...Definition of Planning: The planning process is the first basic managerial function According to Koontz and O’donnell,” Planning is deciding in advance What to do, how to do it, when to do it, and who is to do it.” Importance of Planning: Planning is the first and most important function of the management. It is needed at every level of the management. In the absence of planning all the business activities of the organization will become meaningless. The importance of planning has increased all the more in view of the increasing size of organizations in the absence of planning, it may not be impossible but certainly difficult to guess the uncertain events of future. Planning is important because: 1. Planning reduce risk of Uncertainty 2. Focuses on objective 3. Ensures efficiency 4. Planning provides Direction 5. Planning establishes Standards for controlling Elements/Types of Planning: 1. Mission/Purpose: It describes the types of business. It defines the overall ‘working’ of the business. It is a long term plan. 2. Objective or goal: It means expected end result. It is the specification of mission. It may be qualitative or may be quantitative. 3. Strategy: It means determination of long term actions and selecting the best/appropriate options to achieve the mission/objectives. There are some considerable based on company’s strength and weakness. 4. Policy: Guidelines for managerial decisions. It’s the boundaries for...
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...somewhat forces me to use this viewpoint. My psychology background forces me to use this viewpoint because it has given me a deeper understanding into how different every person is. So I know that each person is going to respond to things differently, and that must be taken into consideration when managing people. When I am faced with a situation and I have to make a decision, I almost always take into consideration the individual and the environment. A common one is with my toddler and why she might be acting a certain way when we are somewhere. Maybe we are in a new place and she is scared and starts crying, how do I handle the situation? I have to take into account the individual (my toddler) and the environment (the mall). To get handle on the circumstances, or the situation, I would talk to my toddler and reassure her that she is safe and that we are in a new place, and try to make it seem a little fun. What girl doesn’t like to spend money! In my work experience, I think that you have to be careful when using the contingency viewpoint. Since you have to consider the individual and the environment, and your decision is contingent upon these two things, I think that you...
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...running of a business. The three key elements are Information and decision making, planning process and techniques and strategy and strategic management. The reading covers a general outline of the elements required for a manager to make familiar decisions among alternate courses of action. The reading also lists types of managerial decisions, information competency, and information needs in organization, why managers plan and the planning process and benefits of planning. In the following I will describe the various components that comprise the main aspects of the required readings. Information, technology and management. Information is basically data that is used when made meaningful in the decision making process. The reading shows how valuable and useful data is and that it is accessible by everyone but not everyone makes data that is readily available to them useful information. When we are able to gather, analyze and use information for decision making and problem solving this is called information competency. In order for companies to have top performance employees should have the right information available to them. The reading outlines information systems. This system is used by IT to collect, organize and distribute data for use in the decision making process. When it comes to decision making, we all know that with management it is an essential part of the job. The reading gives the meaning of the decision making process which is to identify a problem and end with an...
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...UNIT-2 PLANNING AND DECISION MAKING #Planning: In simple words, planning is deciding in advance what is to be done, when, where, how and by whom it is to be done. Planning bridges the gap from where we are to where we want to go. It involves setting objectives and developing appropriate course of action to achieve this objectives. A plan is a predetermined course of action to achieve a specified goal. It is an intellectual process characterized by thinking before doing. It is an attempt on the part of manager to anticipate the future in order to achieve better performance. Planning is the primary function of management. According to Alford and Beatt, “Planning is the thinking process, the organized foresight, the vision based on fact and experience that is required for intelligent action.” According to Theo Haimann, “Planning is deciding in advance what is to be done. When a manager plans, he projects a course of action for further attempting to achieve a consistent co-ordinate structure of operations aimed at the desired results. #Importance of Planning: 1.Planning helps in efficient Use of Resources: All organizations, large and small, have limited resources. The planning process provides the information top management needs to make effective decisions about how to allocate the resources in a way that will enable the organization to reach its objectives. Productivity is maximized and resources are not wasted on projects with little chance of success. 2. Planning Provides...
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...DECEMBER 1973 Can strategic planning pay off? Louis V. Gerstner, Jr. In an article from the McKinsey Quarterly archives, Louis V. Gerstner, Jr., proposes four guidelines to help strategic planners make the crucial leap from plans to decisions. One of the most intriguing management phenomena of the late 6os and the early 70s has been the rapid spread of the strategic-planning concept. Except for the so-called computer revolution, few management techniques have swept through corporate and government enterprises more rapidly or completely. Writer after writer has hailed this new discipline as the fountainhead of all corporate progress. In 1962, one published report extolled strategic planning as “a systematic means by which a company can become what it wants to be” (Stanford Research Institute). Five years later, it was called “a means to help management gain increasing control over the destiny of a corporation” (R. H. Schaffer). By 1971, praise of strategic planning verged on the poetic; it had become “the manifestation of a company’s determination to be the master of its own fate . . . to penetrate the darkness of uncertainty and provide the illumination of probability” (S. R. Goodman). It is not surprising, therefore, that one company after another raced to embrace this new source of managerial salvation. As a result, most major companies today can boast a corporate-planning officer, often with full attendant staff. It seemed appropriate to ask some chief...
