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REV 01 DDG 1223 PRINCIPLES OF MANAGEMENT 1 REV 01 PLANNING A process that involves defining the organization’s objectives or goals, establishing an overall strategy for achieving those goals, and developing a comprehensive hierarchy of plans to integrate and coordinate activities. DDG 1223 PRINCIPLES OF MANAGEMENT 2 REV 02 Why Should Managers Formally Plan? because of 4 reasons: 1. Provide direction – co-ordinate work activities – fostering co-operation and teamwork 2. Reduce the impact of change – reduce uncertainty 3. Minimize waste and redundancy – reduce overlapping and wasteful activities 4. Set the standards to facilitate control – if organizational member unsure of what they attempting to achieve, how can they determine whether they have achieve it DDG 1223 PRINCIPLES OF MANAGEMENT 3 REV 01 Strategic Plan Plans that are organization-wide,establish overall objectives, and position the organization in terms of its environment. Tactical Plan Plans that specify the details of how an organization’s overall objectives are to be achieved. Short-term plans Plans that cover less than one year. DDG 1223 PRINCIPLES OF MANAGEMENT 4 REV 01 Long-term plans Plans that extend beyond five years. Specific plans Plans that have clearly defined objectives and leave no room for misinterpretation. Directional plans Flexible plans that set out general guidelines. Single-use plans A plan that is used to meet the needs of a particular or unique situation. DDG 1223 PRINCIPLES OF MANAGEMENT 5 REV 01 Standing plan A plan that is ongoing and provides guidance for repeatedly performed actions in an organization. MBO – Management by Objectives A system in which specific performance objectives are jointly determined by subordinates and their supervisors, progress toward objectives is periodically reviewed, and rewards are allocated on the basis of that progress. DDG 1223 PRINCIPLES OF MANAGEMENT 6 REV 01 The Strategic Management Process Analyze the Environment Identify the organization’s current mission, objectives, and strategies Identify Opportunities and treats Reassess the organization’s mission and objectives Analyze the Organization’s resources DDG 1223 Formulate strategies Implement strategies Evaluate results Identify Strengths and weaknesses PRINCIPLES OF MANAGEMENT 7 REV 01 SWOT Analysis Analysis of an organization’s strengths, weaknesses, opportunities, and threats in order to identify a strategic niche that the organization can exploit. Grand Strategies Growth strategy Stability strategy Retrenchment strategy Combination strategy DDG 1223 PRINCIPLES OF MANAGEMENT 8 REV 02 1. 2. 3. 4. 5. How to sustain Competitive Advantage? Managers need to create barriers that make the imitation by competitors difficult or reduce competitive opportunities Reduce price to gain volume Tie-up suppliers with exclusive contracts that limit their ability to supply materials to competitors Lobby for government policies that impose tariffs designed to limit foreign companies Require constant action to stay one step ahead of the competition DDG 1223 PRINCIPLES OF MANAGEMENT 9 REV 02 Benchmarking The search for the best practices among competitors or non-competitors that lead to their superior performance. The basic idea underlying benchmarking is that management can improve quality by analyzing and then copying the methods of the leaders in various fields. DDG 1223 PRINCIPLES OF MANAGEMENT 10 REV 02 ISO 9000 series A process whereby independent auditors attest that a company’s factory, laboratory or office has met quality management standards. These standards, once met, assure customers that a company: uses a specific steps to test the product it sells; continuously trains its employee to ensure they have up-to-date skills, knowledge, and abilities; maintains satisfactory records of its operation; correct problems when they occur DDG 1223 PRINCIPLES OF MANAGEMENT 11