Homework. Principles of Management. Chapter 5 In chapter 1, you learned that the
ID: 392812 • Letter: H
Question
Homework. Principles of Management.
Chapter 5
In chapter 1, you learned that the four principle functions of management are planning, organizing, leading and controlling. The rest of the text is organized around these four principle functions.
Section 3 is about planning, and includes chapters 5, 6 and 7.
Chapter 5 is Planning: The Foundation of Successful Management.
Instructions: Prepare word-processed responses to these questions to hand it on Friday, September 28 and be prepared to answer these in class.
Chapter 5 questions:
What is “planning” and what is a “plan”?
How is a business model used and how is a business plan used?
Explain a strategic plan and how it is used.
Why are planning and strategic management important? Elaborate on each.
Use VRIO to analyze competitive potential for Graceland University.
Explain the three types of planning for three levels of management.
Goals and plans: what are the two types of goals and what are different kinds of plans?
Explain SMART goals.
“First suggested by Peter Drucker in 1954, management by objectives (MBO) has spread largely because of the appeal of its emphasis on converting general objectives into specific ones for all members of the organization”. (Kinocki, 160) What is MBO and what are the four things that must happen for it to be successful?
Cascading goals - Develop cascading goals for the following: (1) Dr. Pat Draves, President of Graceland University, (2) Dr. Brian White, Vice President for Academic Affairs, (3) Dr. Rob Poulton, Dean for the Sandage School of Business, and (4) Dr. Anders, Professor of Economics.
Briefly explain the planning/control cycle.
Kinicki, Angelo and Brian Williams. Management, a Practical Introduction. McGraw Hill Education. New York, New York. 8th edition. 2018.
Explanation / Answer
a. Plan is an action which describes something and what we need to have to achieve the plan is decribed by planning. Planning is a future course of action, decribes how we achieve the plan. For example, I wish to travel to Australia- is the plan. for this I need to save some money, I need to have passport and Visa, and when I must travelled, all these comes under planning.
b. As I said above, plan is a particular coruse of action and planning describes the action how can we achieve it. In the same way, business plan is the one says about our goal or target, where model describes about factors and how we are going to achieve it.
c. Strategic planning is nothing but long term planning, which reveals the future targets of the firm. Untill the firm has a target and alot all the resources towards this, the firm may not move in a progressive direction. Strateies are nothing but long term goals, which can be achieve over years of time. Business firms starts as small, and grown along with the time and finally they stands as bigger and toppers in their segments. Untill, they have strategic planning, they can not achieve those.
d. The long term plans requires continuous support of management. Miracles can not be happen with in overnight. Persistance efforts and little bit luck together help individual or firms to be at top in the segment. To achieve long term goals, the business firms need huge funds, intellectual and intelligent manpower who are dedicators to work, and it may takes long time. till the time, the management must lend their support to the workers in all dimensions. When the management have the vision and ideology, then only they can support this. Hence, the maangement support is mandatory for strategic plans.
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