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...objectives using available resources efficiently and effectively. But if we try to look from closer, Mothers are the best managers if one wants to learn from. Here I am taking example of my own mother. She is a doctor so she handles her hospital work and daily routine activities of my house. I have divided the activities performed by my mother on daily routine basis (weekdays) and tried to put them into management functionalities comprises planning, organizing, staffing, leading /directing, and controlling our organization (in this case my house). All this is done by resourcing, encompasses the deployment and manipulation of human resources, financial resources, technological resources, and natural resources. |My Mother “The Best Manager” | |Time |Activity |Functionality |Learning | |0500-0530 Hrs |Waking up on time despite of |Planning |Time management | | |working late last night |Organising |Organisational commitment | | | |Leading |Consistency | | | | |Work dedication ...
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...ANS 2 The Morgenthau Plan, first proposed by United States Secretary of the Treasury Henry Morgenthau, Jr. in a memorandum entitled Suggested Post-Surrender Program for Germany, advocated that the Allied occupation ofGermany following World War II include measures to eliminate Germany's ability to wage war by eliminating its armament industry, and the removal or destruction of other key industries basic to military strength. This included the removal or destruction of all industrial plants and equipment in the Ruhr area.[1] In occupied Germany, the thinking behind the Morgenthau plan was at first reflected in the U.S. occupation directiveJCS 1067[2][3] and in the Allied Industrial plans for Germany aimed at "industrial disarmament".[3] Compared with the Morgenthau Plan, however, JCS 1067 contained a number of deliberate "loopholes", limiting any action to short-term military measures and preventing large-scale destruction of mines and industrial plant, giving wide-ranging discretion to the military governor and Morgenthau's opponents at the War Department.[4][5] JCS 1067 was later replaced by JCS 1779, which aimed at restoring a "stable and productive Germany" and was soon followed by the Marshall Plan.[4][6] The contemporary historical assessment is that the Morgenthau Plan was of no significance for later occupation and policy in Germany, but that Nazi propaganda on the subject had a lasting effect and that it is still used for propaganda purposes by extreme right-wing organizations...
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...exercising good customer services, particularly those involving large numbers of participants. As the prominence of customer services increases, it is sometimes unclear precisely how customer in planning process helps organisation make better decisions. I suppose it is our job then to investigate, identify, and assess the needs of customers in our planning process. And design the consultation process accordingly. Customer service is linked to the measurement of customer satisfaction. As a company we should be able to identify the gaps between what customers expect or need from the organization and the service they feel they are actually receiving. Definition In the context of delivering quality services, there should be a process of planning that permits and promotes the two-way flow of information between customers of commercial services and our organisation. Implementing a planning process also makes customers more aware of the services we at Thales Australia provide. Goal and Objectives To discover customers’ opinion of the services they receive from our company and the way these services are provided. The objectives of our planning process may range from sharing information to developing and implementing solutions to a problem. All participants must understand the objectives of the planning process from the outset. Quality Services - Consult customers in order to • seek improvements to delivering quality services; • increase their satisfaction with the service rendered;...
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...2 Value Chain Management The theoretical background is defined around the central term value chain. Chapter 2 presents research concepts to manage the value chain structured by their area of specialization either on supply, demand or values. Secondly, within an integrated framework, the results of the specialized disciplines are combined with the objective to manage sales and supply by values and volume. Value chain management is defined and positioned with respect to other authors’ definitions. A value chain management framework is established with a strategy process on the strategic level, a planning process on the tactical level and operations processes on the operational level. These management levels are detailed and interfaces between the levels are defined. Since the considered problem is a planning problem, the framework serves for structuring planning requirements as well as the model development in the following chapters. 2.1 Value Chain Value chain as a term was created by Porter (1985), pp. 33-40. A value chain “disaggregates a firm into its strategically relevant activities in order to understand the behavior of costs and the existing and potential sources of differentiation”. Porter’s value chain consists of a “set of activities that are performed to design, produce and market, deliver and support its product”. Porter distinguishes between • primary activities: inbound logistics, operations, outbound logistics, marketing and sales, service in the core value...
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...November 2011 (1) What is the benefit of Planning? (2) Describe the steps in strategic Planning. To begin with what is planning? Planning is the Selection of short- and long-term objectives and the drawing up of tactical and strategic plans to achieve those objectives. In planning, managers outline the steps to be taken in moving the organization toward its objectives. After deciding on a set of strategies to be followed, the organization needs more specific plans, such as locations, methods of financing, hours of operations, and so on. As these plans are made, they will be communicated throughout the organization. When implemented, the plans will serve to coordinate, or meld together, the efforts of all parts of the organization toward the company's objectives. There are many ways to state the benefits of planning or anticipatory decision making. 1. Planning helps decision makers by providing guidelines and goals for future decisions. 2. Planning helps manager exercises more control in a situation establish goals "proactively" and consider contingencies. 3. Planning can help quantify goals and establish a means of measuring success. 4. Planning can help insure that a coherent set of actions are implemented that are consistent with the values and priorities of the decision maker. 5. Planning helps allocate limited resources like staff, materials, and time in an orderly and systematic manner. 6. Planning helps in reducing uncertainties of future as...
