...Planning is an important issue faced by everyone. When we decide to do something, we must plan first and set a schedule when we start it, if not we will don’t know how long of time or what kind of resources we must use to achieve our goals. So, as a good manager, they must proficient in planning like allocating the resources and set a schedule. All the employees, money and the time that available are include as company resources that can use and allocating by manager. If without planning, the manager will don’t know how to allocating all the resources, like in what kind of situation must use what kind of resources or human resources to perform the job rightly. Managers cannot achieve the goals without planning because they will missing themselves in the process to achieves a goal. Preparing a satisfactory business plan is a painful but essential exercise. The planning process forces managers or entrepreneurs to understand more clearly what they want to achieve, and how and when they can do it. Even if no external support is needed, a business plan can play a vital role in helping to avoid mistakes or recognize hidden opportunities. It is much easier to fold a sheet of paper than a business. For many, many entrepreneurs and planners, the process of planning (thinking, discussing, researching and analyzing) is just as, or even more, useful than the final plan. So, even if you don't need a formal plan, think carefully about going through the planning process. It could be enormously...
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...It is important when allocating work to ensure that resources are appropriately allocated and that they are available for use as and when they are needed. When drawing up a plan you need to focus on what you want to achieve, what you can do to achieve it and what might happen while you are moving toward achievement. You must consider what will be done, when and how it will be done and by whom. You need to identify and communicate organisational vision and develop a unified sense of direction. You will need to conduct an environmental scanning/analysis. Identify short a long term goals and make sure they are realistic and achievable. You would need to develop with relevant personnel strategies and plans for goal achievement as well as financial plans. These plans would need to be communicated to stakeholders and then implement these plans. During this process you must set appropriate KRA’s and KPI’s and track, monitor and evaluate the procedure. When allocating work, the competencies and availability of staff must be considered so that work is allotted to those who are best equipped to do it. You must consider employee experience, skills, knowledge, understandings and workloads. You must consider checking their understanding and give support and opportunities to ask questions. When allocating work the goals and objectives must be clearly defined so that employees can put them into action plans and achieve these goals. Managers and leaders must take into consideration, the interests...
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...organizational resources? Technology, people, and finances are some examples of organizational resource. These organizations play a vital role in the accomplishment and progress of a business. A technology resource is very important organization it come in several different forms such as; equipment, programs, and devices. A technology organizational resource helps to improve the value and production in a business if incorporated properly. People are another important organizational resource people play an important role in the organization, hardworking and conservative employees who shall not be overlooked. Conservative people can be very distinctive when distinguishing the different between the success and failure of an organization, as well as allocating in a competitive environment. Finance also plays an important role in organizational resources; finance arrives from; investors, stakeholders, and the business as well. Finance is not easy to allocate when the economy is going through rough times and companies must honor their promise to provide value to acquire financial resource in business. How should organizations allocate scarce resource in a competitive environment? Organization must allocate scarce resources in a limited but competitive environment and be very careful when entering. An...
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...Question 1: Explain the SEVEN (7) steps in a planning process that a manager should follow ensure effective planning. (20 marks) Planning defines forethought and forecasting. The seven steps in a planning process that a manager or any manager should follow in ensuring effective planning are: First every planning must have a goal setting. Plans are mean to achieve ends or objectives. Objectives must be clear, specific and informative . The tools are 1.Mind map and 2. Smart which stands for specific, measurable, attainable, realistic and time bound . Second, developing the planning premises. The assumptions and conditions must be clearly defined: tools and decision table. Third, reviewing limitations which are: Constraints or limitations Finance Human resources Materials Power Machinery Tools: SWOT Analysis. The most renowned tool for audit and analysis of overall strategic position of the business and its environment. It key purpose is to identify the strategies that will create a firm specific business model that will best align an organization’s resources and capacities. Strategy . The plan of action designed to achieved a specific goal. Then gaining or being prepared to gain a position of advantage over adversaries or best exploiting emerging possibilities. The strategic planning process they include: Mission and objectives, environmental scanning, strategy implementation and evaluation. Environmental scan that includes internal...
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...improve the organizations daily operations. Managers have to constantly think strategically about the future and also think of what can be done to improve the quality of their work environment. According to Lombardi and Schermerhorn (2007), managers must realize when there is a performance problem and also realize when opportunities arise. They must make decisions wisely, and take action when it is appropriate. All of these actions are performed through a process known as management. There are four processes in management which is organizing, planning, controlling any resources, and leading which is meant to accomplish performance goals (Lombardi & Schermerhorn, 2007). * Each function is important and has a purpose to ensure that the facility is running as smoothly as possible. Organizing is the process of coming up with plans, allocating resources, coordinating all activities, and defining jobs. Planning is the process of planning and making important decisions. Controlling is the process of controlling the work environment to ensure everything is run smoothly. Leading is the process of leading the organization successfully. All managers regardless of what level they are on must ensure that all of these functions are being carried out. Although all of these functions are important leading is a very important responsibility. Managers are responsible for leading their team and encouraging them to work hard. Managers...
