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Chapter 5 Planning and Decision Making

MGMT 2008 Chuck Williams. Chapter 5 Planning and Decision Making. Designed & Prepared by B-books, Ltd. Benefits of Planning. Persistence. Direction. Intensified Effort. Creation of Task Strategies. Benefits of Planning. 1.1. Pitfalls of Planning. False Sense of Certainty.

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Chapter 5 Planning and Decision Making

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  1. MGMT 2008 Chuck Williams Chapter 5Planning and Decision Making Designed & Prepared byB-books, Ltd.

  2. Benefits of Planning Persistence Direction IntensifiedEffort Creationof Task Strategies Benefits of Planning 1.1

  3. Pitfalls of Planning False Senseof Certainty Impedes Changeand Adaptation Detachmentof Planners Pitfalls of Planning 1.2

  4. Specific S.M.A.R.T. • Measurable • Attainable • Realistic • Timely Setting Goals 2.1

  5. Specific Steps People Resources Time Period Developing Effective Action Plans An Action Plan Lists… 2.3

  6. Tracking Progress Set… Gather and provide… Performance Feedback Proximal Goals Distal Goals 2.4

  7. Strategic Plans Clarify how the company will serve customers and position itself against competitors (2-5 years) Vision An inspirational statement of anorganization’s purpose (2 sentences) Mission Overall goal that unifies efforts towardits vision, stretches and challenges,and possesses a finish line andtime frame. Flows from vision. Starting at the Top 3.1

  8. Tactical Plans Specify how a company will use resources, budgets, and people toaccomplish goals within its mission. (6 months to 2 years) ManagementbyObjectives Develop and carry out tactical plans MBO is a four-step process Bending in the Middle 3.2

  9. Finishing at the Bottom Operational Plans Day-to-day plans for producing or delivering products and services overa 30-day to six-month period 3.3

  10. Single-Use Plans Plans that cover unique, one-time-only events Standing Plans Plans used repeatedly to handle frequently recurring events. Three kinds are: policies, procedures,and rules and regulations. Budgets Quantitative planning to decide howto allocate money to accomplish company goals Kinds of Operational Plans 3.3

  11. 1 Define the problem 2 Identify decision criteria 3 Weight the criteria 4 Generate alternative courses of action 5 Evaluate each alternative 6 Compute the optimal decision Steps to Rational Decision Making 4

  12. StructuredConflict NominalGroupTechnique DelphiTechnique Stepladder Technique ElectronicBrainstorming Using Groups to Improve Decision Making 5

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