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Managerial Planning and Goal Setting. Week 8. Planning. What? Why? When? Where? How? Who? How do you plan for an undefined future? No plan is perfect Without plans and goals, organizations flounder. Overview of the Goal-Setting and Planning Process.

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Presentation Transcript
planning
Planning
  • What?
  • Why?
  • When?
  • Where?
  • How?
  • Who?
  • How do you plan for an undefined future?
  • No plan is perfect
    • Without plans and goals, organizations flounder
overview of the goal setting and planning process
Overview of the Goal-Setting and Planning Process

A goal is a desired future state that the organization attempts to realize

PLANNING

A plan is a blueprint for goal achievement and specifies the necessary resource allocations, schedules, tasks and other actions

goal setting in organizations
Goal-Setting in Organizations
  • Organizational Mission
  • Strategic goals
  • Tactical goals
  • Operational goals

Goals should be aligned

operational planning
Operational Planning
  • What and Why?
  • Planning approaches:
    • Management By Objective (MBO)
    • Single-use Plans
    • Standing Plans
benefits and limitations of planning
Benefits and Limitations of Planning
  • Benefits
    • motivation and commitment
    • resource allocation
    • Action
    • standard of performance
  • Limitations
    • Provide a false sense of certainty
    • Cause rigidity in a turbulent environment
    • Get in the way of intuition and creativity
planning for a turbulent environment
Planning for a Turbulent Environment

Contingency Planning

Building Scenarios

  • A forecasting technique to look at current trends and visualize future possibilities

Crisis Planning

set stretch goals for excellence
Set Stretch Goals for Excellence

BHAGs and stretch goals are important because things move fast

  • Stretch goals are reasonable yet highly ambitious goals that are clear and compelling
    • Require innovation
    • Fire up employees
    • Engender excellence
  • Big, inspiring goals are sometimes called Big Hairy Audacious Goals (BHAG)
thinking strategically
Thinking Strategically
  • Take the long-term view
  • See the BIG PICTURE
  • Strategic thinking is important for all organizations
    • Impacts an organization’s performance
    • 51% of executives are unhappy with strategy formulation process
  • Tough decisions and choices define and support strategy
what is strategic management
What is Strategic Management?
  • Define explicit strategy/plan of action
    • Achieve competitive advantage
  • Exploit Core Competencies
  • Build Synergy
  • Deliver Value – combination of benefits and costs
the strategic management process
The Strategic Management Process

Strategy Formulation

Strategy Execution

swot analysis
SWOT Analysis

Analysis of strengths, weaknesses, opportunities and threats

Internal Strengths and Weaknesses

External Opportunities and Threats

formulating business level strategy
Formulating Business-Level Strategy

Michael E. Porter

  • Porter’s Five Competitive Forces
    • Potential new entrants
    • Bargaining power of buyers
    • Bargaining power of suppliers
    • Threat of substitute products
    • Rivalry among competitors
strategy execution
Strategy Execution
  • Execution is how strategy is put into action
  • Execution is most important, and most challenging
  • A key to effective execution is alignment
  • Execution requires all aspects of the organization to be in congruence
  • Execution is tough because organizational barriers may hinder implementation