...Chapter ---Planning, Class XII commerce, Subject Business Studies NAME OF THE TEACHER –SHIKHA(PGT COMMERCE) Meaning of Planning – Deciding about all the aspect is called planning. A problem about taking decision on these matters rises when there are more than one possible answers.. therefore it can be said to be a process of choosing . Definition of planning : According ot 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.” Characteristics of planning 1 Planning focuses on achieving the objectives: Management begins with planning and planning begins with the determining of objectives. In the absence of objectives no organization can ever be thought about. 2 Planning is the primary function of Management: Planning is the first important function of management. The other functions –organising, staffing, directing and controlling come later. In the absence of planning no other function of management can be performed. 3 planning is continuous: Planning is the process which begins with the beginning of business itself and ends with the ending of the business. It means that as long a business exists, the planning process is continuous. For example , a company plans to sell one lakh units in the coming year. Suddenly, many competing companies enter the market. This will naturally affect the previous position of the company and , therefore ,it shall have to revise its planning. 4. Planning is Futuristic:...
Words: 3593 - Pages: 15
...one employee (Cowan, 1992). Due to attrition and employee failure, a company must recruit at least 30 percent of the total number of existing employees every year to achieve an overall growth of 10 percent (Cowan, 1992). To use this formula as a basis for goal-setting, it is important to analyze the previous years' goals and results. If the goals were met or if they failed to achieve the objectives, it is crucial to examine the factors that came into play, whether they were economic trends or internal issues. This information should provide a solid plan to identify the most successful methods to seek high-quality employees. A successful recruitment planning policy will assist an organization in meeting corporate objectives by developing strategies designed to recruit people with the right skills and experience. Recruitment planning should take into account the key principles of Equal Opportunities policies as well as ensuring merit, equity, efficiency and...
Words: 323 - Pages: 2
...Wikipedia Workforce Planning Definitions[edit] Workforce Planning is the business process for ensuring that an organization has suitable access to talent (potential candidates that have the ability to undertake required activities including decisions making) to ensure future business success. Access to talent includes considering all potential resources (employment, contracting out, partnerships, changing business activities to modify the types of talent required, etc.). The cycle of workforce planning includes filling resource requests, analyzing resource utilization, forecasting capacity, managing and identifying the resources (human) to fill that capacity, and then restarting the cycle.[2] Strategic Workforce Planning is the framework applied for Workforce Planning and Workforce Development, where the links between corporate and strategic objectives and their associated workforce implications are demonstrated. Strategic Workforce Planning takes into account the projected loss of knowledge through employee exits and the projected knowledge requirements for sustaining and progressing the business. Knowledge requirements may include technology, new skills, new roles, documentation of key workforce intelligence or new business demands. Operational Workforce Planning is initially processed based and focused on building understanding and capabilities in Workforce Planning, supported by simple tools, templates and techniques. Once established and practiced, these tools, templates...
Words: 331 - Pages: 2
...Acquisition Planning 2 Compare and contrast how the listed agencies, such as the Departments of Health and Human Services (HHS), Homeland Security (DHS), and the National Aeronautics and Space Administration (NASA), have carried out acquisition planning. HHS, DHS and NASA are required to have written acquisition plans which must be close to what the elements in the FAR states. DHS and NASA also have the cost estimates and requirements documents when preparing the acquisition plan along with the consideration if lessons learned. HHS, DHS and NASA have different dollar thresholds when written acquisition plans are required. HHS written acquisition plan threshold was $500,000 and above as DHS was $10,000 and above and NASA was $10 million and above the written acquisition plan. A written acquisition plan helps to ensure thorough planning, which DHS and NASA prepared the written plan even though they were not required to. NASA and HHS require different written acquisition plans for contracts. NASA contracts valued at $10 million and above is necessary for a written acquisition plan because it improves documentation and helps with the training of staff that does not have that much experience. HHS contract valued at $500,000 and above requires a written acquisition plan because it gives the procurement office a better look at the overall acquisition planning. Compare and contrast how these same three (3) agencies have established policies that set different...
Words: 1034 - Pages: 5
...Management Planning National Beverage Corp University of Phoenix MGT/330 Jacqueline Lester December 20, 2010 National Beverage Corp is a regional bottling company located in the United States. Some of their products are Shasta, Faygo, Ohana, and Everfresh. National Beverage Corp’s products are available at convenience stores, supermarkets, and other retail stores. The company has a management planning function that is affected by ethical policies, social responsibility, legal issues, and many other factors. The meaning of ethical conduct is not completely clear in the business world. In numerous cases, business philosophy says that people should conduct themselves in a manner above criticism. It is very important that all employees of National Beverage Corp conduct their business affairs in an appropriate behavior. Ethical conduct is essential to ensure triumphant, continued business relations. The laws of National Beverage Corp are observed to make sure that they have the highest ethical standards. If a person is uncertain about a problem, it is very important to seek help. The problem is discussed with management, and then it is resolved. The business conduct policy is not always built on hard set rules but instead offers some common sense used in day-to-day business life. NBC employees are informed that they have to be aware of anything that could cause them to engage in unethical actions...
