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OleMiss - MGMT 371 - Class Notes - Week 4

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OleMiss - MGMT 371 - Class Notes - Week 4

School: University of Mississippi
Department: OTHER
Course: Principles of Management
Professor: Paul D. Johnson
Term: Spring 2017
Tags:
Name: MGMT 371 - Planning and Control (week 4)
Description: importance of planning and control in the management field. Notes from PPT slides and lecture
Uploaded: 03/01/2018
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background image Planning  ● Objectives  ○ End states or targets to achieve 
○ Identifies the means or processes to achieve desired targets 
○ Decision-making process that sets the standards for controlling 
■ How it will achieve its goals 
■ How we know whether the goals were achieved 
○ Helps cope with uncertainty   
Importance of Planning 
● Provide direction and momentum  ○ Need to have some idea of where you’re going if you want to get there efficiently  and effectively  ○ Helps managers keep perspective on ultimate goals  ● Encourage new ideas  ○ Creates a structure within which innovation can occur 
○ Allows for strategy innovation and the development of new business models 
● Develop a sustainable competitive advantage  ○ Helps companies be responsive to customers 
○ Be innovative 
○ Create value from quality 
○ Be effective 
 
Levels of Plans 
1. Time Horizon  a. Strategic Plans  i. 1-5 years  b. Tactical Plans   i. 6-24 months  c. Operational Plans  i. Next 12 months  2. Scope  a. Strategic Plans  i. Broadest  1. View of entire organization  b. Tactical Plans  i. Focused on functional business unit  c. Operational Plans  i. Most Narrow  1. Departments or smaller units  3. Complexity  a. Strategic Plans  i. Most complex and general 
background image b. Tactical Plans  i. Complex  1. More specific 
2. Limited domain of application 
c. Operational Plans  i. Least complex  1. Small homogenous units  4. Impact  a. Strategic Plans  i. Dramatic -/+ impact potential on survival and success  b. Tactical Plan  i. Affect specific business units  c. Operational Plans  i. Restricted to a specific department or organizational unit  5. Interdependence  a. Strategic Plans  i. High  1. Resources and capabilities of entire organization + external  environment  b. Tactical Plan  i. Moderate  1. Resources and capabilities of several business units  c. Operational Plans  i. Low  1. May be linked to higher-level plans   
 
Organizational Level Strategic Planning 
● Corporate Level  ○ GE  ● Business Level  ○ GE  ■ Medical Equipment, Light Bulbs,  NBC  ● Functional Level  ○ GE  ■ Medical Equipment, Light Bulbs,  ​NBC  ● Marketing and Sales 
● HR 
● Accounting/Finance 
Types of Plans  ● Standing Plans  ○ Ongoing plans that provide guidance for activities performed repeatedly 
○ Rules, policies and procedures 

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School: University of Mississippi
Department: OTHER
Course: Principles of Management
Professor: Paul D. Johnson
Term: Spring 2017
Tags:
Name: MGMT 371 - Planning and Control (week 4)
Description: importance of planning and control in the management field. Notes from PPT slides and lecture
Uploaded: 03/01/2018
4 Pages 20 Views 16 Unlocks
  • Better Grades Guarantee
  • 24/7 Homework help
  • Notes, Study Guides, Flashcards + More!
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