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Flashcards in Chapter 8 Deck (17)
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1

Planning

The process of setting objectives and determining how to accomplish them

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Steps in the Planning Process

1) Define your objectives
2) Determine where you stand vis-à-vis objectives
3) Develop premises regarding future conditions
4) Analyze alternatives and make a plan
5) Implement the plan and evaluate results

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Two Main Types of Plans

1) Long Term Plans
2) Short Term Plans

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Long Term Plans

Look three or more years into the future

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Short Term Plans

Typically cover one year or more

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Strategic Plans

Identifies long-term directions for the organization

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Vision

Clarifies purpose of the organization and what it hopes to be in the future

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Tactical Plan

Helps to implement all or part of the strategic plan

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Functional Plan

Indicate how different operations within the organization will help advance the overall strategy

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Operational Plan

Identifies short term activities to implement strategic plans

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Forecasting

Attempts to predict the future

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Two Types of Forecasting

1) Qualitative Forecasting
2) Quantitative Forecasting

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Qualitative Forecasting

Uses expert opinions to predict the future

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Quantitative Forecasting

Uses mathematical models and statistical analyses of historical data and surveys to predict future events

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Contingency Planning

Identifies alternative courses of action to take when things go wrong

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Benchmarking

Use of external and internal comparisons to plan for the future improvements

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Participatory Planning

Includes the persons who will be affected by plans and/or those who will implement them