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Answered: - Decision Making Assignment Instructions John, President of


Decision Making Assignment

Instructions

John, President of Plastic Packaging (a small bottle manufacturing company located in western Massachusetts), has decided that downsizing is the solution to the recent financial struggles that the company is experiencing as a result of a decrease in customer demand. Last Friday afternoon, John sent a mass e-mail to all of the employees at the facility to explain some of the disappointing financials and his decision to use a downsizing strategy to deal with the situation. The 75 employees of Plastic Packaging start to panic. During the afternoon break, the rumor mill is on overdrive in the breakroom. People are anxious, confused, surprised, and upset with this executive decision. Many of them wonder if there are better alternatives to the financial problems the company has recently experienced and they know that their president could have handled the situation at hand in a much more effective manner.


Please respond to the following questions in four distinct and labeled sections: (1) Identification: What are some of the main problems and related issues that you see within this scenario/case? (2) Analysis: What are the root causes and relevant factors contributing to the main problems that you identified? (3) Alternatives and Recommendations: What could John have done differently? (4) Action Plan: How should John carry out these alternatives that you recommended? Use references from books and journal articles to support all of the sections of your discussion. Cite your references within your discussion and include the full citations for your references on your Reference page at the end of your document.?


Chapter 1

 

Managers and Management

 


 

I. Who Are Managers and Where

 

Do They Work?

 


 


 

Managers work in organizations.

 

Organization:

 


 

A systematic arrangement of people

 

brought together to accomplish some specific

 

purpose.

 

There are three characteristics that all organizations

 

share:

 


 


 


 


 

They all have a distinct purpose, usually expressed as a goal

 

or a set of goals.

 

They all have people. People achieve the purpose/goal(s) of

 

an organization.

 

All organizations develop a deliberate and systematic

 

structure that defines and limits the behavior of its members,

 

which includes rules and regulations.

 


 

I. Who Are Managers and Where

 

Do They Work?

 


 


 

Managers are different from nonmanagerial employees.

 


 


 


 


 


 

Managers: Individuals in an organization who direct the activities

 

of others.

 

Nonmanagerial Employees: People who work directly on a job or

 

task and have no responsibility for overseeing the work of

 

others.

 


 

Managers have different titles.

 


 


 


 


 


 


 

Top Managers: Make decisions about the direction of the

 

organization and establish policies that affect all organizational

 

members.

 

Middle Managers: Responsible for translating goals set by top

 

managers into specific details that lower-level managers will see

 

get done.

 

First-Line Managers: Supervisors responsible for directing dayto-day activities of nonmanagerial employees.

 


 

II. What Is Management?

 

The process of getting things done,

 

effectively and efficiently, through and with

 

other people.

 

Frederick Winslow Taylor studied how to

 

get work done effectively and, most

 

importantly, efficiently.

 


 


 

III. What Do Managers Do?

 


 


 

Researchers have developed three

 

approaches to describe what managers

 

do:

 

1.

 


 

Functions (Fayol)

 

2. Roles (Mintzberg)

 

3. Skills/Competencies (Katz)

 


 

III. What Do Managers Do?

 


 


 

The Four Management Functions

 

Henri

 


 

Fayol

 

Early 20th Century

 

Planning

 


 

Organizing

 


 

Management

 

Functions

 

Controlling

 


 

Leading

 


 

III. What Do Managers Do?

 


 


 

The Ten Managerial Roles

 

Henry

 


 

Mintzberg

 

Late 1960s

 


 

III. What Do Managers Do?

 


 


 

The Ten Managerial Roles (Continued)

 


 

III. What Do Managers Do?

 


 


 

The Ten Managerial Roles (Continued)

 


 

III. What Do Managers Do?

 


 


 

Skills/Competencies

 

Robert

 


 

L. Katz

 


 

Conceptual

 


 

Technical

 


 

Interpersonal

 


 

Political

 


 

III. What Do Managers Do?

 


 


 

Is the Manager?s Job Universal?

