M3 Flashcards
The aspects of this changing environment are:
- Changes in Technology
- Changes in Government Policy
- Changes in all overall economic activity
- Changes in the nature of competition
- Changes in social norms and attitudes
Is a function of management in which a conscious choice of patterns of influence is determined for
decision makers so that many decisions will be coordinated for some
period of time and will be directed toward the
chosen broad goals.
Planning
Is a predetermined course of action.
Plan
It may be tailored to a specific project, or they may be
established as a standing plans for any future actions.
Plan
It may developed after considerable detailed study of a
routine set of actions, can serve as a predetermined pattern, which will ensure correct future action with a maximum
of rethinking on the part of the operator.
Checklist
According to him Planning refers to” the management function that involves anticipating
future trends and determining the best strategies and tactics to achieve organizational objectives.” This
definition is useful because it relates the future to what could be decided now.
Nickels and others
According to them define planning as “the selection and sequential ordering of tasks
required to achieve an organization goal. “ The definition centers on the activity to accomplish the goals.
Aldag and Steams
According to them planning provides a better guide on how effectively perform this vital activity. Planning according to them is “deciding what will be done, who will do it, where, when, and how it will be
done and the standards to which it will be done.
Cole and Hamilton
RECITE PLANNING AND THE MANAGEMENT PROCESS
- Setting organizational, divisional, or unit goals
- Developing strategies or tactics to reach those goals
- Determining resources needed and
- Setting standard
This is the first task of the engineer manager is to provide a sense of direction to his firm (if he is the chief
executive), to his division (if he heads a division), or to his unit (if he is a supervisor).
Setting Organizational, Divisional, or Unit goals
it provides an
answer to the said concern.
Setting of goals
May be defined as the “precise statement of the results sought, quantified in the time and magnitude, where possible”.
Goal
After determining the goals, the next task is to devise some means to realize them.
Developing Strategies or Tactics to reach those goals
may be defined as “a course of action aimed at ensuring that the organization will achieve its
objectives.”
Strategy
is a short-term action taken by management to adjust to negative internal or external influences.
Tactics
Give the 3 Components of Strategic Management
- Goal of Organization
- Mission of Organization
- Strategy of Organization
Components of Strategic Management that are the general and ultimate ends toward
which they are aimed.
Goal of Organization
Components of Strategic Management that is the specific and well defined roles and
activities on which the organization elects to concentrate its efforts.
Mission of Organization
Components of Strategic Management that must be tailored to the specific situation in which an
organization find itself. A strategy that has been successful for one company may not be good for
another.
Strategy of Organization
When particular sets of strategies or tactics have been devised, the engineer manager will, then, determine
the human and non-human resources requires by such strategies or tactics. Even if the resource requirements are
currently available, they must be specified.
Determining Resources Needed
The standards for measuring performance may be set at the planning stage. When actual performance does
not match with the planned performance, corrections may be made or reinforcement given.
Setting Standards
may be defined as “a quantitative or qualitative measuring device designed to help monitor the
performances of people, capital goods or processes.
Standard
GIVE ALL THE PLANNING AT VARIOUS MANAGEMENT LEVELS
- Top management level- strategic planning
- Middle management level- intermediate planning
- Lower management level- operational planning
It refers to the process of determining the major goals of the organization and the
policies and the strategies for obtaining and using resources to achieve those goals.
Strategic Planning
It refers to “the process determining the contributions that subunits can make with
allocated resources.” This type of planning is undertaken by middle management.
Intermediate Planning
It refers to “the process of determining how specific task can best be
accomplished on time with available resources.” This type of planning is a responsibility of lower management. It
must be performed in support of strategic plan and intermediate plan
Operational Planning
Thiis is the written document or blueprint for implementing and controlling an
organization’s marketing activities related to particular marketing strategy.
Marketing Plan
This is the written document that states the quantity of output of a company must be
produced in broad terms and by product family.
Production Plan
It is a document that summarizes the current financial situation of the firm, analyzes
financial needs and recommends a directions for financial activities.
Financial Plan
It is a document that indicates the human resource needs of a
company detailed in terms of quantity and quality and based on the requirements of the company’s strategic plan.
Human Resource Management Pan
These are plans intended to cover a period of less than one year. First-line supervisors are
mostly concerned with these plans
Short-range Plan
These are plans covering a time span of more than one year. These are mostly undertaken by
middle and top management
Long-range Plan
These are plans that are used again and again, and they focus on managerial situations that
recur repeatedly.
Standing Plan
They are broad guidelines to aid managers at every level in making decisions about recurring
situations or functions.
Policies
They are plans that describe the exact series of actions to be taken in a given situation.
Procedures
They are statements that either require or forbid a certain action.
Rules
These plans are specifically developed to implement courses of action that are relatively unique
and are unlikely to be repeated.
Single-Use Plan
According to Weston and Brigham, is “a plan which sets forth the projected EXPENDITURE for a
certain activity and explains where the required funds will come from.”
Budget
A single-use plan designed to coordinate a large set of activities.
Program
is a single-use plans that is usually more limited in scope than a program and is sometimes
prepared to support a program.
Project
The Contents of Marketing Plan
- The Executive Summary
- Table of Contents
- Situational Analysis and Target Market
- Marketing Objectives and Goals
- Marketing Strategies
- Marketing Tactics
- Schedules and Budgets
- Financial Data and Control
The Contents of the Production Plan
- The amount of capacity the company must have
- How many Employees are required?
- How much material must be purchased?
The Content of Financial Plan
- An analysis of the firm’s current financial condition as indicated by an analysis of the most recent statements
- A sales forecast
- The Capital Budget
- The cash budget
- A set of pro Forma (or Projected) financial statements
- The external financing plan
Contents of the Human Resources Plan
- Personnel requirements of the company
- Plans for recruitment and selection
- Training Plan
- Retirement Plan
Parts of the Strategic Plan
- Company or corporate mission
- Objectives or Goals
- Strategies
