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Chapter 5 Foundations of Planning

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Presentation on theme: "Chapter 5 Foundations of Planning"— Presentation transcript:

1 Chapter 5 Foundations of Planning
Robbins et al., Fundamentals of Management, 4th Canadian Edition ©2005 Pearson Education Canada, Inc. 1 1

2 Planning Defining the organization’s goals, establishing an overall strategy, and developing a hierarchy of plans to achieve goals Robbins et al., Fundamentals of Management, 4th Canadian Edition ©2005 Pearson Education Canada, Inc. 2 4

3 Reasons for Planning Sets Standards to Facilitate Control Provides
Direction Reasons for Planning Minimizes Waste and Redundancy Reduces the Impact of Change 5

4 How Do Strategic and Tactical Plans Differ?
Time Frame Scope Objectives 8

5 The Time Frame of Planning
Short-Term Plans Long-Term Plans 9

6 Specific Plans Directional Plans
Clear Low Objectives Flexibility General High 10

7 Single-Use vs. Standing Plans
Unique Situations Ongoing Operations 11

8 What Is Management by Objectives?
Organizational Objectives Divisional Objectives Departmental Objectives Individual Objectives 12

9 Common Elements of MBO Goal specificity Participative decision making
Set time period Performance feedback 13

10 The Strategic Management Process Identify Current Mission, Objectives
& Strategy The Strategic Management Process Reassess Mission Strategies Evaluate Results 1 Analyze Resources Note Weaknesses and Strengths Environment Threats and Opportunities 2 3 4 5 6 7 & 8 9 8 17

11 Grand Strategies Growth Stability Retrenchment Combination

12 Determining A Business-Level Strategy
Cost Leadership Differentiation Focus 23

13 After Strategies Are Formulated
Implementation Evaluating results

14 Entrepreneurship Process by which individuals pursue opportunities, fulfilling need and wants through innovation, without regard to the resources they currently control Important themes Pursuit of opportunities Innovation Growth

15 Project Management Process (Exhibit 5-8)
Identify activities and resources Define objectives Establish sequences Determine project completion date Compare with objectives Estimate time for activities Determine additional resource requirements

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