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...Chapter 9 Multiple-Choice Questions |1. |If it is probable that the judgment of a reasonable person would have been changed or influenced by the omission or misstatement of information, then| | |that information is, by definition of FASB Statement No. 2: | | |a. material. | | |b. insignificant. | | |c. significant. | | |d. relevant. | | | | |2. |The preliminary judgment about materiality is the amount by which the auditor believes the statements could be misstated and | | |still not affect the decisions of reasonable users. ...
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...profitability given the demand for and price these products/services sell for. This is especially important as it pertains to both operational decisions (such as calculating the maximum price a firm can charge, especially for a "commodity" product, determining the maximum cost a firm is willing to pay to provide this product or service, and in making special order and transfer pricing decisions) and capital/long-term decisions (such as make-or-buy component decisions, continue or discontinue a product line decisions, process further decisions, etc,). Cost allocation can also be used to reduce wasteful spending and/or promote more efficient use of resources (especially PP&E) by evaluating needs and uses for the year to come as part of the planning/budgeting process. Managers can then be evaluated on their...
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...Strategic Planning of BMW's Global Production Network Author(s): Bernhard Fleischmann, Sonja Ferber and Peter Henrich Source: Interfaces, Vol. 36, No. 3 (May - Jun., 2006), pp. 194-208 Published by: INFORMS Stable URL: http://www.jstor.org/stable/20141389 . Accessed: 23/12/2013 16:01 Your use of the JSTOR archive indicates your acceptance of the Terms & Conditions of Use, available at . http://www.jstor.org/page/info/about/policies/terms.jsp . JSTOR is a not-for-profit service that helps scholars, researchers, and students discover, use, and build upon a wide range of content in a trusted digital archive. We use information technology and tools to increase productivity and facilitate new forms of scholarship. For more information about JSTOR, please contact support@jstor.org. . INFORMS is collaborating with JSTOR to digitize, preserve and extend access to Interfaces. http://www.jstor.org This content downloaded from 195.229.156.147 on Mon, 23 Dec 2013 16:01:50 PM All use subject to JSTOR Terms and Conditions Interfaces Vol. 36, No. infjffiHJL 2006, pp. 194-208 DOI i0.l287/inte.l050.0187 ISSN 0092-21021 EissN 1526-551X1061360310194 @ 2006 INFORMS 3, May-June Strategic Planning Production Bernhard and Logistics, Germany, of BMW's Network Fleischmann University of Augsburg, Global of Production Department D-86135 Augsburg, Universit?tsstra?e 16, bernhard.fleischmann@wiwi.uni-augsburg.de BMW AG, D-80788 Sonja...
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...Introduction Budgeting is in its simplest term, an estimation of future outflow/ inflow of money as well as predicted income within a fixed period of time. Budgeting is to many companies, a method of allocating resources. It also serves to evaluate its performance of the organization. Thus I agree to a large extent that budgeting is a key component in management in short and long term planning. Short-term budgeting (Advantages) The pros of short-term budgeting is, firstly, it can help to improve the co-relations between employee as they will be communicating with each other closely to meet the budget plans set by the company. Secondly, budgeting can helps the company to improve in allocating the resources as request are justified. Company will base on the budget plan to acquire the resources that is needed for the company to produce its products and maintain the quality of the production. Thirdly, it will provide companies with a record of its organizational activities throughout the month/year. By having these records, it allows companies to compare its standard plan with the actual result produce within the month/year. Thus organization can further improve its budgeting plans in future and solve the problems face during the past month/year. Disadvantages However, there are also disadvantages of having a short-term budgeting. Firstly, it will faces strong competition to allocate resources from the external forces such as other companies in the same line of production...
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...FACTORS AFFECTING PLANNING Conditions • Evaluating the present conditions of the business • Change happens unexpectedly Time Factor • Time is the most precious resource of an organization • Managers are given a span of time within which to bring out plans into implementation Resources Available • There must be enough funds and materials available for the purpose of putting plans into effect Skills and attitudes of management • An attitude of indifference and non – involvement could but spell failure to any planning Political, social, and environmental conditions • Social and economic conditions of the community Physical Facilities • Science and technology • Plants and equipments Collection and analysis of data • Information is the greatest resource • Acquisition, organization and interpretation of data POLICIES AND CLASSIFICATIONS Policies are guides to managerial decisions which fall under certain limits or boundaries These are formulated by management to govern actions at all levels As to Origin Imposed policies Are those required by the government as laws, procedures and administrative orders Appealed policies Are formulated when a subordinate endorses to his superior matters not covered by existing policies Originated policies Are those that are formulated by the top management As to level in the Organization Basic policies Formulated at the start of the business but may be amended to cope with changing conditions ...