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...departments within an organization. MIS, or Management Information Systems, are used to manage the data created within the structure of a particular business. These systems store the data and allow the business to manipulate this data. It is the study of people, technology, organizations and the relationship among them. MIS can be defined as the study of how individuals, groups and organizations evaluate, design, implement, manage and utilize systems to generate information to improve efficiency and effectiveness of decision making. The concept of MIS gives high regard to the individual and his ability to use information. While analyzing the data, it relies on many academic disciplines. These include the theories, principles and concepts from the Management Science, Psychology and Human Behavior, making the MID more effective and useful. These academic disciplines are used in designing the MIS, evolving the decision support tools for modeling and decision - making. The concept, therefore, is a blend of principle, theories and practices of the Management, Information and System giving rise to single product known as Management Information System (MIS). The Physical view of the MIS can be seen as assembly of several...
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...directs an organization to become rational and consistent. In order to get a great leadership, it needs several skills, such as effective communication, motivation, and planning. Effective communication will keep employees well informed and give a business a higher productivity rate. Motivation can help improve employee performance, and help the organization reach its objectives. Planning can improve effective decision making Motivational strategies can help improve employee performance, reduce the chances of low employee morale, encourage teamwork and instill a positive attitude during challenging times. Employees with a high level of motivation typically work harder and can overcome common workplace challenges with ease; this helps the organization reach its objectives and improve operations overall. Decision making skills of the staff can be strengthened, through proper planning. The management gauges and analyzes all the available alternatives and scenarios and chooses the one that is the best fit. This is with respect to production, marketing, systems and finance. Planning well in advance enhances the implementation process. An effective communication can convey thoughts, and reaching effective decisions faster. Motivation can push employees to achieve common goals. Planning can improve decision making. An effective communication is one of the most important key to a business leader’s success. Regardless of whether you’re talking about business, politics, sports...
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...that is not only effective but efficient as well. Management as a social science can be described as the study of social organizations. This implies the study of the social aspect of any given organization and how it affects achievement of goals in the long run (Newton 12). A key element in management is the decision-making dynamic, which is key and fundamental if any management is to take place effectively. It can, therefore, be stated that management is an art of decision making that decisions influence the operations of an organization towards goal achievement. This report shall highlight effective management in today’s organizations. It shall attempt to discuss and explain one aspect of management in terms of the challenges and problems that are synonymous to that facet of management. I shall also elaborates on how I went about to investigate that facet in the organization. This report shall further give recommendations on how to better improve on that facet of management by using findings I obtained through my internship experience (Newton 23) Management plays key functions in any organization. The main functions that management plays include: directing/leading, planning, staffing controlling and organization. Each of this management functions plays a key role in ensuring that management runs smoothly. The primary focus of this report shall...
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...leadership of Andres Soriano, Jr. addressed a long felt need for an effective formal planning system for the two companies. According to Soriano, the companies had developed their budgeting and long-ranged planning systems several years earlier but, despite the many advantages these gave them they still were not satisfied with their ability to respond to the rapid changes in the environment around them. Therefore, they search for a process that would enable them to upgrade their planning capability. In November 1982, Dr. Lorange addressed a joint dinner-meeting of SMC and ANSCOR Group and shares his insights on the implementation of the strategic planning of the two companies. 1982. The time of Marcos regime. In which the control of the ownership has been turned political. Rapid changes to environment merely occurred. TIME FRAME The two companies experienced difficulty in their implementation phase and three problems occurred: the planning process is much time consuming which involved more work than one might reasonably expect of people; the two companies emphasized in developing the objectives and strategic programs led to past strategies outweighing the new strategies; there were some Business Family and Element Teams who were asking for "hand-holding" to guide to the process. 1.Examine loopholes in the planning process. 2.Develop a strategy for an efficient planning process. 3.Study pros and cons of the involvement of past strategies in developing the...
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...Introduction to Information Technology Investment Decision-Making Learning Objectives After completing this chapter, you should be able to: • • • • • Describe different types of IT investment decisions manager face. Briefly describe some of the methodologies that are used in IT investment decision-making. Explain why IT investment decision-making is important as a subject to study. Explain some of the limitations that should be considered when using IT investment methodologies. Explain the role of IT investment decision-making within organizational planning. Prologue Information technology (IT) investment decision-making impacts all industries but sometimes in different ways. For example, Karadag et al. (2009) explored the importance of IT investment decision-making methodology in lodging industry. The research found that evaluation activities for hotel IT investments have not been performed widely and consistently and that some types of hotels tend to use more financial and non-financial IT evaluation methods, since all investments are expected to show a positive return on investment. The research findings highlight the importance of the use of IT investment evaluation techniques and the 3 4 Information Technology Investment: Decision-Making Methodology major differences in their use require a substantial need for understanding a wide variety of IT investment methodologies to satisfy decision-making needs. To provide useful decision-making in IT investments today requires...
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