Chapter Four PDF
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Uploaded by PleasingJadeite6595
University of Limerick
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Summary
This document is a chapter on planning, covering different types of planning (strategic, tactical, operational) and the planning process in business. It also discusses management by objectives (MBO) and the SWOT framework. This is part of a business studies course.
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09/12/2024, 14:03 OneNote Chapter four Thursday 5 December 2024 12:54 p.m. Content revised for exam as per the revision lecture. - look at slide pre revision P145&146...
09/12/2024, 14:03 OneNote Chapter four Thursday 5 December 2024 12:54 p.m. Content revised for exam as per the revision lecture. - look at slide pre revision P145&146 PLANNING(process) 📌 planning; process of systematically developing action programmes through analysing, evaluating and selecting among different opportunities aimed at reaching agreed business objectives aim is to reduce amount of risk/uncertainty faced by an organisation 3 types of planning - state and explain and who/ what level is it mostly done by? 1. Strategic planning Takes place at theTop level Long term (5+yrs) Includes; Mission Objectives Strategic business plans 2. Tactical planning On-going operations Medium term Includes; interpretation of strategic plans 3. Operational planning Short term Planning day-to-day Immediate action Dimensions of plans 1. Repetitiveness 2. Time 3. Scope The planning process(6steps)? 1. Define corporate objectives 2. Conduct external and internal analysis 3. Revise objectives 4. Develop strategic plan 5. Develop tactical plan 6. Develop operational plans 7. Feedback (first and last) Management by objectives process 1. Manager sets standards 2. Subordinate sets goals to reach or exceed those standards 3. Jointly goals are quantified and assigned a time frame 4. Performance review and feedback is provided Advantages of MBO Clear understanding of goals Commitment to goals Control Motivation Employee appraisal is simplified Disadvantages of MBO Goal incompatibility Requires competent manager Employees may feel coerced SWOT framework Strengths Weaknesses Opportunities Threats Miles and snow typology Prospector Defender Analyser Reactor https://ulcampus-my.sharepoint.com/:o:/r/personal/24430455_studentmail_ul_ie/_layouts/15/Doc.aspx?sourcedoc=%7B159535c2-d156-49e1-b289-b4f85e2ae4e… 1/2 09/12/2024, 14:03 OneNote https://ulcampus-my.sharepoint.com/:o:/r/personal/24430455_studentmail_ul_ie/_layouts/15/Doc.aspx?sourcedoc=%7B159535c2-d156-49e1-b289-b4f85e2ae4e… 2/2
