Topic 2: PLANNING Flashcards
It is the thinking process, the organized foresight, the vision based on fact and experience that is required for intelligent action
Planning
Where do you want to take your business?
Destination
Where are you at the current time?
Initial Point
How will you know if you’re succeeding?
Checkpoints
How will you get there?
Journey
● Setting of broad, long-range goals by TOP MANAGERS
● The most important
● Contains the vision, mission, objectives, goals, etc.
Strategic Planning
● The identification of specific, short-range objectives
● Responsibility of MIDDLE/LOWER LEVEL
MANAGERS
Tactical Planning
● The setting of work standards and schedules
● More specific goals under the main goals
Operational Planning
● Backup plans in case primary plan fails
● In case of a crisis or unforeseen events
Contingency Planning
● Communicates the organization’s reason for being, and how it aims to serve its key stakeholders.
● It also include a summation of the firm’s values.
Mission
Strategic “ north star”, providing focus and long term alignment.
Vision
A specific date in the future by which the entity will determine it has achieved the strategy and the vision.
Time Horizon
What is the typical time horizons range?
3-5 years
Asingle or small set of measurable goals that can be objectively assessed for achievement.
Measurability
A succinct statement of how the entity will effectively deliver its services, meet the needs of its clients, and achieve the vision.
Unique Approach