 

No?It

 


 

depends on several different factors. A few

 

such factors include:

 


 


 


 

1. Level in Organization?The job is different for first-level vs.

 

mid-level vs. top-level managers (see Exhibit 6 on p. 13).

 

2. Profit vs. Not-for-Profit Organizations?Managerial

 

performance is measured differently.

 


 


 


 


 


 


 

Profit?Performance is judged on bottom-line results.

 

Not-for-Profit?No universal measure to evaluate performance.

 


 

3. The Size of the Organization?Different managerial roles

 

become more important based on the size of the firm.

 

Management Across National Boarders?The concepts and

 

information we cover in this class apply primarily to the U.S.,

 

Great Britain, Australia, and other English-speaking

 

countries. Managing in other countries will most likely be

 

different and require readjustment of the concepts we will

 

cover.

 


 

IV. Why Study Management?

 


 


 

We all have a vested interest in improving

 

the way organizations are managed.

 

It

 


 

would save us time and aggravation if all

 

organizations were managed effectively and

 

efficiently.

 


 


 


 

Once you begin your career, you will either

 

manage others or be managed (and might

 

have some managerial responsibility even

 

if you are not a manager).

 


 

V. What Factors Are Reshaping

 

and Redefining Management?

 

Organizations and managers are more

 

focused on serving customers and

 

increasing customer satisfaction.

 

Organizations and managers have to be

 

innovative in order to succeed in a

 

continuously changing environment.

 


 


 

Chapter 3

 

The Management

 

Environment

 


 

I. What Is the External Environment

 

and Why Is It Important?

 


 


 

This book focuses on two components in particular:

 

Economic.

 

Demographic.

 


 

Economic

 

Demographics

 

Technological

 


 

Global

 

The

 

Organization

 


 

Political/Legal

 

Sociocultural

 


 

I. What Is the External Environment

 

and Why Is It Important?

 


 


 

How Has the Economy Changed?

 

Some

 


 

analysts suggest we are in a ?Great

 

Recession?.

 

The U.S. economic system is based primarily on

 

capitalistic principles and trade and industry are

 

controlled privately, but we are likely to see the

 

government become more involved in regulating and

 

overseeing economic transactions and organizations.

 

Note that regulation cannot fix everything and that

 

people need to internalize a different sense of how

 

one ought to behave, and act on it because they

 

believe it is right.

 


 

I. What Is the External Environment

 

and Why Is It Important?

 


 


 

What Role Do Demographics Play?

 

The

 


 

size and characteristics of a country?s population

 

can have a significant effect on what it is able to

 

achieve.

 

Demographic age cohorts are important to our study

 

of management because large numbers of people at

 

certain stages in the life cycle can constrain decisions

 

and actions taken by businesses, governments,

 

educational institutions, and other organizations.

 

Changes in demographics and population trends will

 

greatly impact global organizations.

 


 

II. How Does the External

 

Environment Affect Managers?

 


 


 

There are three ways in which the external

 

environment constrains and challenges

 

managers.

 

1.

 


 


 


 


 

Jobs and Employment

 

Millions of jobs were eliminated during the global recession

 

and economists predict that 25% of those jobs won?t come

 

back and will be replaced by other types of work in growing

 

industries. Managers may not have people with the right skill

 

sets to do these jobs.

 

Flexible work arrangements are being used due to

 

constraints from the external environment. These

 

arrangements influence how managers manage.

 


 

II. How Does the External

 

Environment Affect Managers?

 


 


 

There are three ways in which the external

 

environment constrains and challenges

 

managers (continued).

 

2.

 


 

Environmental Uncertainty

 


 

Complex

 


 

Simple

 


 

Degree of Change

 

Stable

 

Dynamic

 

Cell 1: Stable, predictable environment;

 

Cell 2: Dynamic, unpredictable environment;

 

Few components; Components are similar

 

Few components; Components are similar

 

and remain the same; Minimal need for

 

but continually changing; Minimal need for

 

sophisticated knowledge of components

 

sophisticated knowledge of components

 

Cell 3: Stable, predictable environment;

 

Cell 4: Dynamic, unpredictable environment;

 

Many components; Components are not

 

Many components; Components are not

 

similar and remain the same; High need for similar and continually changing; High need

 

sophisticated knowledge of components

 

for sophisticated knowledge of components

 


 

II. How Does the External

 

Environment Affect Managers?

