Contacts
Used for activities that occur regularly (e.g., policies, procedures, rules). 5. Decision Making: The Core of Planning
Medium-term focus (1-3 years). Translates strategic plans into specific goals for distinct functional divisions (e.g., Marketing, HR).
Aligned with the broader mission of the organization. T - Time-bound: Tied to a specific deadline or target date. Slide 9: Management by Objectives (MBO)
Analyzing the pros and cons of each alternative.
Unique, poorly defined, and highly unstructured problems requiring creative, custom solutions (e.g., entering a foreign market). Slide 12: The Rational Decision-Making Process principles of management unit 2 ppt
Planning relies heavily on forecasting, which is the art and science of predicting future events based on historical data and environmental cues. Forecasting Type Methodology Common Examples
It is the primary function that establishes the framework for all other managerial tasks.
Modern approaches
Listing viable options that could resolve the problem. Used for activities that occur regularly (e
Pause after the "Decision-Making" section to present a brief scenario to your audience, asking them whether a rational or satisficing approach fits best.
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Planning is the foundational function of management. It precedes organizing, staffing, directing, and controlling. Without a plan, an organization lacks direction, making it impossible to allocate resources efficiently or measure success accurately. What is Planning?
It is the foundational function of management; organizing, leading, and controlling cannot occur without it. Key Characteristics: Translates strategic plans into specific goals for distinct
Repetitive, structured decisions handled by a routine, systematic procedure (e.g., reordering office supplies).
Premises are the assumptions made about the future environment in which the plan will operate. These include economic forecasts, policy changes, technological shifts, and competitive behaviors. Step 4: Identifying and Evaluating Alternatives
Predicting future trends using qualitative or quantitative data.
