Planning & decision making

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Planning & decision making

  1. 1. Planning & Decision Making Business Management Unit 1
  2. 2. Planning Looking ahead and chalking out future courses of action to be followed.
  3. 3. Planning  Takes into consideration  Available and prospective human and physical resources of the organization  To get effective co-ordination, contribution & perfect adjustment
  4. 4. Planning  Is a mental predisposition to do things in orderly way  To think before acting  To act in the light of facts rather than guesses  Is deciding best alternatives among others  To perform different managerial functions in order to achieve predetermined goals.
  5. 5. Planning Defined Planning is deciding in advance what to do, how to do and who is to do it. Planning makes possible things to occur.
  6. 6. Steps in the Planning Process  Establishment of objectives  Establishment of planning premises  Choice of Alternative course of action  Formulation of derivative plans  Securing co-operation  Follow up/Appraisal of plans
  7. 7. Types of Plans  Operational Plans  Tactical plans  Strategic plans  Contingency plans
  8. 8. The decision making process
  9. 9. Steps in the Decision Making Process  Define the problem  Identify the limiting factors  Develop potential alternatives  Analyze the alternatives select the best alternative  Implement the decision  Establish a control and evaluation system
  10. 10. Steps in the Decision Making Process  Define the problem  Identify the limiting factors  Develop potential alternatives  Analyze the alternatives select the best alternative  Implement the decision  Establish a control and evaluation system

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