 


 


 

There are three

 

Unions

 

ways in which the

 

external

 

environment Shareholders

 

constrains and

 

challenges Communities

 

managers

 

(continued).

 

3.

 


 

Stakeholder

 

Relationships

 


 

Employees

 

Customers

 


 

Social and

 

Political

 

Groups

 


 

Organization

 

Competitors

 


 

Trade and

 

Industry

 

Associates

 


 

Suppliers

 

Media

 


 

Governments

 


 

II. How Does the External

 

Environment Affect Managers?

 


 


 

There are three ways in which the external

 

environment constrains and challenges

 

managers (continued).

 

3.

 


 


 

Stakeholder Relationships

 

Why should managers even care about managing

 

stakeholder relationships?

 


 


 


 


 


 

It can lead to desirable organizational outcomes.

 

Stakeholder management can affect organizational

 

performance.

 

It is the ?right? thing to do.

 


 

III. What Is Organizational Culture

 

and Why Is It Important?

 


 


 

What Is Organizational Culture?

 

It

 


 

can be thought of as the personality of the

 

organization.

 

It is the shared values, principles, traditions, and ways

 

of doing things that influence the way organizational

 

members act.

 

There are three implications in the definition of

 

culture.

 


 


 


 


 

1. Culture is a perception.

 

2. Culture is descriptive.

 

3. Culture is shared.

 


 

III. What Is Organizational Culture

 

and Why Is It Important?

 


 


 

How Can Culture Be Assessed?

 

It

 


 

can be assessed through seven dimensions.

 

Attention to

 

Detail

 

Innovation and

 

Risk Taking

 


 

Stability

 


 

Outcome

 

Orientation

 

Organizational

 

Culture

 


 

Aggressiveness

 


 

People

 

Orientation

 

Team

 

Orientation

 


 

III. What Is Organizational Culture

 

and Why Is It Important?

 


 


 

Where Does an Organization?s Culture

 

Come From?

 

It

 


 

usually reflects the vision or mission of the

 

organization?s founder.

 

It results from:

 

The founders? biases and assumptions.

 

What the first employees learn subsequently from

 

their own experiences.

 


 


 

III. What Is Organizational Culture

 

and Why Is It Important?

 


 


 

How Do Employees Learn the Culture?

 

Stories

 

Rituals

 

Material

 


 

Symbols

 

Language

 


 

IV. How Does Organizational

 

Culture Affect Managers?

 


 


 

It affects managers in two main ways:

 


 


 


 


 


 

How Does Culture Affect What Employees Do?

 


 


 


 


 


 


 

1. By influencing what employees do and how they behave.

 

2. By influencing what managers do and how they behave.

 

It guides them as to what is acceptable behavior in an

 

organization.

 

Strong cultures have a greater influence on employees than

 

weaker ones.

 

In a strong culture, the culture can substitute for rules and

 

regulations?Managers don?t have to be as concerned with

 

developing formal rules and regulations.

 


 

How Does Culture Affect What Managers Do?

 


 


 

An organization?s culture influences and constrains the way

 

managers plan, organize, lead, and control.

 


 

Chapter 4

 

Integrative Managerial Issues

 


 

I. What Is Globalization and How

 

Does It Affect Organizations?

 


 


 

What Does It Mean to Be ?Global??

 

Organizations are considered global if:

 

They exchange goods and services with consumers in other

 

countries.

 

They use managerial and technical employee talent from other

 

countries.

 

They use financial sources and resources outside of their home

 

country.

 

What Are the Different Types of Global Organizations?