Words: 2056 - Pages: 9
...Introduction Assessing and planning are two big components of the supervisory process. They can be done through clinical supervision and/or peer coaching. It depends on which model will work best for your school. Clinical supervision looks more at data whereas, peer coaching involves more around. However, they are both similar and different in many ways that will be discussed in this paper. Clinical supervision Clinical supervision has changed over the years. It started in 1969 with five steps to include preconference, observation, analyzing of data and planning for post conference, post conference with teacher, and critique of the previous four steps (Glickman, Gordon, and Ross-Gordon, 2014). Over the years, twelve principles were added. They are classroom based, purpose for instruction and teacher’s long term development, separate from summative evaluation, understanding of child development, education, and teacher improvement, supervisor needs to have relational and problem solving skills, open-minded, reciprocated trust, collegial affiliation, data-based, gathers data based on the teacher’s lesson to be observed, has reflective conversation with teacher and supervisor, and is recurring ((Glickman, Gordon, and Ross-Gordon, 2014). It involves a teacher receiving feedback from a colleague that observed the teacher but wears many hats like a sounding board to enables the teacher to examine and alters their own professional practice (Pajak, 2003). Strengths and Weakness...
Words: 1280 - Pages: 6
...Contingency planning: Contingency planning helps to identify alternative course of action to take when things go wrong. Developing a contingency plan involves making decisions in advance about the management of human and financial resources, coordination and communications procedures, and being aware of a range of technical and logistical responses. Such planning is a management tool, involving all sectors, which can help ensure timely and effective provision of humanitarian aid to those most in need when a disaster occurs. Time spent in contingency planning equals time saved when a disaster occurs. Effective contingency planning should lead to timely and effective disaster-relief operations. The contingency planning process that PRAN follows can basically be broken down into three simple questions: • What is going to happen? • What are we going to do about it? • What can we do ahead of time to get prepared? When forecast are available and premises are established, a number of alternative course of actions have to be considered. For this purpose, each and every alternative will be evaluated by weighing its pros and cons in the light of resources available and requirements of the organization. The merits, demerits as well as the consequences of each alternative must be examined before the choice is being made. After objective and scientific evaluation, the best alternative is chosen. Managers of PRAN always surf the market to avoid vacuum in Market in...
Words: 256 - Pages: 2
...Corporate planning of commercial bank: Planning is a pre requisite of every management function . the performance of all other functions like planning, organizing , staffing, directing & controlling is preceded by performance of planning function. So corporate planning is the primary function of any corporate management . it is combination of the activities in the management process which consist of formulation of the objectives & the action to be taken for their achievement. Corporate planning is a bridge between the present & future of the bank . it also provides the framework for decision making . According to koontz & weihrich : Corporate planning involves selecting mission & objectives & the action to achieve them ; it requires decision making ,that is choosing from the alternative future course of the action . Nature of the corporate planning : The essential nature of corporate planning can be high lighted by examining the four major aspects : 1) Its contribution to the purpose & objectives. 2) Its primacy among the manager tasks . 3) Its prevasiveness . 4) The efficiency of resulting plans . Every corporate plan must contribute to the achievements of bank objectives. Importance of corporate planning by commercial bank : 1) To face the challenge of market environment : The commercial bank have to function in changing market environment . there is change in technology , income levels, policies of domestic...
Words: 1415 - Pages: 6
...many to take the view that forecasting is neither useful nor necessary (Taylor 2010). Forecasting is a key aspect of Human Resource Planning (HRP); which can be a complex process especially during periods of economic uncertainty and fluctuation. This intensifies the pressures between the need for planning and the difficulties of prediction. Nevertheless, the fundamental purpose is simple: HRP is concerned with assessing and meeting an organisation’s current and future workforce needs. This ensures the right number of people with the appropriate skills and competencies are in the right jobs at the right time and at the right cost so as to achieve organisational objectives (Foot and Hook 2005). In presenting a balanced view, this essay will analyse the argument for and against HRP in determining if it is unfeasible for organisations to accurately forecast the demand for and supply of labour. Furthermore, how HRP can inform other Human Resource (HR) activities such as recruitment and selection (R&S), succession planning, performance management and training and development amongst others. Specific reference where appropriate will be demonstrated to showcase links between theoretical and practical context. Forecasting as a key element of HRP As organisations continue to evolve and become more dynamic, it can be argued that effective planning of its most important resource (its workforce) in achieving strategic goals has never been more important. Organisations can achieve...
Words: 2437 - Pages: 10
...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...
