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Premium member Presentation Transcript Management and Entrepreneurship : 1 Management and Entrepreneurship Subject Code:07HSS51 Chapter – 2 PLANNING : 2 Chapter – 2 PLANNING “Successful managers deal with foreseen problems and unsuccessful managers struggle with unforeseen problems”….Terry Slide 3: 3 EXTERNAL ENVIRONMENT EXTERNAL ENVIRONMENT EXTERNAL ENVIRONMENT EXTERNAL ENVIRONMENT SYSTEM APPROACH TO MANAGEMENT Agenda : 4 Agenda Nature of Planning (Importance & Purpose of Planning). Types of Plans. Forecasting. Strategies for manufacturing technology. What is Planning? : 5 What is Planning? Deciding in advance what to do, how to do it , when to do it and who has to do it. A forecast for accomplishment. Predetermined course of action. To produce a scheme for future action and to bring about specified results at a specified cost in a specified period of time. Definition : 6 Definition Defined in to directions by management thinkers. Based on futurity As an intellectual function Based on futurity: “Planning is a trap laid down to capture the future” (Allen) “Deciding in advance what is to be done in future” (Koontz) “Informed anticipation of future”( Haimann) Anticipatory decision making” (R L Ackoff) Definition : 7 Definition As an intelligence function: “Planning is a thinking process, an organized foresight, a vision based on fact and experience that is required for intelligent action”( Alford & Beatty) “Deciding in advance what to do, how to do it, when to do it and who has to do it” ( Koontz & O’ Donnell) Planning focuses on future and it involves all the activities that determine objectives for the future and the appropriate means for achieving those objectives. Outcome of planning is a plan, which is a document that specifies the course of action the organization will take. Nature of Planning : 8 Nature of Planning Provides basic foundation from which all future management functions arise. Goal oriented All pervasive Intellectual exercise Continuous process Futuristic Integrated Process Planning- A bridge : 9 Planning- A bridge Where we are Where we want to be Planning Importance of Planning : 10 Importance of Planning Provides direction Creates a unifying frame work Leads to economical utilization of resources Reduces the risks of uncertainty Facilitates decision making Encourages Innovation & Creativity Improves morale Facilitates control Planning & Control – Siamese Twins : 11 Planning & Control – Siamese Twins Types of Plans : 12 Types of Plans Long range Vs Short range Strategic Vs Operational Corporate Vs Functional Proactive Vs Reactive Standing Vs Single Use Long range Vs Short range : 13 Long range Vs Short range Strategic Vs Operational : 14 Strategic Vs Operational Corporate Vs Functional : 15 Corporate Vs Functional Corporate Plan: A comprehensive plan that outlines the broad objectives of a company as a whole and develops plans to achieve those objectives Holistic and Unified focus Focus on organizational performance Functional Plan: Is unit planning and deals with different departments in an isolated manner. Focus on departmental performance Proactive Vs Reactive : 16 Proactive Vs Reactive Proactive Planning: Managers challenge the future, anticipating future contingencies and get ready with alternative routes for unforeseen circumstances Reactive Planning: Organizations react to events as and when they arise Standing Vs Single Use : 17 Standing Vs Single Use Standing Plans Developed for activities that recur regularly over a period of time Ex: Objectives, Policies, Procedures, Methods, Rules Single Use plans Developed to carry out a course of action that is not likely to be repeated in future Ex: Programmes, Schedules, Projects, Budgets Hierarchy of Plans : 18 Hierarchy of Plans Relationship of objectives and the organizational Hierarchy : 19 Relationship of objectives and the organizational Hierarchy Slide 20: 20 Steps in Planning Steps in Planning : 21 Steps in Planning Forecasting : Forecasting It involves careful study of past data & present scenario. Purpose: To estimate the occurrence, timing or magnitude of future events. Types of forecasting: Long Range Forecasting Medium Range Forecasting Short Range Forecasting 22 Methods of forecasting : Methods of forecasting Break Through Market survey Economic studies Time Series Analysis Regression Analysis Correlation Analysis Exponential smoothing Graphical Projections Part explosion in to Product family 23 Long Range Forecasting Medium Range Forecasting Short Range Forecasting Qualitative Method : Qualitative Method Human judgments Expert opinion Management intuition Market research Approaches Delphi method Market research Sales forecast Historical analogies 24 Quantitative Methods : Quantitative Methods Past few values Next value extrapolated on graph Approaches Time Series Analysis Simple moving average Weighted moving average Exponential smoothing Double Exponential smoothing 25 Strategies : 26 Strategies General programs of action and deployment of resources to attain comprehensive objectives Determination of long term objectives of an enterprise and the adoption of courses of action and allocation of resources necessary to achieve the goals. Don’t attempt to outline how to accomplish objectives, but provides a framework for guiding thinking and action Includes major policies Ex: GM’s Strategy: Marketing directly rather than through distributors, Concentrating on proprietary products, or having full line of autos. References : 27 References Principles of Management-P C Tripathi, P N Reddy; 3rd Edn.,TMH Management-Stephen Robbins; 8th Edn.,PHI Management-VSP Rao, V H Krishna; Excel Essentials of Management-Koontz,Weihrich;5th Edn.,TMH Management – James A F Stoner, R Edward Freeman, Daniel R Gilbert;6th Edn., PHI Principles of management: a modern approach-Henry Albers, 4th Edn,,John Wiley & sons Fundamentals of management-Donnelly, Gibson,Ivancevich ,10th Edn,.Irwin Mc Graw Web References : 28 Web References www.12manage.com www.cliffsnotes.com www.swlearning.com www.gutenburg.org www.cheathouse.com www.business.com www.businessmanagement.suite101.com www.greatmanagement.org www.harehall.co.uk Slide 29: Thank You 29 You do not have the permission to view this presentation. In order to view it, please contact the author of the presentation.