decision making process at BP since the incident in 2010. Although BP had fully engaged to solve the issues from the incident by using top level skills and taking appropriate measures, the lesson BP learned was, in such a painful manner, that there are substantial financial risk accompany poor decisions and planning which was losing $30 billion, according to Marianne M. Jennings (Jennings, 2010). Therefore, BP plc is adopting a new basic planning process that was introduced by Bateman and Snell: situational analysis, alternative goals and plans, goal and plan evaluation, goal and plan selection, implementation, and monitor and control that moves not just in one direction, but in a cycle (Bateman & Snell...
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...Running head: MANAGEMENT PLANNING PAPER Management Planning Paper Fallon Smith Management Planning Paper Tyco International is composed of five business segments: ADT Worldwide, Fire Protection Services, Safety Products, Flow Control, and Electrical and Metal Products. Tyco is a diversified global company that provides a range of products and services to residential and commercial customers. Those products range from electronic security and alarm monitoring to fire-fighting equipment and breathing apparatus, and from water purification and flow control solutions to galvanized steel tubes and armored wire and cable (Tyco International, 2009). Tyco was founded in 1960 as a research laboratory that provided experimental research for the government. Since Tyco has grown into five segments. Tyco has a goal oriented management plan which affects legal and ethical issues, corporate social responsibility and influences the company’s strategic, tactical, operational, and contingency plan. Planning is analyzing a situation, determining the goals that will be pursued, and deciding in advance the actions needed to pursue these goals (Bateman & Snell, 132). Tyco has been around for many years and has many companies vested in them. They have executed their planning very well to this point. Tyco’s main goal is to make sure their customers are happy. Their mission statement states they thrive to be the leader in every market that they serve. They set their goals high...
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...Management Planning for Tyco MGT 330 Management Planning for Tyco Planning is one of the important actions management must consider when forming the foundation and goals of an organization. The company’s mission is set from the goals set by management. According to Tyco’s mission statement the company’s mission is to, “To be our customers’ first choice in every market we serve by exceeding commitments, providing new technology solutions, leveraging our diverse brands, driving operational excellence, and committing to the highest standards of business practices all of which will drive Tyco’s long-term growth, value and success" (Tyco. 2011 para 1) The best way for Tyco to obtain the goals for the company is for management to distinguish the superior between strategic planning, tactical planning, operational planning, and contingency planning that best serves the needs of the company. While keeping in mind the Influence of legal, ethical, and social responsibilities. Strategic planning or strategic goals is the making of choices concerning the organizations long and short-term goals. These goals can be the supporting element for one or more of the following company growth and profits, return on investments (ROI), market shares, productivity, quantity, quality, and customer satisfaction. Short and long-term goals can range from a week to years to complete. In 2007 Tyco faced adversity when “Kozlowski and Mark H. Swartz, the company's former chief financial officer...
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...Management Planning Planning is a management function necessary for the success of any organization. Organizational planning has to include internal and external environments, evaluation of the marketplace, identifying, and analyzing factors that influence planning. Fannie Mae is an organization with a competitive edge in the housing marketplace. Fannie Mae accomplished this through effective planning. Overview of Fannie Mae Fannie Mae is a government-sponsored enterprise (GSE) chartered by Congress with a mission to provide liquidity, stability, and affordability to the UNITED STATES housing and mortgage markets. Fannie Mae operates in the UNITED STATES secondary mortgage market. Rather than making home loans directly to consumers, Fannie Mae work with mortgage bankers, brokers and other primary mortgage market partners to help ensure they have funds to lend to home buyers at affordable rates. Fannie Mae fund mortgage investments primarily by issuing debt securities in the domestic and international capital markets. Fannie Mae has three lines of business-Single-Family, Housing and Community Development and Capital Markets-that provides services and products to lenders and a broad range of housing partners. Together, these business contribute to the company’s chartered mission to increase the amount of funds available to make homeownership and rental housing more available and affordable (Fannie Mae, 2010). Management Planning Function The planning function of...
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...actions necessary for attaining goals”(Daft, 2012). Ultimately Coach Carter and the basketball teams goal is to attain an education and win basketball games while doing so. In the Harvard Business Review, Mastering the Management Systems, they describe five steps of planning which are: Develop the plan, Translate the plan, Plan operations, Execute the plan, and Monitor and Learn. Coach Carter developed a plan by using the contract as his mission statement. This contract gave all the players the necessary information they needed to be successful on and off the court. He even explained to them how they should speak to each other and the coaches, as well as telling them were they should sit in class. Once the mission statement is stated he plans how to accomplish these goals. Planning once again becomes an important factor. The movie Coach Carter is based in a low-income neighborhood, where dropouts were what the kids ended up doing, where there were not a high percentage of graduates. This type of environment made it very difficult for Coach Carter to operate and have the support needed to follow through with his plans and goals. Contingency planning is what Coach Carter had to learn how to do. Contingency planning according to Richard L. Daft, “defines company responses to be taken in the case of emergencies, setbacks, or unexpected conditions”(Daft, 2012). At one point in the movie Coach Carter, the team...
