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Planning and Decision Making Process (Text Book Chapters – 7 & 8)

Planning and Decision Making Process (Text Book Chapters – 7 & 8)

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Planning and Decision Making Process (Text Book Chapters – 7 & 8)

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  1. Planning and Decision Making Process(Text Book Chapters – 7 & 8) 2

  2. Contents Planning: Nature, Process, Objectives and Strategies Benefits and Pitfalls of Planning How to Make a Plan That Works? Decision Making

  3. Planning means: Choosing a goal and developing a method of strategy to achieve that goal

  4. The organization’s • Purpose • Mission • Values • Directions Strategic plans Strategic goals Tactical goals Tactical plans Operational goals Operational plans How planning works?

  5. Why Do Managers Plan? • ► To provide direction • ► To reduce uncertainty • ► To Minimize waste • ► To Set the standards • for controlling

  6. Benefits of Planning Persistence Direction IntensifiedEffort Creationof Task Strategies Benefits of Planning

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

  8. Set Goals DevelopCommitment DevelopEffective Action Plans TrackProgress Toward Goal Achievement MaintainFlexibility Revise existing planorBegin new planning process How to Make a Plan that Works

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

  10. Goals - Tracking Progress Set… Gather and provide… Performance Feedback Proximal Goals Distal Goals

  11. Planning from Top to Bottom

  12. 5 Years 2 Years Strategic 6 months 2 years Plans Tactical 30 days Operational 6 months 0 1 2 3 4 5 6 Years Planning Time Lines

  13. Planning Outputs • Total cost of a plan • Projected levels of: • Inventory • Output • Employment • Subcontracting • Backordering

  14. Planning Strategies • Proactive • Alter demand to match capacity • Reactive • Alter capacity to match demand • Mixed • Some of each

  15. Porter’s Five Forces Model SWOT Analysis BCG Matrix Tools – Planning Strategies

  16. Porter’s Five Forces Model

  17. SWOT Analysis

  18. BCG Matrix

  19. Decision Making

  20. Decision Making Means: The process of choosing a solution fromavailable alternatives. What Is Decision Making?

  21. Rational Decision Making A systematic process of defining problems, evaluating alternatives, and choosing optimal solutions. What Is Rational Decision Making?

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

  23. Bounded Rationality • A decision-making process restricted in the real world by: • Limited resources • Incomplete and imperfect information • Managers’ limited decision-making capabilities Limits to Rational Decision Making

  24. StructuredConflict NominalGroupTechnique DelphiTechnique StepladderTechnique Brainstorming Using Groups to Improve Decision Making

  25. Structured Conflict C-Type Conflict Cognitive conflict. Disagreement that focuses onproblem and issue-related differences of opinion A-Type Conflict Affective conflict. Disagreement that focuses onindividuals or personal issues

  26. Steps to Establish Nominal Group Technique • During a “quiet time,” group members write down as many problems and solutions as possible • Each member shares one idea at a time • Ideas are posted on flipcharts until all ideas are shared • Group discusses advantages/disadvantages • Ideas are ranked during a second “quiet time” • Members read rankings aloud, and the idea with thehighest average rank is selected Nominal Group Technique

  27. Steps to Establish Delphi Technique • Assemble a panel of experts. • Create a questionnaire of open-ended questions. • Summarize the responses and feed back to the panel until the members reach agreement. • Create a brief report and send to the panel members for agreement/disagreement. • Continue the feedback process until panel reaches agreement. Delphi Technique

  28. Member 4 JoinsGroup Shares thoughts, ideas, recommendations Members 1, 2, & 3 Share previous thoughts, ideas, recommendations Discussion is Held and Tentative Group Decision is Made Step 3 Member 3 JoinsGroup Shares thoughts, ideas, recommendations Members 1 & 2 Share previous thoughts, ideas, recommendations Discussion is Held and Tentative Group Decision is Made Step 2 Member 1 Shares thoughts, ideas, recommendations Member 2 Shares thoughts, ideas, recommendations Discussion is Held and Tentative Group Decision is Made Step 1 Adapted From Exhibit 5.13 Stepladder Technique

  29. Four Rules of Brainstorming • The more ideas, the better. • All ideas are acceptable, no matter how wild or crazy. • Other group members’ ideas should be usedto come up with even more ideas. • Criticism or evaluation of ideas is not allowed. Brainstorming

  30. Thank You