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The Foundations of Planning

The Foundations of Planning. Learning Objectives. Define planning Explain the potential benefits of planning Identify the potential drawbacks of planning Compare strategic and tactical plans Compare directional and specific plans. Learning Objectives. Discuss Management by Objectives

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The Foundations of Planning

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  1. The Foundations of Planning Chapter 3

  2. Learning Objectives • Define planning • Explain the potential benefits of planning • Identify the potential drawbacks of planning • Compare strategic and tactical plans • Compare directional and specific plans Chapter 3

  3. Learning Objectives • Discuss Management by Objectives • Outline the strategic management process • Describe the four grand strategies • Explain SWOT analysis • Learn how entrepreneurs and bureaucratic managers approach strategy Chapter 3

  4. Set Control Standards Provide Direction Reasons for Planning Minimize Waste or Redundancy Reduce the Impact of Change Chapter 3

  5. Arguments Against Strategic Planning Rigid Assumptions of Stability Environmental Turbulence Intuition and Creativity Focus on Today’s Competition Preoccupation with Current Success Chapter 3

  6. Does Planning Improve Performance? • Financial results • Environmental concerns • Quality and implementation Chapter 3

  7. How Do Strategic and Tactical Plans Differ? Time Frame Scope Objectives Chapter 3

  8. The Time Frame of Planning Short-Term Plans Long-Term Plans Chapter 3

  9. Specific Plans Directional Plans Clear Low Flexibility Objectives General High Chapter 3

  10. Single-Use and Standing Plans Unique Situations Ongoing Operations Chapter 3

  11. What Is Management by Objectives? Organizational Objectives Divisional Objectives Departmental Objectives Individual Objectives Chapter 3

  12. Common MBO Elements Goal Specificity Participative Decision Making Explicit Time Period Performance Feedback Chapter 3

  13. Goal Difficulty Goal Specificity Does MBO Work? Top Management Participation Chapter 3

  14. Setting Employee Objectives Identify key job tasks Set specific hard goals Let employees participate Prioritize goals Build in feedback Reward goal attainment Chapter 3

  15. The Downside of Objectives Quality of Products Quantity of Products Individual Effort Team Focus Potential Improvement Continuous Improvement Chapter 3

  16. The Strategic Management Process Set Mission, Objectives, and Strategies Analyze the Environment Identify Opportunities and Threats Analyze Resources Identify Strengths and Weaknesses Reassess Mission and Objectives Formulate Strategies Implement Strategies Evaluate Results Chapter 3

  17. Mission Objectives Strategies Starting the StrategicManagement Process Chapter 3

  18. Environmental Scanning Analyzing the Environment Competitive Intelligence Chapter 3

  19. Strengths Threats Weaknesses SWOT Analysis Opportunities Chapter 3

  20. Organization’s Opportunities Identifying Opportunities Organization’s Resources Opportunities in the Environment Chapter 3

  21. Growth Stability The Grand Strategies Combination Retrenchment Chapter 3

  22. Determining ACompetitive Strategy Cost Leadership Differentiation Focus Chapter 3

  23. What Happens After Strategies Are Formulated? Implementation Evaluation Chapter 3

  24. Benchmarking Quality As A Strategic Weapon ISO 9000 Six Sigma Chapter 3

  25. The EntrepreneurialPersonality Common Personality Traits Three Critical Factors Other Important Factors Chapter 3

  26. Comparing Entrepreneurs and Traditional Managers Characteristics Managers Entrepreneurs • Traditional Rewards • Short-Term Goals • Delegate/Supervise • Low • Avoidance • Personal Rewards • Long-Term Goals • Direct Involvement • Moderate • Acceptance • Primary Motivation • Time Orientation • Activity • Risk Propensity • View of Failure/Errors Chapter 3

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