Maanagement Essay

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Management 3120 Chap 5- Planning, making decisions for the future Planning steps: Define objectives, determine current status compared to objectives- so you can know how close you are to your goal Develop premises to be ready for future conditions and alternative scenarios for what may happen. Then analyze alternatives and make a plan; then implement and evaluate the plan Good planning makes us; action oriented-we look at results, priority oriented- doing the things that should be done first, advantage oriented-ensuring all resources are used in the best way (capital), change oriented-being ready for dealing with problems Hierarchy of objectives- people from the lower levels help accomplish higher ones Joint ventures- when two companies join together and create a daughter company to unite. Everything beyond 5 years is long term, 3-5 years is mid term, anything a year or less is shortterm Jaques- found most people are comfortable with 3 month time spans, some work well with a 1 year time span, and the rare person can handle a 20 year time span Vision-purpose for an organization Policy vs procedure- procedure is much more specific as it defines what you are supposed to do. A policy is not specific, or process, it is related to a general idea ex: how long a student should be allowed to rent a book. Fixed budgets- you are assigned 250000 to spend for training. Thast is a fixed budget, thre is no argument or change Flexible budget- it can change according to activity ex: if you have more sales, you will get more money for production and employees Zero based budgets- you have to negotiate the whole budgets, you start from 0 Benchmarking- you look at the leaders of a business, and you evaluate the leaders to learn from them and to outperform them Staff planner- you identify the kind of people you need for something Participatory planning- planning

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