lecture 3-C04 Planning and Decision Making Instr PPT MGMT3Ce - 1 PDF

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lecture 3-C04 Planning and Decision Making Instr PPT MGMT3Ce - 1, note, BUSA-2005-NE1 - Principles of Manageme...

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MGMT CHAPTER 4-1 Planning and Decision Making

Learning Outcomes After Studing This chapter , you will be able to : 1. Discuss the benefits and pitfalls of planning. 2. Describe how to make a plan that works. 3. Discuss how companies can use plans at all management levels, from top to bottom. 4. Explain the steps and limits to rational decision making. Explain how group decisions and group decision-making techniques can improve decision making

Planning

• Choosing a goal • Developing a method or strategy to achieve that goal

Benefits of Planning

• Provides direction • Intensifies effort • Reduces uncertainty • Facilitates decision making

Pitfalls of Planning

• Impedes change • Creates false sense of certainty • Detachment of planners

How to Make a Plan That Works

1. Setting Goals • Specific • Challenging

S.M.A.R.T. : Specific

Measurable

Attainable

Realistic

Timely

How to Make a Plan That Works

2. Developing Commitment to Goals

The determination to achieve

a goal is increased by: • setting goals as a team • making goals reasonable • making goals public • obtaining top management support

3. Developing Effective Action Plans

Who – People

What – Resources

When – Time period

How – Specific steps...