 

Multinational Corporations (MNCs): Any type of international

 

company that maintains operations in multiple countries.

 


 


 


 


 

1. Multidomestic Corporation

 

2. Global Corporation

 

3. Transnational or Borderless Organization

 


 

I. What Is Globalization and How

 

Does It Affect Organizations?

 


 


 

How Do Organizations Go Global?

 


 


 

There are steps/stages that start with minimal investment and risk,

 

and require more investment and risk as the organization progresses

 

through the stages.

 


 


 


 


 


 


 


 

1. Global Sourcing (i.e., Global Outsourcing): Purchasing materials or

 

labor from around the world.

 

2. Exporting and Importing: Selling and buying products abroad.

 

3. Licensing or Franchising: Agreeing to give another the right, for a fee,

 

to make or sell its products or to use its name or operating methods.

 

4. Global Strategic Alliance: A partnership between an organization and

 

a foreign company partner.

 


 


 


 


 

A joint venture is a specific type of strategic alliance.

 


 

5. Foreign Subsidiary: A direct investment in a foreign country that

 

involves setting up a separate and independent facility or office.

 


 

I. What Is Globalization and How

 

Does It Affect Organizations?

 


 


 

What Do Managers Need to Know About Managing

 

in a Global Organization?

 

There

 


 

is a need to recognize the differences that might

 

exist and then find ways to make interactions effective.

 

Managers need to avoid holding a parochial (narrow)

 

focus and realize that all countries have different

 

cultures, social contexts, environments, values, morals,

 

customs, political and economic systems, and laws.

 

When considering cultural differences, it is helpful to

 

consider:

 


 


 


 

The framework proposed by Geert Hofstede.

 

The GLOBE findings.

 


 

II. What Does Society Expect from

 

Organizations and Managers?

 


 


 


 

Society expects organizations and managers to be

 

responsible and ethical.

 

How Can Organizations Demonstrate Socially

 

Responsible Actions?

 


 


 


 


 

Social Responsibility (Corporate Social Responsibility, or CSR): A

 

business firm?s intention, beyond its legal and economic

 

obligations, to do the right things and act in ways that are good for

 

society.

 

There are two extremes on the continuum of SR:

 


 


 


 


 


 

1. Classical View?Management?s only responsibility is to maximize

 

profit.

 

2. Socioeconomic View?Management?s responsibility goes beyond

 

making a profit to include protecting and improving society?s welfare.

 


 

Two similar concepts help us to understand SR:

 


 


 


 

1. Social Obligations?Bare minimum; Just obey the laws.

 

2. Social Responsiveness?Go beyond just obeying the laws.

 


 

II. What Does Society Expect from

 

Organizations and Managers?

 


 


 

Should Organizations Be Socially Involved?

 

Managers

 


 

can afford to be (and should be) socially

 

responsible (see Exhibit 2 on page 67 for arguments for

 

and against SR).

 


 


 


 

What Is Sustainability and Why Is It Important?

 

?Meeting

 


 

the needs of people today without

 

compromising the ability of future generations to meet

 

their own needs? (World Business Council for

 

Sustainable Development, 2005).

 

It helps organizations show their commitment to being

 

responsible; Helps them avoid bad press, improve

 

reputation, etc.

 


 

III. What Factors Determine Ethical

 

and Unethical Behavior?

 

Ethics: A set of rules or principles that

 

defines right and wrong conduct.

 

Right or wrong behavior can oftentimes be

 

difficult to determine.

 


 


 

III. What Factors Determine Ethical

 

and Unethical Behavior?

 


 


 

In What Ways Can Ethics Be Viewed?

 

There

 


 

are three different perspectives on how

 

managers make ethical decisions.

 


 


 


 


 


 


 

1. Utilitarian View?Base decisions on outcomes; The

 

greatest good for the greatest amount of people.

 

2. Rights View?Base decisions on respecting and protecting

 

individual liberties and privileges.

 

3. Theory of Justice View?Base decisions on enforcing rules

 

fairly and impartially.

