Summary
Summary Chapter 8: Fundamentals of Planning
- Course
- Institution
- Book
Introduction to Management - Thirteen Edition - John R. Schermerhorn. Jr. & Daniel G. Bachrach Chapter 8: Fundamentals of Planning
[Show more]
Connected book
Book Title:
Author(s):
- Edition:
- ISBN:
- Edition:
More summaries for
-
Chapter 11: Fundamentals of Organizing
-
Chapter 10: The Strategic Management Process
-
Chapter 5: International Management
Seller
Followdanique2212
Reviews received
Content preview
MANAGEMENT 1.1CHAPTER 8
TAKEAWAY 1: Why and How Managers Plan
• Planning
– The process of setting objectives and determining how to accomplish them.
• Objectives and goals
– Identify the specific results or desired outcomes that one intends to achieve
• Stretch goals performance targets that one must work extra hard
and stretch to reach.
• Plan
– A statement of action steps to be taken in order to accomplish the
objectives.
The roles of planning and controlling in the management process
The Planning Process:
1. Define your objectives
2. Determine where you stand vis-à-vis objectives
3. Develop premises regarding future conditions
4. Analyze alternatives and make a plan
5. Implement (= organizing, leading, controlling) the plan and evaluate results
, MANAGEMENT 1.1
CHAPTER 8
Benefits of planning:
– Improves focus and flexibility
– Improves action orientation
• Complacency trap being carried along by the flow of events
– Improves coordination and control
– Improves time management
TAKEAWAY 2: Types of Plans Used by Managers
Most of us
3 month time
frame
A few of us
1 year time frame
Very few of us
20 year time frame
Operational Tactical/functional Strategic
STRATEGIC
• Strategic plans — set broad, comprehensive, and longer-term action directions
for the entire organization
• Vision – clarifies purpose of the organization and what it hopes to be in the future
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller danique2212. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $3.75. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
52510 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now