Planning Flashcards
Planning
Planning is the process of setting objectives, and then determining the steps needed to reach them
Plan
A plan is a formal statement of intent that identifies goals and objectives and how they are to be achieved.
Goal and objective
A goal is an identified outcome that has been chosen and an objective is an aim that can be measured and achieved within a stated timeframe
Why to plan
Ø Intensifies effort
Ø Leads to persistence
Ø Provides direction
Ø Leads to the creation of task strategies
Advantages of planning
- Systematic approach to achieving aims and goals (potential source of innovation & creativity, thus competitive advantage)
- Control of activities— which activities needs to be undertaken
- Helps mitigate risk by introducing a measure of control on future events
- Helps the allocation of resources to those activities that deliver goals & objectives
SMART
- Specific: identifying key aspects of performance that can be measured.
- Measurable: identifying key aspects of performance that can be quantified.
- Achievable (Attainable): specified outcome that is capable of being met.
- Relevant (Rewarded/Realistic): Is the target aligned with objectives? (specified rewards for achieving set targets)
- Timely (Time-bound): timeframe set for achieving stated outcomes.
Managers
- Focus on things
- Look inward
- Execute plans
- Improve the present
- See the trees
- Control subordinates
- Direct & coordinate
- Does things right
- Manage change
- Serve superordinate
- Use authority
- Avoid conflict
- Act responsibly
- Cope with complexity
- Work with the status quo
- Ask what
- Plan short term
- Organize people
- Administrate and control
- Focus on systems and
structures - Follow the vision
- Work in the present
Leaders
- Focus on people
- Look outward
- Articulate a vision
- Create the future
- See the forest
- Empower Colleagues
- Trust & develop
- Do the right things
- Create change
- Serve subordinates
- Use influence
- Use conflict
- Act decisively
- Cope with change
- Challenge the status quo
- Ask why
- Plan long term
- Align people
- Motivate and inspire
- Focus on people
- Communicate and deliver the vision
- Look into the future
Mission
The statement of an organization’s fundamental purpose
Strategic goals
A goal set by and for top management of the organization
Tactical goals
A goal set by and for middle managers of the organization.
Operational goals
A goal set by and for lower-level managers of the organization
Strategic plans
- developed to achieve strategic goals
- general plans outlining decisions of resource allocation, priorities, and action steps necessary to reach strategic goals.
- set by a board of directors
- for an extended time horizon
- plans that address questions of scope, resource deployment, competitive advantage, and synergy
Tactical plans
- are aimed at achieving tactical goals
- are developed to implement specific parts of the strategic plan
- involve upper and middle class management
- have a somewhat shorter time horizon
- have more specific and concrete focus
- are more concerned with getting things done than deciding what to do
Operational plans
- focus on carrying out tactical plans to achieve organizational goals
- are developed by middle- and lower-level managers
- have a short-term focus
- are relatively narrow in scope
- deal with a small set of activities
Two subtypes:
* Single-use plans
* Standing plans