 


 

III. What Factors Determine Ethical

 

and Unethical Behavior?

 


 


 

How Can Managers Encourage Ethical

 

Behavior?

 

Hire employees with high ethical standards.

 

Establish codes of ethics.

 

Lead by example.

 

Link job goals and ethics to the employees?

 


 

performance appraisals.

 

Provide ethics training.

 

Implement protective mechanisms for employees who

 

face ethical dilemmas.

 


 

IV. What Is Today?s Workforce Like

 

and How Does It Affect the Way

 

Organizations Are Managed?

 


 


 

What Is Workplace Diversity?

 


 


 


 


 

Ways in which people in a workforce are similar and different from

 

one another in terms of gender, age, race, sexual orientation,

 

ethnicity, cultural background, and physical abilities and

 

disabilities.

 


 

What Types of Diversity Are Found in Workplaces?

 


 

GLBT

 


 

Religion

 


 

Disability

 


 

Race/

 

Ethnicity

 


 

Gender

 


 

Age

 


 

Other

 


 

IV. What Is Today?s Workforce Like

 

and How Does It Affect the Way

 

Organizations Are Managed?

 


 


 

How Are Organizations and Managers Adapting to a

 

Changing Workforce?

 


 


 

1. Work-Life Balance Programs

 


 


 


 


 

Family-Friendly Benefits

 


 

2. Contingent Jobs

 


 


 

Companies are using more and more contingent (part-time,

 

temporary, and contract) workers on an as-needed basis.

 


 


 


 


 


 


 

30% of today?s workforce is made up of contingent employees.

 

It is predicted that this number will grow to 40% by the end of the next

 

decade.

 

You have to manage contingent workers differently.

 


 

3. Generational Differences

 


 


 

Managers need to incorporate flexibility in order to manage different

 

generations and understand all of the different generations.

 


 

Chapter 5

 

Foundations of Decision

 

Making

 


 

I. How Do Managers Make

 

Decisions?

 


 


 

There are eight steps in the decision-making

 

process.

 


 

Identification

 

of a

 

Problem

 


 

Identification

 

of Decision

 

Criteria

 


 

Allocation

 

of Weights

 

to Criteria

 


 

Development

 

of

 

Alternatives

 


 

Evaluation

 

of Decision

 

Effectiveness

 


 

Implementation

 

of the

 

Alternative

 


 

Selection

 

of an

 

Alternative

 


 

Analysis

 

of

 

Alternatives

 


 

I. How Do Managers Make

 

Decisions?

 


 


 

What Defines a Decision Problem? (Step 1)

 

Problem:

 


 

A discrepancy between an existing and a

 

desired state of affairs.

 

Problem identification is subjective and often difficult to

 

do accurately?but it is the critical first step in the

 

decision-making/problem solving process.

 


 


 

What Is Relevant in the Decision-Making Process?

 

(Step 2)

 

Decision

 


 

Criteria: Factors that are relevant in a decision.

 

Identification of all of the relevant criteria should help you

 

make a better decision.

 


 

I. How Do Managers Make

 

Decisions?

 


 


 

How Does the Decision Maker Weight the Criteria and

 

Analyze Alternatives? (Steps 3-5)

 


 


 


 


 

Some criteria are more important than others when making a quality

 

decision.

 

You have to judge which criteria are most important and weigh them

 

more heavily (Step 3).

 

Then you can:

 


 


 


 

List/develop all potential alternatives for solving the problem. (Step 4)

 

Analyze each alternative. (Step 5)

 


 


 


 


 

The weights you assigned in Step 3 will help you with this.

 


 

What Determines the Best Choice? (Step 6)

 


 


 

Based on your analysis in Step 5, you can choose the alternative

 

that generated the highest score [after all criteria were identified

 

(Step 2) and properly weighted (Step 3) and all viable alternatives

 

were identified (Step 4)].

 


 

I. How Do Managers Make

 

Decisions?

 


 


 

What Happens in Decision Implementation? (Step 7)

 

You

 


 


 


 

put the decision into action.

