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Lecture Introduction to management - Lecture 15

After studying this chapter you will be able to understand: The importance of implementing strategies and practices that foster innovation; the challenges and pitfalls of managing corporate innovation processes; how corporations use new venture teams, business incubators, and product champions to create an internal environment and culture that promote entrepreneurial development;. | Introduction to Management LECTURE 15: Introduction to Management MGT 101 1 Introduction to Management In lecture 14 we discussed Topics from Chapter 6: Intuition Types of Problems & Decision Making Decision Making Conditions Common Decision Making Errors & Biases 2 Introduction to Management Today in Chapter 7 we will discuss What is Planning? Types of Plans 3 Introduction to Management (Chapter 7) Chapter 7: Foundations of Planning 4 Introduction to Management (Chapter 7) What is Planning ? 5 Introduction to Management (Chapter 7) 6 Planning A primary managerial activity that involves: Defining the organization’s goals Establishing an overall strategy for achieving those goals Developing plans for organizational work activities Introduction to Management (Chapter 7) 7 Formal planning Specific goals covering a specific time period Written and shared with organizational members Introduction to Management (Chapter 7) 8 Purposes of Planning Provides direction Reduces uncertainty Minimizes waste and redundancy Sets the standards for controlling Introduction to Management (Chapter 7) 9 The Relationship Between Planning and Performance Formal planning is associated with: Higher profits and returns on assets. Positive financial results. Introduction to Management (Chapter 7) 10 The Relationship Between Planning and Performance The quality of planning and implementation affects performance more than the extent of planning. Introduction to Management (Chapter 7) 11 The Relationship Between Planning and Performance The external environment can reduce the impact of planning on performance. Introduction to Management (Chapter 7) 12 The Relationship Between Planning and Performance Formal planning must be used for several years before planning begins to affect performance. Introduction to Management (Chapter 7) 13 Elements of Planning 1. Goals (also Objectives) Desired outcomes for individuals, groups, or entire organizations Provide direction and evaluation performance . | Introduction to Management LECTURE 15: Introduction to Management MGT 101 1 Introduction to Management In lecture 14 we discussed Topics from Chapter 6: Intuition Types of Problems & Decision Making Decision Making Conditions Common Decision Making Errors & Biases 2 Introduction to Management Today in Chapter 7 we will discuss What is Planning? Types of Plans 3 Introduction to Management (Chapter 7) Chapter 7: Foundations of Planning 4 Introduction to Management (Chapter 7) What is Planning ? 5 Introduction to Management (Chapter 7) 6 Planning A primary managerial activity that involves: Defining the organization’s goals Establishing an overall strategy for achieving those goals Developing plans for organizational work activities Introduction to Management (Chapter 7) 7 Formal planning Specific goals covering a specific time period Written and shared with organizational members Introduction to Management (Chapter 7) 8 Purposes of Planning Provides direction Reduces uncertainty .