Jhjh Essay

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* What Is Planning? * Planning - a primary managerial activity that involves: * Defining the organization’s goals * Establishing an overall strategy for achieving those goals * Developing plans for organizational work activities * Formal Planning * Specific goals covering a specific time period * Written and shared with organizational members * Why Do Managers Plan? * Purposes of Planning * Provides direction * Reduces uncertainty * Minimizes waste and redundancy * Sets the standards for controlling * Planning and Performance * Formal planning is associated with: * Higher profits and returns on assets * Positive financial results * The quality of planning and implementation affects performance more than the extent of planning * The external environment can reduce the impact of planning on performance * Elements of Planning * Goals (also Objectives) * Desired outcomes for individuals, groups, or entire organizations * Provide direction and evaluation performance criteria * Plans * Documents that outline how goals are to be accomplished * Describe how resources are to be allocated and establish activity schedules * Types of Goals * Financial Goals - related to the expected internal financial performance of the organization. * Strategic Goals - related to the performance of the firm relative to factors in its external environment (e.g., competitors). * Types of Plans * Strategic Plans * Establish the organization’s overall goals * Seek to position the organization in terms of its environment * Cover extended periods of time * Operational Plans * Specify the details of how the overall goals are to be achieved * Cover a short time period * Types of Plans

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