MANAGERIAL PLANNING February 3 2010 Planning Uncertainty Planning

MANAGERIAL PLANNING February 3, 2010

Planning & Uncertainty • Planning – coping with uncertainty by formulating future courses of action to achieve specified results

How Planning Helps You 1. 2. 3. 4. 5. 6.

Making Plans

Example: Department of Management “Our mission is to create an approach that blends research and teaching into a life-long process of advancement and learning for faculty, students, and community interests…thereby creating a generation of students not only prepared to be leaders, but also provided with challenging career paths and managerial opportunities. We will strive to maintain quality and flexibility in an evolving environment through a focus on leading change, globalization, managing technology, and entrepreneurship. ”

Question? Danny is participating with other managers in a discussion about what his organization's goals should be for the next decade. He is participating in: A. Strategic planning B. Operational planning C. Tactical planning D. Controlling

The Planning/Control Cycle

Making Plans

IMPORTANCE OF GOALS • •

Setting Goals S M A R T E R

Question? Melissa wants her employee, Ralph, to turn in his monthly sales report by the 5 th of every month. This meets the ______ requirement of SMART goals. A. Specific B. Measurable C. Attainable D. Target dates

MANAGEMENT BY OBJECTIVES (MBO) System in which 1. Specific objectives are: – jointly determined – cascading 2. Progress is periodically reviewed and feedback is provided, 3. Rewards are based on progress

Three Levels of Management, Three Types of Planning

ADVANTAGES OF MBO • • •