A - LESSON 2: Management Planning Flashcards
: a method for doing or making something, consisting of a goal and a course of action
Plan
: a specific result to be achieved, the end result of a plan
Goal
: specific results toward which effort is directed
Objectives
: The process of setting goals and courses of action, developing rules and procedures and forecasting future outcomes
Planning
What Planning entails
✓ Choosing (?) and deciding now what to do in the future to achieve those goals
✓ Assessing today the (?) of various future courses of action
goals and courses of action
consequences
✓ A set of plans that includes the company subsidiary unwide plan and the derivative plan of its required to help achieve the enterprise
Hierarchy of Plans
approves a long-term plan and each department creates its own budget
✓ Top management
formulates its plan based on upward feedback from the departments, and the depa of top management’s plan
✓ Top management
Involves analysing competitive opportunities ad threats, as well as the strengths and weaknesses of the organization, and determining how to position the organization to compete effectively in their environment
Strategic plans
Strategic
TIME FRAME
SPECIFICITY
FREQUENCY OF USE
Long Term
Directional
Single Use
Tactical
TIME FRAME
SPECIFICITY
FREQUENCY OF USE
Short Term
Specific
Standing
✓ establishes master plans that fit the destiny of the firm.
Strategic planning
✓ plans that apply to the entire organization, establish the organization’s overall objectives, and seek to position the organization in terms of its environment.
Strategic planning
The process by which high level decisions are made is called strategic planning and can be defined as
(1) deciding on the (?) of the organization and the need to modify existing objectives if appropriate;
(2) allocating (?) to attain these objectives; and
(3) establishing (?) that govern the acquisition, use, and disposition of these resources (Lifshitz, 1996).
objectives
resources
policies
is usually based on long-term projections and a global view that can have an impact on all levels of a laboratory’s operations.
Strategic planning
✓ translates strategic plans into specific goals for organizational units.
Tactical planning
✓ (sometimes referred to as operational plans) specify the details of how the overall objectives are to be achieved
Tactical planning
✓ consists of the detailed, day-to-day operations needed to meet the immediate needs of the laboratory and works toward meeting the long-term strategic goals that have been set
Tactical planning
✓ identifies the specific procedures and actions required at lower levels in the organization
Operational planning
Both tactical planning and organizational planning support the strategic plans.
Strategic and tactical plans differ in three primary ways—
time frame, scope, and whether they include a known set of organizational objectives
are plans that cover less than one year.
Short-term plans
are plans that extend beyond five years.
Long-term plans