MODULE 1 - UNIT 2 Flashcards
first proposed that management process was a continuum of functions that the manager must perform to ensure the smooth operations of an organization
HENRI FAYOL
ACC. TO PETER DRUCKER, THERE ARE 5 BASIC OPERATIONS IN WORK
- setting objectives
- organizing
- motivating and communicating
- establishing standards or measurements of performance
- developing people, including the managers themselves.
HIERARCHY OF PLANNING
MISSIONS
GOALS & OBJECTIVES
STRATEGIES
POLICIES
PROCEDURES
RULES
PROGRAMS
BUDGETS
WHAT LEVEL WHERE MISSION IS DEVELOPED
TOP LEVEL
broad, long-term & philosophical marker
GOALS
specific, short-term & specific benchmark
OBJECTIVES
comprehensive master plan stating how an org will achieve its mission & goals
Strategies
comprehensive guideline for decision making
Policies
sequential steps that describe in detail how task is to be performed
Procedures
detailed guides to action
Rules
statement of activities essential to accomplish a single-use plan
Programs
short-term financial plan
Budgets
PLANNING PROCESS STEP: be aware of the business opportunities in the firm’s external environment as well as within the firm
Recognizing need for action
PLANNING PROCESS STEP: establish the objectives for whole org and indiv departments. ; indicate the end result the company wishes to achieve
Setting Objectives
PLANNING PROCESS STEP: the future is always uncertain so, certain assumptions will have to be made. These assumptions are the premises
Developing Premises