Book review

Book review Business studies

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Course
Business studies

Institution
12th Grade

Planning is very essential in every business. the strategy and means by which planning is carried out is enlisted in this document. The importance of planning is discussed with chapter reviews and tests to aid your understanding

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Uploaded on March 27, 2023
Number of pages 90
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Institution Secondary school
Education 12th Grade
Course Business studies
School year 3

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Summary of notes in Business studies

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1. Book review - Business studies unit 1
2. Book review - Book review business studies
3. Book review - Book review business studies
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UNIT2
Planning
Chapter 4: Planning Processes and Techniques

Chapter 5: Strategy and Strategic Management

Chapter 6: Organizational Change

If you are planningfor oneyear,plant rice. If you are
planningfor 10 years,planttrees.If you are planning
for 100 years,plant people.
Indian Proverb

,4 PLANNING PROCESSES
AND TECHNIQUES

1.Understand why and how managers 3.Describe useful planning tools and

plan. techniques.

2.Identify and describe the types of plans 4.Understand how plans can be well

managers use. implemented.

LEARNING FROM OTHERS
THINK NOW AND EMBRACE THE FUTURE

The aim of Cognos, a software company owned by IBM and located

in Ottawa, is to help businesses crunch the numbers for better

organizational planning and control. And businesses like what they

domore than 23,000 organizations worldwide have adopted

Cognos performance management solutions.

With businesses facing an ever-changing marketplace, Cognos helps

companies gain aflexible approach to their strategic plans by pro-

viding software to analyze business data. A world leader in busi-

ness intelligence and performance planning software, the company

provides businesses with a competitive advantage by integrating

key areas of budgeting, performance, and sales. Companies can

analyze the numbers to monitor and change strategic direction so

that resources are directed toward areas that are financially and

commercially viable. Cognos TM1, Cognos Express, and Cognos Now!, the company has

a full line of enterprise planning software for budgeting, forecast-

What is Cognoss own plan? It continues to research and develop ing, and analysis. As IT consultant Philip Howard notes, What

new software. With products such as Cognos 8 Business Intelligence, Cognos has recognized is that planning is more than just afinancial

, activitythat it is something that needs to spread across the enter- software is one thing; supporting it in practice is another. This is

prise and be coordinated across multiple departments. However, where the Cognos blueprints come in, enabling users to adopt these

appreciating that fact and supporting it in principle in the planning practices relatively easily. It sounds as if Cognos has a plan.1

The best plans often go wrong. The problem is with the details. We often hear these expressions, but Cognos shows that you can

make great things happen with good insight and the right plans. Even when things dont go as intended, plans and their implementation

can often be adjusted to achieve important goals.

LEARNING ABOUT YOURSELF
TIME MANAGEMENT
Time Management Planner

Time is one of our most precious resources, and time management List 1 What I have to do tomorrow

is an essential skill in todays high-pressure, fast-paced world of
A. Most important, top priority
work. Some 77 percent of managers in one survey said the digital

age has increased the number of decisions they have to make; 43 B. Important, not top priority

percent complained there was less time available to make deci-
C. Least important, low priority
sions. BusinessWeek reports that interruptions steal 28 percent of

the average workers day and that the lost productivity costs the U.S. List 2 Time wasters

economy $650 billion per year.2
A. Things I can control

Dont you wonder about the time you waste dealing with email, instant B. Things I cant control

messages, voice and text messages, drop-in visits from friends or

co-workers, waiting on the phone for customer service, and more?
plan, letting events take you where they may. And perhaps on many

days you end up not accomplishing much at all.
Of course, you have to be careful in defining waste. It isnt a waste

of time to occasionally relax, take a breather from work, and find Learning to better manage your time can serve you very well in the

humour and pleasure in social interactions. Such breaks help us future, both at work and in your personal life. Take a step forward

gather and replenish energies to do well in our work. But it is a waste in time management. Complete the lists requested in the boxed

to let friends dominate your time so that you dont work on a school time management planner. Double-check all the List 1 B activi-

project until it is too late to write a really good one, or delay a deci- ties. Reclassify any that are really As or Cs. Look at your As

sion to apply for a job or internship until the deadline has passed. and reclassify any that are really Bs or Cs. Also check your time

wasters. Make a commitment to take charge of the ones you can

Perhaps you are one of those who plan to do so many things in a day control, and see if you really could do something about items marked

that you never get to the most important ones. Perhaps you hardly uncontrollable.

GET TO KNOW YOURSELF BETTER

1. One of the best ways to improve time management is to keep a daily time log for a day or twolisting what you

do and how long it takes. Make such a log, and then analyze it to determine where you seem to be wasting time

and where you are using it well.

2. Use the Time Management Profile at the end of the chapter to help you think further about your time manage-

ment skills.

, 112 CHAPTER 4PLANNING PROCESSES ANDTECHNIQUES

To survive and succeed, IBMs Cognos knows it has to plan for the future by

constantly reinventing itself and its products. In this chapter, you will learn how manag-

ers use planning to help turn insight and opportunity into real performance accomplish-

ments. Managers need the ability to look ahead, make good plans, and help themselves

and others meet the challenges of the future. However, the future is full of uncertainty;

the likelihood is that even the best of plans will have to be adjusted and changed at some

point. Thus, managers need the insight and courage to be flexible in response to new cir-

cumstances. They also need the discipline to stay focused on goals even as complications

and problems arise.

Why and How Managers Plan
In Chapter 1, the management process was described as planning, organizing, leading,

and controlling the use of resources to achieve performance objectives. The first of these

Planning is the process of set- functions, planning, sets the stage for the others by providing a sense of direction. It is a
ting objectives and determining process of setting objectives and determining how best to accomplish them. Said a bit dif-

how to accomplish them.
ferently, planning involves deciding exactly what you want to accomplish and how best to

go about it.

IMPORTANCE OF PLANNING
When planning is done well, it creates a solid platform for the other management func-

tions: organizingallocating and arranging resources to accomplish tasks; leading

guiding the efforts of human resources to ensure high levels of task accomplishment; and

controllingmonitoring task accomplishments and taking necessary corrective action.

This centrality of planning in management is shown in Figure 4.1. In todays demand-

ing organizational and career environments, it is essential to stay one step ahead of the

Planningto

set the direction

Decide where you

want to go

Decide how best to

go about it

Organizing Leading

to create structures to inspire effort

Controlling

to ensure results

Measure performance

Take corrective action

Figure 4.1 The roles of planning and controlling in the management process.

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