Lesson 3: Planning Flashcards
refers to the process of setting goals, determining the steps or actions needed to achieve those goals, and organizing resources and time to carry out those actions effectively. Planning can take many forms and can be applied in various context, including personal life, business, project management and government policies.
planning
a fundamental process within the field of management that involves defining goals, objectives, and strategies for achieving them.
management planning
in the process of planning,
resources have to be identified
management planning can be categorized into
long-term and short-term plans
a strategic process that involves setting goals, objectives, and strategies for achieving desired outcomes over an extended period of time, typically spanning several years or even decades.
long-term planning
a process of setting goals, defining strategies, and outlining actions that focus on achieving specific objectives within a relatively brief time frame, typically ranging from a few weeks to a years or so.
short-term planning
It is a forward-looking approach aimed at shaping the future and ensuring that an organization or an individual can work toward significant, far-reaching goals.
long-term planning
short-term
planning is concerned with
immediate or near-future priorities and tasks
a systematic and comprehensive process that organization, business, and institutions use to define their long-term vision, mission, goals, and objectives, and to develop strategies and action plans to achieve them.
strategic planning
a step taken after a business or a team creates a strategic plan and involves breaking down that plan into smaller, actionable goals and objectives
tactical planning
tactical planning involves
breaking down strategic plans into smaller, actionable goals and objectives
tactical plans specify
detailed actions or steps
nature of planning
it is SMART; primary function; persuasive; based on facts; integrated process; continuous process; quantified plans
SMART stands for
specific, measurable, achieving/attainable, realistic, time bound
it provides the basic foundation
from which all future management
function arise
planning is a primary function
not an exclusive function of any
management level or department. It
is required at all levels of
management. Managers have to plan
for every change that occurs in an
organization.
planning is persuasive
take into consideration the VISION,
MISSION, OBJECTIVES of the
organization.
it is based on facts
it is structured in a systematic and
logical sequence where each plan or
step is highly interdependent and
mutually supportive.
it is an integrated process
it is an ongoing process of adapting
the organization with the changes in
the business environment. Since the
business exists in a dynamic
environment, it is necessary to
continuously plan based on changing
business needs and situation.
it is a continuous process
To effectively monitor
performance and achieve
success, a plan needs to
quantified, meaning it should include measurable elements or objectives
plans should be quantified to identify the
causes of deficit so that we can address and rectify errors
when plans are quantified, this is where the
controlling function comes to play
controlling involves
including a reward system or penalty for those who fail to deliver
steps in planning
set objectives or goals; identifying resources; identifying goal-related tasks; establish responsibility centers for accountability and timeline; establish an evaluation system for monitoring and controlling; determine contingency plan
short-term goals last
at most a year
are generally formed
where are the vision and mission of the company are
practiced again and again.
long-term goal
long-term goals last
more than 1 year
Describe what top managers want their company
to become.
vision
Describe how the company makes the purpose
and objectives of the company clear.
mission
examples of resources
production resources; finance resources; human resources
Management must figure out how to
achieve an objectives
contingency plans are also known as
alternative options or back-up plans or plan B
Management must put in a place a mechanism that will
allow plans to be monitored.
establish an evaluation system for monitoring and controlling