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...Learn how to successfully plan and manage a wedding! Run your own wedding planning business, or plan your own wedding Learn about the tasks involved in managing a wedding event - hiring the band, liaising with the photographer, organising catering, finding the best deal for hiring venues and equipment, and much more! Learn procedures that will enable you to be VERY well organised Learn about all the different options open to a bride and groom when planning what kind of wedding they would like to have. The wedding planner needs to be able to stay calm when everyone around is not... and this course will show you how! Lesson Structure There are 9 lessons in this course: Introduction: Covers the nature, scope, opportunities and options available when planning a wedding. Looks at different types of weddings, understanding ceremonies (different religions, celebrants etc), receptions and working with wedding photographers, reception centres, churches etc. Planning: Choosing locations, services, products to use from reception centres, rings, the church or venue, catering and flowers. Also covers themed weddings, destination weddings and off-beat weddings. Managing People: Handling different personalities and the role of different members of the party. Managing Locations: Reception, Church, Photo Shoot Location, Pre Wedding Hen/Stag Parties etc. Managing the Programme: Arrivals, Departures, Ceremonies, Speeches, Entertainment, Eating, Drinking, Dancing etc. Other Issues:...
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...goals would play in planning the change in direction for the company? List some goals you think might be important. Goals play a substantial role in an organization’s planning for situations requiring coordination of resources. In this case, the goals for Garmin are driving its direction to form new partnerships in order to remain active in the GPS market. Garmin’s planning should follow the SMART format introduced by Drucker. In addition to being written, have students suggest ways that the goal can meet the qualities of S (specific), M (measurable), A (attainable), R (relevant), and T (time bound). 2. What types of plans would be needed in an industry such as this one? (For instance, long-term or short-term, or both?) Explain why you think these plans would be important. Planning involves defining the organization’s goals, establishing an overall strategy for achieving those goals, and developing a comprehensive set of plans to integrate and coordinate organizational work. Determining a direction for Garmin considering that most cell phones now have GPS function, involves both a long-term and short-term goal. Have students think of short term plans involved relationships with car manufacturers and then long-term plans on product development in other areas. In addressing the importance of these plans, have students think of the possibility of Garmin competing in other markets 3. What contingency factors might affect the planning Garmin executives...
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...Running Head: MANAGEMENT PLANNING PAPER Management Planning Paper for Halliburton Introduction Halliburton is one of the biggest oilfield service companies in the world. The company primarily serves the upstream oil and gas industry with an all-inclusive range of services, from the place of hydrocarbons to the construction of oil and gas. Services offered by the company include furnishing production optimization, drilling valuation, fluid services and oilfield drilling software and counselling. The company combines tried-and-true well drilling and optimization proficiencies with high-tech investigation and modelling software and services (About Us, 2010). From the time of its inception, it works in conventional oilfields from the North Sea to the Middle East as well as in more novel sites in Southeast Asia and Africa. The company has made numerous efforts in different directions for managing their position in the industry and divestment of its KBR engineering and military contracts division is part of its efforts. The Halliburton took KBR public in 2006 by extending a 20% stake in an IPO and afterwards divested the rest, cutting all connects with the company in 2007. It rationalized its management along with number of other efforts of the company. Due to all of these efforts, in 2006, the company was awarded with a multimillion-dollar contract by Saudi Aramco as component of the Khurais oilfield development project, the greatest in the region since...
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...Management Planning -Halliburton Halliburton was founded in1919 and is one of the world’s largest providers of products and services to the energy industry (Halliburton, 2011). Halliburton has operations in 80 countries and employs over 60,000 people. Its operations consist of two subdivisions, Completion and Production and Drilling and Evaluation that distribute cementing, stimulation, intervention and completion services. The Drilling and Evaluation subdivision provides field and reservoir modeling, drilling, evaluation, and well construction solutions that allow customers to model, measure, and optimize their well placement permanence (Halliburton, 2011). This includes drilling services, wireline, fluid services, drill bits, software asset solutions, and project management services. Halliburton offers an assortment of products and services, therefore, making production and development of oil and gas profitable. Planning function of management Management is the process of working with people and resources to accomplish organizational goals (Bateman & Snell, 2009). Halliburton is managed by a Board of Directors who are responsible for the planning functions at all levels within the business. The Board of Directors believes that the primary responsibility of the Directors is to provide effective governance over Halliburton’s affairs for the benefit of its stockholders (Halliburton, 2011). Halliburton’s action plans are focused on clients, customers, stockholders...
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