100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
Summary MNG2601 Learning Unit 3 Principles of planning R50,00
Add to cart
Quickly navigate to
Preview
  2.  
  3. University Of South Africa (Unisa)
  4.  
  5. MNG2601 - General Management (MNG2601)

Summary

Summary MNG2601 Learning Unit 3 Principles of planning

1 review
 0 purchase

This is a detailed summary of the information provided in the prescribed textbook "Brevis, T & Vrba, MJ (eds). 2014. Contemporary management principles. Cape Town: Juta ISBN No: 978-1-48510-229-8." as well as information in study guide. In my own opinion I will regard this summary as sufficient si...

[Show more]

Preview 2 out of 9  pages

Document information

  • April 20, 2021
  • 9
  • 2020/2021
  • Summary

Subjects

Written for

All documents for this subject (134)

1  review

review-writer-avatar

By: Evah123 • 3 year ago

Seller

avatar-seller
danielesteyn

Reviews received

Content preview

3.1 The nature & importance of planning
 Managers need to plan to achieve org’s goals
 Every org has a purpose/reason for its existence
o Purpose of profit-seeking org = realise an above-average return for its shareholders, &
satisfy the claims of its stakeholders
o Stakeholders incl. = employees, customers, suppliers, the community & the government
 organisation’s vision = what or where an organisation would like to be in the future.
o In order to reach that destination,
o an organisation needs to determine the best possible way to reach it,
o and to determine what resources would be needed along the way.
o This is what the management function of planning entails.

= The objective of every plan made by managers in organisations is to facilitate the attainment of a
purpose.



THREE COMPONENTS OF PLANNING

1. Determine organisational vision, mission & goals
2. Identify ways of reaching goals
3. Find resources needed for task within complex environment



3.1.1 Determine the organisational vision, mission & goals:

VISION = a statement of what org wants to become & where it wants to be in the future

o One that every individual in org & stakeholders shares & is excited about
o It is the end, not the means t the end
o Example = university should see their business as cultivating, mindful & soulful graduates

MISSION = Aligns the organisation with its vision in terms of its products and/or services, market and
technology

o Reflect perfect future, dream org has for itself

Advantages of a well-written mission statement:

1. Defines org for key stakeholders in terms of its product/service, market & tech
2. How to accomplish vision
3. Establish key priorities for org (key performance areas)
4. States a common goal & foster togetherness
5. Creates a philosophical anchor for all org activities
6. Generates enthusiasm, buy-in & a “can do” attitude
7. Empowers present & future members of org to believe every member is the key to success



GOALS/OBJECTIVE = Commitment to achieve a measurable result within a given time frame


1

, Criteria for a good objective:

1. Quantitative (measurable)
2. Specific
3. State desired results (focus on key performance areas)
4. Attainable (realistic)
5. Acceptable (goals consistent with people’s preferences & perceptions)
6. State results within given time frame (timeliness)
7. Congruent with one another (attainment of one goal should not preclude attainment of another)
8. Flexible (modified)



PRIORITISING GOALS & OBJECTIVES

= managers rank goals, objectives & activities in order of priority (importance)



Two most widely techniques:

1. The A-B-C priority system = groups objectives in 3 categories according to its priority
 A group = “must do” objectives – critical to successful performance
 B group = “should-do” objectives – necessary for improved performance
 C group = “nice-to-do” objectives – desirable for improved performance



2. 80/20 principle (pareto principle) = a minority of causes, inputs or effort tend to produce the
majority of results, outputs or rewards



3.1.2 Identifying ways to achieve goals:

= Managers identify ways of attaining goals by setting objectives



THE SETTING OF OBJECTIVES

= “means-ends chain”

 top-to-bottom process.
 Top management sets the broader organisational objectives, which flow down to middle-level
management, and ultimately lower-level management.



ACCOMPLISHMENT OF ORGANISATIONAL GOALS

= “the ends-means chain of objectives” process:

 Bottom-up approach
 Working from bottom to top, lower management objectives provide the means for achieving
middle-level objectives which, in turn, provide the means for achieving top-level objectives.

2

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

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

Quick and easy check-out

You can quickly pay through EFT, credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

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 this summary from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller danielesteyn. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy this summary for R50,00. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

65040 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy summaries for 15 years now

Start selling
R50,00
  • (1)
Add to cart
Added