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planning -Introduction to planning -Functions of management
- 1. Course Title Faculty : Hemavathi T Programme : B.com Department : Commerce and Management Semester : I Module : II-Planning
- 2. Session Contents Meaning of planning Importance of planning Purpose of planning Foundation of planning
- 3. Group Discussion At the end of this lecture, the student will be able to: Discuss the importance of leadership in management
- 4. Planning
- 5. Planning Planning Planning is the fundamental management function, which involves deciding beforehand, what is to be done, when is it to be done, how it is to be done and who is going to do it. It is an intellectual process which lays down an organisations objectives and develops various courses of action, by which the organisation can achieve those objectives. It chalks out exactly, how to attain a specific goal. According to Koontz and O' Donnell, "Planning is an intellectual process, conscious determination of course of action, the basing of decision on purpose, facts and considered estimates."
- 7. Importance of Planning It helps managers to improve future performance, by establishing objectives and selecting a course of action, for the benefit of the organisation. It minimises risk and uncertainty, by looking ahead into the future. It facilitates the coordination of activities. Thus, reduces overlapping among activities and eliminates unproductive work. It states in advance, what should be done in future, so it provides direction for action. It uncovers and identifies future opportunities and threats. It sets out standards for controlling. It compares actual
- 8. PURPOSE OF PLANNING : 1.Every plan should be linked with some objectives. The planning done by managers is aimed at achieving the organizational goals. 2. The planning helps people in concentrating their efforts on the most important jobs rather than wasting time on the lesser important work. 3. The purpose of planning is also to minimize the cost of performance and eliminate unproductive efforts.
- 9. PURPOSE OF PLANNING : 4. It also helps the management in adopting and adjusting according to the changes that take place in the environment. 5. Planning also provides a basis for teamwork as when the goals are properly defined assignments can be fixed and all the members can start contributing in the achievement of these objectives. 6. Planning gives a sense of direction and ensured that efforts are being put to useful purpose instead of being wasted. Planning also facilitate control because without planning there will be nothing to control.
- 10. PURPOSE OF PLANNING Boosting Productivity and Efficiency Risk Identification and Reduction Planning with Milestones and Deadlines Enhancing Problem-Solving
- 11. The Foundation of Planning Elements of Planning: Goals (or objectives): desired outcomes for individuals, groups, or entire organisations, provide direction and evaluation performance criteria Plans: documents that outline how goals are to be accomplished, describe how resources are to be allocated and establish activity schedules
- 12. Types of Goals: Financial Goals: are related to the expected internal financial performance of the organisation Strategic Goals: related to the performance of the firm relative to factors in its external environment Stated goals Vs. Real goals: broadly-worded official statements of the organisation (intended for public consumption) that may be irrelevant to its real goals (what goes on in the organisation)
- 13. Types of plans
- 14. Types of plans 1- Breadth: Strategic Plans: Apply to the entire organisation Establish the organisations goals Seek to position the environment in terms of its environment Cover extended periods of time Operational Plans: Specify the details of how the overall goals are to be achieved Cover short time period
- 15. Types of plans 2-Time Frame: Long-Term Plans: Plans with time frames extending beyond three years Short-term Plans: Plans with time frames on one year or less
- 16. Types of plans 3- Specificity: Specific Plans: Plans that are clearly defined and leave no room for interpretation Example:Training 50 employees on new software within the next 30 days. Directional Plans: Flexible plans that set out general guidelines, provide focus, yet allow discretion in implementation
- 17. Types of plans 4-Frequency of Use: Single-Use Plan: A one-time plan specifically designed to meet the need of a unique situation Example:ompany planning a product launch event for a new software product. Standing Plans: Ongoing plans that provide guidance for activities performed repeatedly
- 18. Management by Objectives (MBO) Management by Objectives (MBO) is a strategic approach to enhance the performance of an organization. It is a process where the goals of the organization are defined and conveyed by the management to the members of the organization with the intention to achieve each objective.`
- 19. Steps in Management by Objectives Process
- 21. Summary
- 22. Disclaimer All data and content provided in this presentation are taken from the reference books, internet websites and links, for informational purposes only.