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...TRIDENT UNIVERSITY INTERNATIONAL ITM 423: System Acquisition, System Development and Project Management Module 4: Project Planning, Scheduling, Budgeting & Risk Management Session Long Project May 2014 Term July 06, 2014 Assignment: Utilizing your assigned software and upon review of your previous steps so far, develop a more specific series of steps and plot them out relative to each other. Once complete, prepare a 2-3 page report summarizing your activities in the previous two steps– action definition and plan design Allocating and Distributing Resources in our Project Plan utilizing Basecamp Project Management Software For this assignment instead of utilizing our software to move in a new direction we’re tasked with taking a step back in order to allocate analyze our work we’ve done so far and then add some more detail by allocating and distributing our resources. This ties in directly with our Module objective of project planning, scheduling, budgeting and risk management. My assigned software is Basecamp and provides great assistance in developing an effective design plan. Previously, I had identified the people who will be involved in this design process and the beginnings of an implementation plan. To add a few specifics to the early phases I’ll need to re-evaluate and update this section and apply the lessons learned as the project moves through the life cycle process. In identifying the staff requirements and how well be able to obtain the necessary...
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...The Importance of Strategic Planning in Banking Performance: An Analyzing Examination Jia Li Abstract This paper explains the definition of Strategic Planning and how it is important in banking performance. As the comparison between Strategic Planning and Operational Planning, we get a general idea that Strategic Planning need to be considered and configured first when it comes to business planning. This paper also conducted a SWOT analysis to identify internal and external factors to eliminate risk of failure for a company. Introduction With the continuous development of the world economy and the trend in economic globalization, strategic planning has been attached into great importance and applied into various fields. Studies explain how strategic planning is related to financial performance, and Hopkins used LISREL analysis explained how people have never realized the gap between SP and Banking Performance (Hopkins pp.635-652). In this paper we will be analyzing the importance of having strategic planning in banking performance by SWOT analysis. Study Foundations First of all, what is Strategic Planning (SP)? SP is an organization’s process of defining its strategy, or direction, and making decisions on allocating its resources pursue this strategy. There are four key components in SP, which are Vision – what do we want to do, Mission – what might we do, Value – for whom do we do it, and Strategy – what should we do (Wiki). Vision outlines what the...
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...they include: “activity definition, activity sequencing, activity resource estimating, activity duration estimating, schedule development, and schedule control” (Gurmin, 2010). In this paper, the focus will be on schedule management as it is one of the major tenets in the successful completion of any project especially to investors who do not like surprises arising from risks (Bart, 2011). The case study chosen as a benchmark for determining the issues and conclusions regarding project planning, scheduling and risk management for information technology projects has been derived from the construction industry and aims at identifying parallels in the two industries. The study of the construction case study in Vietnam leads to the formulation of the following recommendations. First is that due to the unique nature of each project, the rules and regulations that are applicable in construction and IT projects should be flexibly employed so that academic strengths can be used to ensure that planning and control of the projects are case-specific. This then follows that there should be thorough vetting of proposed project managers that take their specific experiences and knowledge into account from the onset. Second, the project manager should employ WBS (work breakdown structures) to ensure that specific tasks are defined prior to any physical work beginning (CEIM Reporter, 2011). This should be followed by the formulation of different work packets that are derived from the initial...
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...“Management Planning Presentation” Fritz Gerald Pierre MGT 230 12/05/2012 Dr. Tamara Mangum Individual Management Planning Presentation Imagine you are an executive for BP, and you are preparing a presentation for the board of directors about the organization’s direction. Create a 10- to 15-slide Microsoft® PowerPoint® presentation, with speaker notes, in which you address the following: Evaluate the planning function of management as it relates to the organization’s goals and strategies. Use steps in the planning process outlined in the text. * Analyze the influence that legal issues, ethics, and corporate social responsibility have had on management planning at BP. Provide at least one example for each. * Analyze at least three factors that influence the company's strategic, tactical, operational, and contingency planning. Format your paper consistent with APA guidelines. http://www.scribd.com/doc/95091675/Management-Planning-Presentation Planning Part of the management function that involves setting goals and deciding how to best achieve them is called planning. [ Setting goals and developing plans helps the organization to move in a focused direction while operating in an efficient and effective manner. Strategies or plans are then developed for moving the organization closer to its goals. Types of Planning There are four types of planning a company can use; strategic, tactical, operational and contingency planning. Planning is...
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...Tourism: Tour operators, hotels and resorts Government: All government-led projects related to the above industries Some may wonder of the tourism industry is a success or failure; it ultimately rests on the ability to sell. A salesperson covers a wide range of positions from order taker to order getter responsible for relationship building. The nature of tourism sales ; sales personnel serve as the company personal link to customer and personal selling is the most expensive contact and communication tool used by the company. The salesperson representative in the tourism industry performs one or more of the following tasks for their companies such as Prospecting, Targeting, communicating, selling, servicing, information’s gathering, allocating, and maintain strategic partnership. Prospecting is when sales representatives find and cultivate new customers. Targeting is when a sales representative decide how to allocate their scarce time between prospect and customers. Communicating is when a sales representative communicate information about the company’s product and services. Selling is when the sales representative knows the art of salesmanship approaching presenting answering objection and closing sales. Servicing provides various services to the customer consulting on their problems, rendering, technical, assistance, arranging financing and expediting delivery. Information gathering is...
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