 


 

What Is the Last Step in the Decision Process? (Step 8)

 

Managers

 


 

appraise the result of the decision to see

 

whether the problem was resolved.

 

This is part of the control process.

 


 

I. How Do Managers Make

 

Decisions?

 


 


 

What Common Errors Are

 

Committed in the DecisionMaking Process?

 

Managers

 


 

use heuristics

 

(a.k.a. rules of thumb) to

 

help them make decisions.

 

However, these judgmental

 

shortcuts can lead to

 

decision errors and biases,

 

such as those listed to the

 

right.

 


 


 


 


 


 


 


 


 


 


 


 


 


 


 

Overconfidence Bias

 

Immediate Gratification Bias

 

Anchoring Effect

 

Selective Perception Bias

 

Confirmation Bias

 

Framing Bias

 

Availability Bias

 

Representation Bias

 

Randomness Bias

 

Sunk Cost Error

 

Self-Serving Bias

 

Hindsight Bias

 


 

II. What Are Three Approaches

 

Managers Can Use to Make

 

Decisions?

 


 


 

1. The Rational Model of Decision Making

 


 


 


 


 


 

2. Bounded Rationality

 


 


 


 


 

A fully objective and logical approach.

 

It is not a realistic approach?Virtually impossible in today?s

 

complex business environment.

 

Managers can?t possibly analyze all information regarding all

 

alternatives, so they satisfice; Choose an alternative that is

 

good enough.

 


 

3. Intuitive Decision Making

 


 


 


 

?Unconscious reasoning?; Gut instinct.

 

It can complement both rational and bounded rational

 

approaches.

 


 

III. What Types of Decisions and

 

Decision-Making Conditions Do

 

Managers Face?

 


 


 

How Do Problems Differ?

 

Structured

 


 

Problem: Straightforward, familiar, and

 

easily defined.

 

Unstructured Problem: New or unusual for which

 

information is ambiguous or incomplete.

 


 


 

How Does a Manager Make Programmed

 

Decisions?

 

Programmed

 


 

decision making is relatively simple and

 

relies heavily on previous solutions.

 

Managers can fall back on procedures, rules, or

 

policies to guide them in making programmed

 

decisions.

 


 

III. What Types of Decisions and

 

Decision-Making Conditions Do

 

Managers Face?

 


 


 

How Do Nonprogrammed Decisions Differ from

 

Programmed Decisions?

 


 


 


 


 

There are no procedures, rules, or policies to guide managers.

 


 

How Are Problems, Types of Decisions, and

 

Organizational Level Integrated?

 


 

Unstructured

 


 

Nonprogrammed

 

Decisions

 


 

Type of Problem

 


 

Structured

 


 

Top

 


 

Level in Organization

 

Programmed

 

Decisions

 


 

Lower

 


 

III. What Types of Decisions and

 

Decision-Making Conditions Do

 

Managers Face?

 


 


 

What Decision-Making Conditions Do Managers

 

Face?

 

1.

 


 

Certainty?Accurate decisions can be made

 

because all outcomes are known.

 

2. Risk?Less accurate decisions can be made

 

because you can only estimate the likelihood of

 

certain outcomes.

 

3. Uncertainty?Very difficult to make accurate

 

decisions because neither certainty nor reasonable

 

probability estimates are available.

 


 

IV. How Do Groups Make

 

Decisions?

 


 


 

What Are the Advantages of Group

 

Decision Making?

 

1.

 


 

It provides more complete information than

 

individual decision making.

 

2. A group brings diversity or experience and

 

perspectives to the process.

 

3. Groups generate more alternatives.

 

4. It increases the acceptance of a solution.

 

5. The process increases legitimacy.

 


 

IV. How Do Groups Make

 

Decisions?

 


 


 

What Are the Disadvantages of Group

 

Decision Making?

 

1.

 


 

It is time consuming.

 

2. It may be subject to minority domination.

 

3. There may be pressures to conform

 

(groupthink).

