what is the definition of planning
method of identifying objectives and creating a sequence of programs.
the work done to predetermine a course of action
What are the 3 factors that make planning necessary
- technology
- environment
- organization
What is a company’s mission
WHY they exist
WHO are they serving
WHAT do they serve
What is a company’s vision
market capital
business standing
ranking in industrial sector
market share
Describe an idea mission statement
- define a company & purpose in less than 30 seconds
- no buzz words, empty phrases and should be specific
- cover what youre goals are for 1) customers 2)employess 3) owners
What are some tools for strategic planning
- market research
- SWOT analysis
- sensitivity analysis (what - if?)
- external benchmarking
- technology forecasting
- product life cycle analysis
Describe SWAT analysis
- strengths
- weaknesses
- opportunities
- threats
what is Gap analysis
used to analyze where you are right now w/ respect to where you want to be.
define operational planning
tasks to be accomplished with the least amount of resources possible in the shortest time
what are some tools for operational planning
project management
design, test, analyze
operational guidelines
what are some performance metrics for planning
- customer related
- process related
- financials
- employee related
- competition related
what are the benefits of performance metrics?
- sets bounds to help focus on specific goals
- promotes inter group coordination
- provides a basis for resources allocation
- induces innovation
what are 4 steps to forecast?
- identify ciritcal success factors for achieving your goals
- determining forecast horizons
- selecting forecast techniques
- predict future sales and their probabilities
what are 4 criteria for future objectives
- consistent with company objectives
- technically feasible
- financially viable
- compatible with market place
what is action planning
the process of establishing specific objects, action steps and a scheduled budget related to a predetermined program
what are the benefits of action planning?
1) focus on critical areas that need attention
2) select specific results to be accomplished
3) set metrics to facilitate measurement
4) clarify accountability
5) encourage teamwork
6) ensures continuation of overall performance
list the process of action planning
- analyze needs
- set objectives
- define metrics
- specify action steps
- determine dates of task initiation
- develop a budget
when analyzing needs in action planning, what are the needs defined with respect to
1) development needs
2) maintenance needs
3) deficiency needs
4) strategic needs
what are some characteristics of metrics
- ways of measuring achievement
- quantitative
- need to be defined with actionees
what is an important factor when determining the schedule
allow for contingency steps
what are policies
directives aimed at addressing repetitive question and issues of concern.
list some examples of policies
hiring, firing, performance appraisal
why are policies put in place?
- save time & effort for management
- capture experience and past learning of economy
- facilitate delegation
True or false: policies are applied to all employees
true
