How HP lost its way
Introduction
Planning is like a road map. It shows the shortest route to reach the right destination. Maybe Winston Churchill described “planning” precisely in World War II. He said, “He, who fails to plan is planning to fail.”
Goals or objectives are desired targets or results. They are often recognized as the crucial elements of planning as managerial decisions are guided. They also serve as the performance criteria. Specific, measurable, attainable, realistic and timely goals should be set before managers can make plans (Robbins & Coulter, 2012). Plans are blueprints specifying the ways for reaching the goals. They usually include the resource allocations, schedules and other necessary means. Whilst managers plan, they develop both goals and plans (Robbins & Coulter, 2012).
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There are also strategies in an organization. Strategy is the direction and scope of an organization for what it is going to do in a business area over long-term (Johnson & Scholes, 2005). It is a plan of how to compete successfully with others, how to satisfy the needs of customers, and how to attract the business opportunities in order to achieve the organization’s goals (Robbins & Coulter, 2012). Planning is now often involved in a term of “strategic management”, which emphasize the continuous process of analyzing, formulating, implementing and evaluating strategies that enable an organization to achieve its goals (Robbins & Coulter, 2012).
In modern day, managers need increased focus on planning so as to meet the highly challenging environment, such as increased globalization among different industries, more competitive rivals, rapid cycles of innovation and new technology, higher turnovers of staffs, increased process of reconstruction of companies, and raised expectation and demands from the stakeholders (Hitt, Ireland & Hoskisson, 2009).
Planning seems to be exhausting but it is essential for a successful business. Why? First, it shows the legitimacy
Planning is like a road map. It shows the shortest route to reach the right destination. Maybe Winston Churchill described “planning” precisely in World War II. He said, “He, who fails to plan is planning to fail.”
Goals or objectives are desired targets or results. They are often recognized as the crucial elements of planning as managerial decisions are guided. They also serve as the performance criteria. Specific, measurable, attainable, realistic and timely goals should be set before managers can make plans (Robbins & Coulter, 2012). Plans are blueprints specifying the ways for reaching the goals. They usually include the resource allocations, schedules and other necessary means. Whilst managers plan, they develop both goals and plans (Robbins & Coulter, 2012).
.
There are also strategies in an organization. Strategy is the direction and scope of an organization for what it is going to do in a business area over long-term (Johnson & Scholes, 2005). It is a plan of how to compete successfully with others, how to satisfy the needs of customers, and how to attract the business opportunities in order to achieve the organization’s goals (Robbins & Coulter, 2012). Planning is now often involved in a term of “strategic management”, which emphasize the continuous process of analyzing, formulating, implementing and evaluating strategies that enable an organization to achieve its goals (Robbins & Coulter, 2012).
In modern day, managers need increased focus on planning so as to meet the highly challenging environment, such as increased globalization among different industries, more competitive rivals, rapid cycles of innovation and new technology, higher turnovers of staffs, increased process of reconstruction of companies, and raised expectation and demands from the stakeholders (Hitt, Ireland & Hoskisson, 2009).
Planning seems to be exhausting but it is essential for a successful business. Why? First, it shows the legitimacy