Principles of Management Foundations of planning

The What and Why of Planning What is planning? Why do managers plan? Planning and performance Planning leads to positive financial results External factors can affect planning effectiveness Long term planning leads to better performance

Goals and Plans Types of goals Types of plans Stated goals: “say” Real goals: “do” Types of plans Strategic vs. operational Long term vs. intermediate term vs. short term Specific vs. directional Single use vs. standing

Goals: SMART Specific Measurable Achievable Relevant Timely

Planning Approaches Formal vs. informal Top-down vs. bottom-up

Contemporary Issues in Planning Planning in dynamic environments Environmental scanning