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Chapter 15 Planning

Chapter 15 Planning

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Chapter 15 Planning

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  1. Chapter 15Planning

  2. After Reading and Studying This Chapter, You Should Be Able to: • Describe the importance of planning • Discuss the merits of the different types of planning • Explain the goals and strategies set and give examples • Identify the seven steps in operational planning

  3. What Is Planning? • Establishing goals • Determining objectives to meet goals • Formal planning • Informal planning

  4. Figure 15-1Hierarchy of Planning in Organizations

  5. Purpose of Planning • Gives direction • Reduces the impact of change • Minimizes waste and redundancy • Sets the standards used in controlling • Coordinates efforts of associates • Assists in risk reduction

  6. Strategic Planning • Long-range planning • Top management function • Identify where the organization is and where it will go • Mission and vision

  7. Steps in Strategic Planning • Build your vision • Understand your customers • Examine your operating environment • Determine the key issues • Identify strategies for the future • Create your action plan

  8. Figure 15-2Strategic Management Process

  9. Corporate Growth Strategies • Market penetration • Geographic expansion • Product development • Horizontal integration • Strategic alliances • Diversification

  10. SWOT Analysis • Strengths • Weaknesses • Opportunities • Threats

  11. Environmental Scanning • Screening of large amounts of information to anticipate and interpret changes in the environment • Forecasting: • Future revenues • New technology breakthroughs

  12. Operational Planning • Setting goals • Analyzing and evaluating the environment • Determining alternatives • Evaluating alternatives • Selecting the best solution • Implementing the plan • Controlling and evaluating results

  13. Figure 15-4

  14. Management by Objectives (MBO) • Set organizational goals • Set departmental goals • Discuss departmental goals • Set individual goals • Give feedback

  15. Benchmarking • Definition • Process: • Form a team • Identify companies to benchmark • Collect data • Analyze data • Create action plan • Implement

  16. Important Terms • Policy • Procedures • Rules • Budgets • Scheduling • Project management

  17. Trends in Planning • Planning needs to be done quickly and adjusted when necessary • Technology can allow more people to have input into the planning process