Can You Identify The Basic Steps In A Planning Process
Submitted By CheyenneAnderson
Words: 735
Pages: 3
LO.1. What are the basic steps in any planning process?
The formal planning steps are analyzing the situation, generating alternatives, evaluating them, selecting goals and plans, implementing them, and monitoring and controlling performance.
LO.2. How should strategic planning be integrated with tactical and operational planning?
Strategic planning sets the long-term direction for a firm.
Tactical planning translates broad strategic goals into specific plans for a particular part of the organization.
Operational planning identifies specific procedures and processes for lower levels of the organization.
LO.3. Can you describe how strategy is based on analysis of the external environment and the firm’s strengths and weaknesses?
Managers analyze the organization’s external opportunities and threats to formulate a strategy.
Internal strengths and weaknesses of the organization determine its resources and core competencies.
LO.4. How can companies achieve competitive advantage through business strategy?
Low-cost strategies allow a company to build a competitive advantage by being efficient and offering standard, no-frills products.
Differentiation strategies foster a competitive advantage by distinguishing a firm as unique in its industry.
LO.5. Can you identify the keys to effective strategy implementation?
Keys to effective strategy implementation are defining strategic tasks, assessing organization capabilities, developing an implementation agenda, and creating an implementation plan.
LO.6. How can you make effective decisions as a manager?
Managers can determine which decisions are programmed and which nonprogrammed, reduce uncertainty, and manage risks.
Formal decision making has six stages: identifying and diagnosing the problem, generating alternatives, evaluating alternatives, making the choice, implementing the decision, and evaluating it.
LO.7. What are the principles for group decision-making?
Groups are effective decision makers when they have more information, consider a greater number of perspectives, provide intellectual stimulation, help more people understand the decision, and generate commitment to the decision.
Groups are ineffective decision makers when one member dominates the discussion, they settle for a solution that is less than optimal, they pressure members to avoid disagreement, or they displace original goals with less important ones.
Practical Application
LO.1.
The hallmark of effective goals is the acronym SMART, which stands for specific, measurable, attainable, relevant, time-bound. Plans are the actions or means the manager intends to use to achieve goals.
Erica’s manager has asked her to develop different scenarios, or narratives that describe a particular set of future conditions, during her planning.
LO.2.
An organization’s CEO is most likely to be involved in strategic planning to set long-term goals.
To help support the company’s overall profitability goals, Chen Lu has been asked to come up with specific goals and plans for the accounting department. She needs to develop tactical plans.
As a frontline manager, Ross needs to develop specific procedures and processes for his engineers. Ross needs to do operational planning.
LO.3.
Strategic planning involves developing a/an mission, a/an vision and goals for the
Related Documents: Can You Identify The Basic Steps In A Planning Process
Submission If you are using the Blackboard Mobile Learn App, plea * Chapter 3: Problems 3, 4, and 7 Chapter 3 -Problem 3 Answer: The Olde Yogurt Factory has reduced the price of its popular Mmmm Sundae from $2.25 to $1.75. As a result, the firm’s daily sales of these sundaes have increased from 1,500/day to 1,800/day. Compute the arc price elasticity of demand over this price and consumption quantity range. Arc Price Elasticity = (Q₂ - Q₁ / P₂ - P₁) * (P₂ + P₁ / Q₂ + Q₁) Q₁ = 1500…
Chapter 6: Gym programs WORKOUT 6.1 1. Explain the differing types of resistance equipment. Free weights and machine systems providing dynamic constant resistance Machine systems providing dynamic variable resistance Equipment that provides dynamic progressive variable resistance Machine systems providing dynamic constant angular velocity Isometric training using static resistance 2. Which type of resistance equipment may be referred to as double positive? Circuit training is the type of resistance…
CHAPTER 11 THE LATE MIDDLE AGES: CRISIS AND DISINTEGRATION IN THE FOURTEENTH CENTURY _____________________________ CHAPTER OUTLINE I. A Time of Troubles: Black Death and Social Crisis A. Famine and Population B. The Black Death 1. Spread of the Plague 2. Life and Death: Reactions to the Plague C. Economic Dislocation and Social Upheaval 1. Noble Landlords and Peasants 2. Peasant Revolt in France 3. An English Peasant Revolt 4. Revolts in the Cities II. War and…
Chapter 1 Key Terms areal differentiation- difference between placesareal integration- links, connections between places colonialism- the formal establishment of rule by a foreign powercounterinsurgency- designed to win over the local population and deprive insurgents of a political base. Insurgency is a political rebellion or uprising.cultural imperialism- promotion of one culture at the expense of anothercultural nationalism- defending a culture from outside influenceculture- decolonializationdemographic…
waters…God saw all that he had made, and it was very good”1. It is seen within the first two chapters of the Bible that God created all things from land to sea and every creature such as the animals and human beings. The first humans here on earth were Adam and Eve. They lived in a perfect world and did not have to work for much and their minds couldn’t comprehend what was evil. It was the fall in chapter three that Adam and Eve and the rest of human kind that had become separated from God. The…
Managerial Decision Modeling w/ Spreadsheets, 3e (Balakrishnan/Render/Stair) Chapter 5 Transportation, Assignment, and Network Models 5.1 Chapter Questions 1) Which of the following is NOT a network flow model? A) Transportation model B) Assignment model C) Product mix model D) Shortest-path model E) Minimal-spanning tree model Answer: C Page Ref: 162 Topic: Introduction Difficulty: Easy 2) Which of the following models determines the path through the network that connects all the points…
Geology Test 1 Study Guide Chapter 1: Introduction Key terms * Asthenosphere – A subdivision of the mantle situated below the lithosphere. This zone of weak material exists below a depth of about 100 km and in some regions extends as deep as 700 km. The rock within this zone is easily deformed. * Hypothesis – A tentative explanation that is then tested to determine if it is valid. * Mantle – One of Earth’s compositional layers. The solid rocky shell that extends from the base of the…
Euro sovereign debt crisis by use of definition of ARC to in-depth explain this issue. We propose further examination of the ARC relating to the Euro sovereign debt crisis in order to propose a prosperous and harmonious of Euro zone. Table of Content Abstract 1 1. Introduction 4 2. Summary 4 2.1 Objectives 4 2.2 Main arguments 4 3. Testing Methods 5 3.1 Methods of research process 5 3.2 Measuring the sentiment 6 3.3 An Eyeball Test 6 4. Conclusion 7 5. Reference 8 1.…
China Thomas September 18, 2012 international Business Management Case Study: Australia and New Zealand: Doing business with Indonesia 1. Using this case and the cultural dimensions explored in this chapter, discuss some of the ways in which citizens of Australia and New Zealand are members of cultures very different from any other in Asia. Cross-cultural boarders behavior in Indonesia as, in the rest of Asia signifies the importance of developing long-term relationships to yield a profit differing…
........................ 9 Class Files ................................................................................................. 21 Answers to Chapter Review Questions – Part 1 ....................................... 22 Answers to Skills Assessment Part 1 ........................................................ 31 Answers to Chapter Review Questions – Part 2 ....................................... 32 Answers to Skills Assessment Part 2 ...............................................…