In Week Two, you will be taking a more in-depth look at the planning function of management. This is important because the other three primary functions of management (organizing, leading, and controlling) are all based on planning. Planning is the first of the functions and is described in the readings as an activity completed at all levels of an organization. However, the nature of the actual planning activity changes based on the responsibility and authority of those doing the planning. We must remember that planning occurs within all functions of a business.
In the global economy, managers must consider people and business opportunities all over the world. Technology provides tools, information, and resources to assist in planning. E-business opens many new business opportunities that require comprehensive planning. Strategic planning involves an ethics model for the company. As you will discover this week, planning is essential in every area of management.
Planning as a Management Function
OBJECTIVE: Describe the planning function of management.
OBJECTIVE: Analyze various factors that influence strategic, tactical, operational, and contingency planning.
Resources: Ch. 4 of Management: Leading & Collaborating in a Competitive World
• Ch. 4: Planning and Strategic Management of Management: Leading & Collaborating in a Competitive World
o An Overview of Planning Fundamentals
• The Basic Planning Process
o Levels of Planning
• Strategic Planning
• Tactical and Operational Planning
• Aligning Tactical, Operational, and Strategic Planning
o Strategic Planning
• Step 1: Establishment of Mission, Vision, and Goals • Step 2: Analysis of External Opportunities and Threats • Step 3: Analysis of Internal Strengths and Weaknesses • Step 4: SWOT Analysis and Strategy Formulation
• Step 5: Strategy Implementation...