Words: 1147 - Pages: 5
...Financial Planning Financial planning involves budget, financial map or operating guide (Principles of Accounting, n.d.). Financial planning has many functions: a breakdown of budget, money coming in, and money going out - except the money going out is all planned and knowing where it will go or end up. Financial planning is making plans to attain that goal – money wise. Financial planning provides many elements for detailed sales targets, staffing plans, inventory production, cash investments and borrowing capital expenditures for plant assets and others. It also involves risk management. Proper financial planning gives the company guidance on how to proceed with expenses and funds. Better financial planning leads to proper prioritizing of goals and work towards long-term goals. Financial planning involves strategic plan which includes the plan that supports the mission, vision and values of the organization. Operating plans which includes a detailed guidance to help organizations realize its strategic vision. Financial Plan which involve the forecasting of financial statements, the amount of money that supports the plan, forecasting of funds, performance-based management system, and the monitoring of operations after executing the plan to check any nonconformities and take actions towards it. (Ehrhardt and Brigham, 2011). Financial planning helps the companies minimize costs and maximize profits. One method of financial planning is the Additional...
Words: 900 - Pages: 4
...* “Planning is deciding in advance what to do, how to do it, when to do it, and who is to do it.” - Koontz & O’Donnell “Planning is deciding in advance what is to be done.” - Haimann The various steps involved in planning process are as follows: 1. Awareness of opportunities and problems: The first step in planning process is the awareness of business opportunity or the problems to provide for in future. Present and future opportunities must be found out so that planning may be undertaken to take advantage of them. 2. Collecting and analysing information: The next step is to gather adequate information and data relating to the planning to be made. The facts and figures collected will help in framing realistic plans. Further, the information gathered has to be analysed for proper interpretation. 3. Establishment of clear-cut objectives: After collecting and analysing information, the management should lay down in clear-cut terms, the objectives of the enterprise as a whole as well as objectives of every section of the enterprise. 4. Determining planning premises and constraints: Planning is always based on certain assumptions regarding the future which are known as planning premises. Thus it is a forecast of conditions like trends in population, political and economic environment, production costs, advertisement policy, availability of labour, material, power, etc. Further there will be constraints like Government...
Words: 684 - Pages: 3
...William J Rothwell, Putting Success into your succession planning May, 2002. This article identifies the factors and strategies that can assist an established or growing organization meet its continua yearn for skilled people at all levels of an organizational functions through succession planning. Succession planning is simply a process by which the management identifies the potential successors of different functions in the company, thereby creating different initiatives in ensuring the development of identified successors. Succession is all about a smooth continuation and success of the organization and it depends on the competency of the people. The article did hit some very strong points in identifying some good practices in succession planning and management, they are; Clarifying the purpose and desired result of the effort, determine what performance is required, measure the performance, determine what performance is needed in the future, assess the potential, establish a means to narrow the gap, follow up, document competence, create and sustain rewards for developing people, evaluate results and lead from the front. One of the important factors discussed in the article and I agree with is time, an organization has to realize that it is a long term investment, an investment the company needs to devote time and effort to building. The step outlined in the article which describes the best practices of succession is quite easy to implement and actualize, it’s all...
Words: 500 - Pages: 2
...HUMAN RESOURCE PLANNING The nature of HR planning • Hard dimension – quantitative analysis of employment issues. Soft dimension – creating and shaping the culture – which looks at integrating corporate culture and; employee belief and behavior (Marchington and Wilkinson, 1996) The aims of HR planning Aim is basically to obtain and retain the people in terms of quantity and quality by: • Anticipating problems • Developing a well training and flexible workforce • Acquiring the capability to reduce the organizations dependence on external recruitment The stages of HR planning CORPORATE PLAN HR Plan Demand Supply Internal Auditing Forecasting Forecasting External Auditing Labour Surplus Or Labour Deficit Action Plan Evaluation Analysing utilization • Manpower inventory • Due to pressure of reducing cost, improving quality, measuring/analyzing & improving performance, innovative job design and reward system Forecasting demand • Involves reviewing and estimating HR requirements in terms of quantity and type of employees by referring to corporate plans, forecasting output requirements and projected productivity changes. • Staffing required both for short-term and long term operational...
Words: 1131 - Pages: 5
...Planning Human Resources What steps should an organization take to plan for human resources to ensure it is able to carry out its strategy? The step that an organization should take to plan for human resources to ensure it is able to carry out its strategy is the steps that are going to help the organization as a whole. The first step is forecasting. Forecasting are the attempts to determine the supply of and demand for various types of human resources to predict areas within the organization where there will be labor shortages or surpluses. This step is going to help build the foundation of the organization round and not square. Goal setting and strategic planning is the second step. The purpose of setting specific numerical goals is to focus attention on the problem and provide a basis for measuring the organization’s success in addressing labor shortages and demand (Noe/Hollenbeck/ Gerhart/ Wright, 2011). Setting goals is something that you strive to reach your best, so organizations should set goals to grow. A variety of strategies is available for handling expected shortages and surpluses of labor (Noe/Hollenbeck/ Gerhart/ Wright, 2011). In goal setting and strategic planning, there are many things that you have to think about like downsizing, reducing hours, early-retirement programs, employing temporary and contract workers, outsourcing, overtime and expanded hours. The last step is implementing and evaluating the HR plan. This step is when the organization must hold...
Words: 467 - Pages: 2
