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    Lesson 6 Planning - Awitin

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    Planning is a management function that involves analyzing objectives, allocating resources, and making decisions about projects and processes to effectively achieve business goals. Managers plan to forecast the future and make decisions accordingly. Goals are specific objectives to achieve within a time frame, while plans are the maps showing how to achieve goals through action steps. Strategic plans outline high-level goals for 3-5 years, while operational plans focus on goals for the upcoming year. Short-term plans show results within a year, while long-term plans involve goals 4-5 years in the future. Specific plans have clear objectives, while directional plans provide general guidelines. Single-use plans address unique situations, while standing plans provide ongoing guidance. Environmental

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    Lesson 6 Planning - Awitin

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    Planning is a management function that involves analyzing objectives, allocating resources, and making decisions about projects and processes to effectively achieve business goals. Managers plan to forecast the future and make decisions accordingly. Goals are specific objectives to achieve within a time frame, while plans are the maps showing how to achieve goals through action steps. Strategic plans outline high-level goals for 3-5 years, while operational plans focus on goals for the upcoming year. Short-term plans show results within a year, while long-term plans involve goals 4-5 years in the future. Specific plans have clear objectives, while directional plans provide general guidelines. Single-use plans address unique situations, while standing plans provide ongoing guidance. Environmental

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    Planning is a management function that involves analyzing objectives, allocating resources, and making decisions about projects and processes to effectively achieve business goals. Managers plan to forecast the future and make decisions accordingly. Goals are specific objectives to achieve within a time frame, while plans are the maps showing how to achieve goals through action steps. Strategic plans outline high-level goals for 3-5 years, while operational plans focus on goals for the upcoming year. Short-term plans show results within a year, while long-term plans involve goals 4-5 years in the future. Specific plans have clear objectives, while directional plans provide general guidelines. Single-use plans address unique situations, while standing plans provide ongoing guidance. Environmental

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    Download as docx, pdf, or txt
    25 views2 pages

    Lesson 6 Planning - Awitin

    Uploaded by

    Rio Awitin
    Planning is a management function that involves analyzing objectives, allocating resources, and making decisions about projects and processes to effectively achieve business goals. Managers plan to forecast the future and make decisions accordingly. Goals are specific objectives to achieve within a time frame, while plans are the maps showing how to achieve goals through action steps. Strategic plans outline high-level goals for 3-5 years, while operational plans focus on goals for the upcoming year. Short-term plans show results within a year, while long-term plans involve goals 4-5 years in the future. Specific plans have clear objectives, while directional plans provide general guidelines. Single-use plans address unique situations, while standing plans provide ongoing guidance. Environmental

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    Lesson 6 Planning & Goal Setting Assignment                                    Due: August 11 (9:00 AM)

    1. How do we define what formal Planning is? Why should/do managers plan? What significant
    purposes when planning is undertaken?
    Planning is the method that analyzes various objectives of the business and finally makes a plan
    to achieve the desired goals set up for the company. Planning helps managers allocate scarce
    resources appropriately. Also, planning enables managers to make decisions about the direction
    of different projects and processes. Planning is the essential step of management function as it
    helps to run the business effectively. Forecasting is one of the crucial aspects of planning.
    Decisions are made after proper planning, which involves future forecasting.
    2. Differentiate the following:

    a. Goals versus plans


    The goal is to achieve a specific objective within a specific time frame, such as your
    vision, where or what you want to be. A plan is like a map showing how to get to your
    goal. It consists of a list of action steps and milestones taken to accomplish the goal.
    b. Strategic plans versus operational plans
    A strategic plan outlines your mission, vision, and high-level goals for the next three to
    five years. It also takes into account how you’ll measure those goals, and the major
    projects you’ll take to meet them. An operational plan (also known as a work plan)
    outlines what your department will focus on for the near future, usually the upcoming
    year.
    c. Short-term plans versus long-term plans
    Short-term usually involves processes that show results within a year. Long-term plans
    include the company's overall goals set four or five years in the future and typically are
    based on reaching the medium-term targets.
    d. Specific plans versus directional plans
    Specific plans have clearly defined objectives. Specific plans are not without drawbacks.
    They require clarity and predictability that often does not exist. When uncertainty is
    high, and management must maintain flexibility to respond to unexpected changes,
    directional plans may be preferable. Directional plans, on the other hand, identify
    general guidelines. They provide focus but do not lock managers into specific objectives
    or specific courses of action.
    e. Single-use plans versus standing plan
    A single-use plan is used to meet the need of a particular or unique situation. Standing
    plans, in contrast, are ongoing. They provide guidance for repeatedly performed actions
    in the organization.

    3. Approaches to goal setting and approaches to developing plans.

    Simply put, the output of goal setting is a list of goals, and the output of goal planning is an
    action plan. Most people don't achieve their goals because they stop at goal setting and goals
    promote planning to determine how goals will be achieved. Employees often set goals to satisfy
    a need; thus, goals can be motivational and increase performance. Evaluation and control allow
    an organization to compare its actual performance to its goals and then make any necessary
    adjustments.
    4. What is environmental scanning? What about competitive intelligence?
    Environment scanning as acquiring information about events and their relationships in a
    company's outside environment, the knowledge of which would assist top management in its
    task of charting the company's future course of action. While Competitive intelligence,
    sometimes referred to as corporate intelligence, refers to the ability to gather, analyze, and use
    information collected on competitors, customers, and other market factors that contribute to a
    business's competitive advantage.

    References:

    Robbins, S. P., & Coulter, M. (2011). Management (Eleventh Edition). 11th Edition.

    Goals and Goal Setting - strategy, organization, levels, advantages, manager, model, type,
    company, hierarchy. (n.d.). Https://Www.Referenceforbusiness.Com/Management/Ex-
    Gov/Goals-and-Goal-Setting.Html. Retrieved August 9, 2020, from
    https://www.referenceforbusiness.com/management/Ex-Gov/Goals-and-Goal-Setting.html

    Competitive Intelligence: Eyeing Your Business Rivals. (n.d.). Investopedia. Retrieved August 9,
    2020, from https://www.investopedia.com/terms/c/competitive-intelligence.asp

    https://www.clearpointstrategy.com/strategic-planning-vs-operational-planning/#:~:text=In
    %20short%3A,next%20three%20to%20five%20years.&text=An%20operational%20plan%20(also
    %20known,future%E2%80%94usually%20the%20upcoming%20year.

    https://smallbusiness.chron.com/shortterm-mediumterm-longterm-planning-business-
    60193.html#:~:text=Short%2Dterm%20usually%20involves%20processes,reaching%20the
    %20medium%2Dterm%20targets.

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