A plan is prepared against some foundations or backgrounds known as ‘Planning Premises’. Strategies thus may be internal and external. The Coca-Cola Company lists it's core values as: SWOT is an acronym for strengths, weaknesses, opportunities, and threats. This hierarchy can be built up by coordinating the plans of different departments. All these steps in planning lead automatically to economy. It must be based on clearly defined objectives. Which of the following are elements of planning business analysis approach? But sectional plans cannot but be inter-dependent. Whether internal or external, the success of the plans demands that it should be strategy-oriented. It has a simple mission statement: A vision and mission can also be combined in the same statement. Each long-term goal should have a few one-year objectives that advance your goals. The other functions of management—organising, direction, co-ordination and control—can be performed only after the manager has formulated the necessary planning. Budget indicates the size of the programme and involves income and outgo, input and output. It also serves as a very important control device by measuring the performance in relation to the set goals. But, decision-making has a wider connotation than planning. Work Breakdown Structure. Thus, various departments work in accordance with the overall plan, and co­ordination is achieved. Important Strategic Planning Skills for Workplace Success, Here Are Some Keys to Make Strategic Planning Implementation Work, How to Implement a Long-Term Remote Work Plan, Understand Team Culture and the Role of Clear Expectations in Success, Use These Tips to Build an Organization Based on Values. Objectives: The important task of planning is to determine the objectives of the enterprise. Some important definitions of planning, given by the eminent authors are stated below: According to Koontz and O’Donnell, planning is “an intellectual process, the conscious determination of courses of action, the basing of decisions on purpose, facts and considered estimates.”, “By means of planning management members try to look ahead, anticipate eventualities, prepare for contingencies, map out activities and provide an orderly sequence for achieving the objective.”, “The plan of action is, at one and the same time, the result envisaged, the line of action to be followed, the stages to go through, and methods to use.”. After reading this article you will learn about:- 1. The managerial function of controlling is concerned with a comparison between the planned performance and the actual performance of the subordinates and departments of the organisation. All of the following are part of the planning function EXCEPT: a. Analyzing a situation. Content Filtrations 6. It’s been said that “A vision without a plan is just a dream. Since planning is concerned with the identification of alternatives and selection of the most favourable alternative, it may rightly be described as “the most basic tool of management functions.” Thus planning is a process of deciding the business targets and charting out a rational path of attaining those targets. Based on the plans at various levels, it can be decided who will do what and at what time. What's the Difference Between Vision, Strategy and Tactic? The school and local law enforcement have developed a memorandum of agreement, (MOA), defining the roles and responsibilities of both. A strategic plan is a document that establishes the direction of an organization. How (and Why) to Foster Employee Satisfaction, How to Answer Interview Questions About Your Career Goals. b. Alternative course of action may be required to be undertaken in future in changed situations. Precision is the soul of planning. This set of goals usually starts three years out and extends to around five years into the future, directly aligning with the mission and vision statements. A. Timing and sequence of operations determine the starting and finishing time for each piece of work according to some definite schedule and give practical and concrete shape and form to work performance. There may be some confusion between policies and procedures. Policies are statements or principles that guide and direct different managers at various levels in making decisions. ... A mission statement should reflect all of the following, EXCEPT: a. All taxes, except payroll, paid to the appropriate government institutions. (iii) The priority to be given in succession for the accomplishment of different tasks through careful analysis. It means systematized pre-thinking for determining a course of action to achieve some desired result. Again, planning for purchase of raw materials, employment of labour, etc. c. A vision statement should be reviewed continuously to ensure it is still aligned with the way you see your company. Steps 6. Planning is basically related with this aspect. The key elements of a marketing plan are described in the table below. As such, it should communicate that dream to your employees and customers in an inspirational manner. To plan is to look ahead and chalk out the future course of operations of an enterprise. The Walt Disney Company does this: Note that the statement is both aspirational (“is to…”) and descriptive of what they do and how they do it ("through the..."). Business forecasting refers to analysing the statistical data and other economic, political and market information for the purpose of reducing the risks involved in making business decisions and long range plans. Planning concentrates attention on the objectives of an enterprise. Scientific management involves all the following except a. breaking down jobs into their simplest elements. A local competitor with ties to non-local customers could be facing a financial situation, giving this business an opportunity. To keep the enterprise as a going concern without any break, it is essential that planning must be a continuous process. Identify and Live Your Personal Values for Success in Life and Work, vision statement describes the way you envision. As a result of such attention, it becomes possible for the planners to determine the policies, procedures, programmes and the rules for an orderly advance towards the ultimate goals desired to be achieved. It allows you to spot and name the important aspects, happenings, and adversaries of your business. Planning is the synthesis of various forecasts—short-term or long-term, special or otherwise. It is prepared in the light of what the competitors are intending to do. There are seven basic elements of a strategic plan. The process of planning generates the purposeful and orderly setting up of activities to be carried on. A project is a single-use plan which is a part of a general programme. Sales. 29. Planning is neither poetry nor philosophy. Similarly, in respect of sales procedure, rule may be enforced that all orders should be confirmed the very next day. A plan is a course of action that shows promise of optimizing return at the minimum expense of inputs. As the planning proceeds step by step, it foresees the changes likely to come and accordingly prepares its programme by necessary adjustments and adaptation. If another competitor is trying to expand its customer base, it is a threat as well. A control plan is a document describing the critical to quality characteristics, the critical Xs or Ys, of the part or process. B. include estimates of income and expenses. These involve reflective thinking which signifies problem-solving thought process—a process by which past experiences are superimposed on the facts of the present situation and possible future trends. Definition and Meaning of Planning 2. Though a plan is prepared after reflective thinking, this does not mean that no departure can be made in the course of its operation. Each objective should have a plan that details how it will be achieved. All in all, your communication plan needs the following elements: An understanding of all stakeholders’ preferences and requirements. Planning focuses on efficiency and economy in operation. Budget means an estimate of men, money, materials and equipment in numerical terms required for implementation of plans and programmes. Question 15 – You work for a large manufacturing plant and you are working on a new project to release a new product line of toothpaste and salt. ... (WBS) is a framework that will be used as a basis for further planning activities including all the following EXCEPT: Planning is a preparatory step for action. Regulates health insurance needs and desires. A rule specifies necessary course of action in a particular situation. 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