Management Planning

Study Notes

Definition: Planning is the process of setting goals, objectives, and strategies to achieve them.
Importance:
- Helps to clarify goals and objectives
- Increases efficiency and productivity
- Facilitates decision-making
- Enhances coordination and control
Steps involved in planning:
1. Setting goals and objectives
2. Gathering and analyzing data
3. Identifying alternative courses of action
4. Evaluating and selecting the best option
5. Implementing the plan
6. Reviewing and revising the plan
Types of plans:
- Strategic plans (long-term, overall organization)
- Tactical plans (short-term, specific departments or functions)
- Operational plans (day-to-day activities)

Definition: Controlling is the process of monitoring and correcting the performance of an organization to ensure it achieves its goals and objectives.
Importance:
- Ensures goal achievement
- Identifies and corrects deviations from plans
- Enhances efficiency and effectiveness
- Facilitates decision-making
Steps involved in controlling:
1. Establishing standards and targets
2. Measuring and monitoring performance
3. Identifying deviations from standards
4. Analyzing and correcting deviations
5. Taking corrective action
Types of control:
- Feedforward control (preventing problems before they occur)
- Concurrent control (monitoring and correcting during the process)
- Feedback control (correcting problems after they occur)

Planning is the process of setting goals, objectives, and strategies to achieve them.
It helps to clarify goals and objectives, increasing efficiency and productivity, facilitating decision-making, and enhancing coordination and control.
The planning process involves six steps:
- Setting goals and objectives
- Gathering and analyzing data
- Identifying alternative courses of action
- Evaluating and selecting the best option
- Implementing the plan
- Reviewing and revising the plan
There are three types of plans:
- Strategic plans (long-term, overall organization)
- Tactical plans (short-term, specific departments or functions)
- Operational plans (day-to-day activities)

Controlling is the process of monitoring and correcting the performance of an organization to ensure it achieves its goals and objectives.
It is essential to ensure goal achievement, identify and correct deviations from plans, enhance efficiency and effectiveness, and facilitate decision-making.
The controlling process involves five steps:
- Establishing standards and targets
- Measuring and monitoring performance
- Identifying deviations from standards
- Analyzing and correcting deviations
- Taking corrective action
There are three types of control:
- Feedforward control (preventing problems before they occur)
- Concurrent control (monitoring and correcting during the process)
- Feedback control (correcting problems after they occur)