Management : Theory, Practice and application|
MGT/330 – University of Phoenix|
Tyco was founded in 1960 by Arthur J. Rosenburg, PH.D who opened a research laboratory to conduct experimental work for the U.S. government. Over the years the company began working with high-tech materials science, but after going public eventually shifted focus to manufacturing industrial products. In this paper we will evaluate the planning function of Tyco management and the impact that legal issues, ethics and corporate social responsibility have had on the companies’ management planning. Lastly, this paper will analyze at least three factors that influence the company’s strategic, tactical, operational and contingency planning. Planning is an essential function to be considered by all companies, young and old as well as large and small. Planning helps to establish a foundation for the other functions of management; organizing, leading and controlling. During the planning phase, management focuses on setting organizational goals, defining high level tasks to accomplish these goals and understanding blockers which would prohibit these goals from being met. Tyco as a company has defined 6 major goals. 1. Governance – Adhere to the highest standards of corporate governance by establishing processes and practices that promote and ensure integrity, compliance and accountability. 2. Customers – Focus on strategies to achieve organic growth targets and deploy cash for growth and value creation. 3. Teamwork and Culture – Build on the company’s reputation and image internally and externally while driving initiatives to ensure Tyco remains an employer of choice. 4. Operational Excellence – Implement best-in-class operating practices and leverage company-wide opportunities and best practices. 5. Financial Strength & Flexibility – Ensure that revenue, earnings...