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Summary Planning
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Costs of planning, nature of goals, important of goals and criteria of effective goals.
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lOMoARcPSD|4568621Chapter 7- Planning - Lecture notes 7
Introduction to business management (University of Limpopo)
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Downloaded by Sinenkosi Mthembu (mamvelase94s@gmail.com)
, lOMoARcPSD|4568621
CHAPTER 7: PLANNING
CHAPTER CONTENT
• Introduction
• The benefits and costs of planning
• Managerial goals and plans
• The planning process
• The implementation of plans
• Summary
Introduction
• First component of management process
• Planning gives direction
• Forces managers to be future-oriented
• Enables the organization to deal with changes in the business
environment
• The chapter focuses on two components of planning
Goals
Plans
The benefits of planning
• Planning provides direction- by creating a blueprint of where
the organization is heading (goals) & formulating plans to attain
these goals, by producing products that customers want &
providing these products at the lowest cost.
• Planning reduces the impact of change- process of goal setting
& planning is future oriented. Managers scan the environment
to anticipate change that may affect the organization in the
Downloaded by Sinenkosi Mthembu (mamvelase94s@gmail.com)
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