Ch 3 Planning and Decision Making - Council Rock School ...
Planning and Decision Making Chapter 3 EXAM Review Mr. Sherpinsky Business Management Class Council Rock School District The Planning Process Planning: the process of deciding which objectives to pursue during a future time period and how to achieve those objectives. Primary management
function Why Plan? Planning enables an organization to actively affect rather than passively accept the future. Planning provides a means for actively involving personnel from all areas of the organization in the management of the
organization Formal Planning Defined: The systematic studying of an issue and the preparation of a written document to deal with the problem. Formal Plan: Defined: a written, documented plan developed through an identifiable
process Levels of sophistication Depends on the needs and Formal Planning Functional Plans Most frequently encountered types Sales and marketing Productions Financial Personnel
Formal Planning Planning Horizons: Short-range plans cover up-to a one-year period of time Long-range plans cover at least a three-to-five year period of time. Intermediate plans cover the time span between short-range and long-range Usually between short and
long range timeframes Operational vs. Strategic Plans Operational Strategic or Long-range planning Tactical Done Short-range by highest management planning
levels President, Focuses on vice-president, chief operating officer ideas for forming Affects dealing many with parts of the organization specific functions in the company Ex: production schedules and dayto-day operations
Contingency Plans Regardless of thorough you plan, something always goes wrong. Contingency Plans: back up plans that address the what ifs of the management job.
Remember planning Always shortis a one-sided term process Objectives Objectives: Defined: are statements outlining what a manager is trying to achieve. Objectives give an organization and its members directions and purpose. Should be clear, concise, and
measurable Objectives Long-range Generally go beyond the organizations current fiscal year Must support and not conflict with the organization
mission Short-range Derived from indepth evaluation of long-range objectives List of priorities to achieve longer-range objectives The Planning Process MBOs (Management by Objectives)
Philosophy that converts company objectives to personal and management ones Policies Broad general guides to action that direct or constraint and provide predictability Procedures Series of steps to meet objectives Usually done chronologically Rules
Specific actions to take (or not to take) Making Decisions Decision-making Not all decisions involve problems Group decisionmaking Group decisions are generally better then making quick independent decisions
Making Decisions Decision Making Vs. Problem Solving Decision making: Choosing from various alternatives Problem solving: The process of determining the appropriate recompense or actions
Approaches to Problem Solving Satisficing Principle of bounded rationality Assumes that people have the time and cognitive ability to process only a limited amount of information Assumes knowledge of alternatives and criteria is limited Assumes people act on the basis of a simplified concept of the world
Making Decisions Decision makers environment Environmental factors Managers position Structure of organization Tradition of organization Informal and formal group structures (i.e., unions) Superiors and subordinates Making Decisions Intuitive approach Using emotions to make decisions
Fastening on unsubstantiated facts and sticking with them Making Decisions Maximax and Maximin approach Maximax: Look at best alternative whose best possible outcome is best for all alternatives Maximin: Looking at the best alternative and comparing to
the worst possible outcomes Making Decisions Risk averting approach Choosing an alternative with least variation among outcomes Timing Need for a decision must be recognized Must act at some point Participation Two heads are better than one
Group performance is usually better than individual performance Barriers to Decision Making Complacency Ignoring data or not making a decision at all Defensive avoidance Denies the importance of the danger or opportunity Panic
Frantic attempts to solve a problem Deciding to decide Accepting responsibility for the decision Management Information Systems Integrated approach for providing interpreted and relevant data to help make decisions Data processing Capture, processing and storage of data
MIS uses that data to produce information to make good decisions Transaction processing system Replaced manual record-keeping procedures Payroll, billing inventory records Routine Questions? Exam Next Class 100 Points Multiple Choice
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