 

4. Ambiguous responsibility can become a

 

problem.

 


 

IV. How Do Groups Make

 

Decisions?

 


 


 

When Are Groups Most Effective?

 

1.

 

2.

 

3.

 

4.

 


 

When greater accuracy is needed.

 

If there is ample time to make a decision.

 

If creativity is important.

 

If acceptance of the decision is necessary for

 

implementation.

 

***Group size is important to consider?5 to 7

 

members is best and appears to be most effective.

 


 


 

How Can You Improve Group Decision Making?

 

Brainstorming

 

Nominal Group Technique

 

Electronic Meetings

 


 

V. What Contemporary DecisionMaking Issues Do Managers Face?

 


 


 

How Does National Culture Affect Managers?

 

Decision Making?

 

Decision-making

 


 

practices differ from country to

 


 

country.

 

Managers who accommodate diversity in decisionmaking philosophies and practices can expect a high

 

payoff if they capture the perspectives and strengths

 

that a diverse workforce offers.

 


 


 

Why Is Creativity Important in Decision Making?

 

It

 


 

allows the decision maker to appraise and

 

understand the problem more fully.

 

It helps in identifying all viable alternatives.

 


 

Chapter 7

 

Foundations of Planning

 


 

I. What Is Planning and Why Do

 

Managers Need to Plan?

 


 


 

Planning encompasses:

 

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.

 


 


 


 

Planning can be either formal or informal.

 

We will be studying formal planning in this chapter.

 


 

I. What Is Planning and Why Do

 

Managers Need to Plan?

 


 


 

Why Should Managers Formally Plan?

 


 


 


 


 


 


 


 

What Are Some Criticisms of Formal Planning?

 


 


 


 


 


 


 


 

1. Planning establishes coordinated effort; Provides direction.

 

2. Planning reduces uncertainty and the impact of change.

 

3. Planning reduces overlapping activities, redundancy, and waste.

 

4. Planning establishes the goals or standards that facilitate control.

 

1. Planning may create rigidity.

 

2. Formal plans can?t replace intuition and creativity.

 

3. Planning focuses managers? attention on today?s competition, not

 

on tomorrow?s survival.

 

4. Formal planning reinforces success, which may lead to failure.

 


 

Does Formal Planning Improve Organizational

 

Performance?

 


 


 

Despite what critics may say, planning typically improves

 

organizational performance (i.e., higher profits).

 


 

II. What Do Mangers Need to Know

 

About Strategic Management?

 


 


 

What Is Strategic Management?

 

It

 


 

is what managers do to develop an organization?s

 

strategies (i.e., plans for what the organization will do,

 

how it will compete, etc.).

 


 


 


 

Why Is Strategic Management Important?

 

It

 


 

can make a difference in how well an organization

 

performs.

 

Managers cope with continually changing situations and

 

uncertainty via strategic planning.

 

It is important because organizations are complex and

 

diverse and strategic management helps coordinate all

 

facets of the organization.

 


 

II. What Do Mangers Need to Know

 

About Strategic Management?

 


 


 

What Are the Steps in the Strategic Management

 

Process?

 

There

 


 

Identify the

 

Organization?s

 

Current Mission,

 

Goals, and

 

Strategies

 


 

are six very important steps in the process.

 

External Analysis

 

?Opportunities

 

?Threats

 

SWOT Analysis

 

Internal Analysis

 

?Strengths

 

?Weaknesses

 


 

Formulate

 

Strategies

 


 

Implement

 

Strategies

 


 

Evaluate

 

Results

 


 

II. What Do Mangers Need to Know

 

About Strategic Management?

 


 


 

What Strategies Do Managers Use?

 


 


 

1. Corporate?Specifies what businesses a company is in or wants

 

to be in and what it wants to do with those businesses.

 


 


 


 


 


 


 


 


 

Growth?Organization expands the number of markets served or

 

products offered.

 

Stability?Organization continues to continue to do what it is doing.

 

Renewal?

 


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