Planning and organizing lesson 2 Flashcards
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is your map and compass in the business world.
Strategic planning
It’s about charting a clear course for your organization, anticipating challenges, and making informed decisions that guide you toward your goals.
Strategic planning
It gives an organization a sense of direction and purpose.
Strategic planning
useful way for managers to participate in decision-making about the goals and strategies of an organization.
Strategic planning
It helps coordinate managers with different functions and divisions to ensure they all pull in the same direction and work to achieve the desired outcome.
Strategic planning
refers to setting specific objectives and outlining the steps to achieve business goals.
Planning
It is often short-term and focuses on day-to-day operations.
Planning
involves defining long-term goals and the overall direction of an organization.
Strategic Planning
It considers broader, long-term objectives and strategies including the external environment and future challenges.
Strategic Planning
__________is about how to get things done, while __________is about determining the right things to do for long-term success.
Planning
strategic planning
who say’s Effective plans should have four qualities: unity, continuity, accuracy, and flexibility.
Henri Fayol
7 components of strategic planning
vision
mission
values
goals
strategy
approach
tactics
What your organization wants to achieve in the future, the long-term goal.
Vision
The driving force behind why your company exists, who it serves, and how it creates value.
Mission
Fundamental beliefs guiding your company’s decision-making process.
Values
Measurable objectives in alignment with your business mission, vision, and values.
Goals
A long-term strategy map for achieving your objectives based on both internal and external factors.
Strategy
How youexecute strategyand achieve objectives using actions and initiatives.
Approach
Granular short-term actions, programs, and activities.
Tactics
The first strategic planning is to Establish the organization’s purpose (mission) and long-term aspirations (vision).
Define Mission and Vision
The second strategic planning process
Assess internal strengths and weaknesses, and external opportunities and threats (SWOT)
Conduct Environment Analysis
The third strategic planning process
Establish specific, measurable, achievable, relevant, and time-bound (SMART) goals aligned with the mission and vision.
Set Strategic Objectives
The fourth strategic planning process
Develop strategies to achieve the objectives, considering resource allocation and potential challenges
Formulate Strategies
The fifth strategy planning process
Execute the strategies through detailed action plans, assigning tasks, timelines, and responsibilities
Implement the Plan
The sixth strategy planning process Continuously track progress, review performance against objectives, and adjust the plan as needed.
Monitor and Evaluate
(strategic planning) – top management’s decisions pertaining to the organization’s mission, overall strategy, and structure
Corporate-level plan
a plan that indicates in which industries and national markets an organization intends to compete.
Corporate-level strategy
(tactical planning) – divisional managers’ decisions pertaining to divisions’ long-tern goals, overall strategy, and structure.
Business-level plan
a plan that indicates how division intends to compete against its rivals in an industry.
Business-level strategy
(operational planning) – functional managers’ decisions are the goals they want to pursue to help the division attain its business-level goals.
Functional-level plan
a plan of action to improve the ability of each of an organization’s functions to perform its task-specific activities in ways that add value to an organization’s goods and services.
Functional-level strategy
time duration of long term plans
five years or more
intermediated term plans
one and five years
short term plan
one year
Used programmed decision-making, developing policies, rules, and standard operating procedures (SOPs)
Standing plans
is a written, formal, and general guide to action.
Policy
is a written instruction describing the exact series of actions that should be followed in specific situations.
SOP
are developed to handle non-programmed decision-making in unusual or one-of-a-kind situations.
Single-use plans
The process where managers analyze situations, consider alternatives and select the best course of action to achieve organizational goals.
Management Decision-making Process
This involves evaluating information, weighing risks, considering the impact on stakeholders, and making choices that align with the company’s objectives.
Management Decision-making Process
Effective managerial decision-making is critical to ensuring that resources are used efficiently, problems are solved promptly, and the organization can adapt to changing circumstances and opportunities.
Management Decision-making Process
the first step in management decision-making
identify problem or opportunity
the second step in management decision-making
develop alternative solution
the third step in management decision-making
select alternate solution
the fourth step in management decision-making
implement solution
the fifth step in management decision-making
evaluate solution
is an open and social system that transforms inputs from the environment to product outputs.
Organization
It is also known as an enterprise. It is a workplace for people working together to achieve a common purpose.
Organization
It is a structure of roles where people are defined to perform required activities to accomplish a common purpose, done smoothly, efficiently, and effectively. Things get done based on relationships among people.
Organization
The relationship is based on a structure of roles that aims to achieve organizational goals consciously and deliberately.
Formal organization
It also contributes to achieving organizational objectives through relationships among people that extend beyond those established by management.
Informal organization
It develops as naturally as people interact. It does not appear on the organization chart because the relationship is based on joint personal activities among people.
Informal organization
It is the process by which managers establish the structure of working relationships among employees to allow them to achieve organizational goals efficiently and effectively.
Organizing
It is based on managerial goals where managers identify and classify major tasks.
Organizing
Assigning authority and responsibility that enable each employee to carry out designated tasks.
Organizing
the 1st organizing process
Formulating objectives, policies, and plans.
the 2nd organizing process
Identifying and classifying tasks.
the 3rd organizing process
Grouping tasks.
the 4th organizing process
delegating authority
the 5th organizing process
coordinating authority
formal system of task and reporting relationships that coordinates and motivates organizational members to work together to achieve organizational goals.
Organizational Structure
Organized around a specific Project with teams formed for the project duration.
Project-based Organization
Structured by specialized function (Marketing, Finance, HR)
Functional Organization
Divided by product lines, markets, or geographical areas. (Ex. GE - Healthcare, aviation, and energy.)
Divisional Organization
Combines functional and divisional structures with dual reporting lines. (Ex. Employee may report to both project manager and department head)
Matrix Organization
Minimal levels of management, emphasizing a broad span of control and employee autonomy.
Flat Organization
Traditional structure with a clear chain of command.
Hierarchical Organization
A flexible structure where various independent organizations collaborate.
Network Organization
Assigning work to a subordinate to complete certain tasks on the manager’s behalf.
responsibility
In case a subordinate fails, the manager will be answerable to his seniors. Thus, the responsibility flows upwards.
responsibility
is the power to make decisions. The manager can also pass his authority to the subordinates to accomplish the task efficiently and independently.
Authority
must be equal to responsibility, meaning, if the manager delegates his authority, it is also his responsibility if the subordinate fails.
Authority
The authority also flows upward, as we go up in the scalar chain, the authority increases.
Authority
means checking your subordinates if they are performing their responsibilities.
Accountability
cannot be delegated which means, in the case of non-completion of the task, the manager will only be held responsible for it, not the subordinates.
Accountability
also flows upward, i.e. subordinates will be accountable to the manager and the manager to his superior.
Accountability
Thus, to get the task done, the manager delegates responsibility and authority to his subordinate to exercise control and he is held accountable for his operations.
Accountability
