Planning (Theories and Approaches) Flashcards
4 types of Plan
- Marketing Plan
- Production Plan
- Financial Plan
- Human Resources Plan
With a well-designed __________, you can design more effective promotions and impactful campaigns, reach your customers with targeted advertising, and track your business success with analytics.
Marketing Plan
A well-constructed ___________ can help to boost revenue, profit and customer satisfaction, while a poorly designed plan can cause production problems and
perhaps even sink the company.
Production Plan
3 Benefits of Production Plan
- Knowledge
- Customer Satisfaction
- Efficiency
5 Steps of Making Production Plan
- Forecast product demand
- Map out production steps and option
- Choose a plan and schedule production
- Monitor and Control
5 Adjust accordingly
A business ____________ is an important tool for any size business. It gives business
owners a road map to follow as they work to achieve their financial goals.
Financial Plan
6 Steps in creating business financial plan
- Define your financial goals
- Understand your financial situation
- Create financial projections
- Make a budget
- Set up financial controls
- Monitor your progress
process contains systematic steps in HRP
that drive effective management of human
resources. This methodical approach involves careful
analysis, prediction, and strategic allocation
of workforce resources.
Human Resource Planning
Human Resource Planning Process
- Analyze Environment
- Predict Labor Demands
- Assess Labor Supply
- Bridge gaps
- Implement Plans
- Monitor and Adjust
Importance of Human Resource Planning
- Increase productivity
- Implementing managerial activity
- motivating employees
- avoiding manpower shortage and excess
- evaluating demand and supply of resources
- increase quality of hire
- growing a competitive advantage
