2. PLAN VS PLANNING
Plans
Typically any diagrams or list of steps with details of timing
and resources used to achieve an objective to do something. It
is commonly understood as a temporal set of intended actions
through which one expects to achieve a goal.
Planning
An active way of discussing the goals, objectives, strategies,
and tasks that we need to accomplish.
3. The 4 Types of
Plans
Operational Planning
Strategic Planning
Tactical Planning
Contingency Planning
4. Strategic Planning
Strategic planning is a management process
for defining a company's long-term vision,
direction, and actions. It is a strategy to
figure out what potential business
opportunities exist for the company. It helps
to align different initiatives, and get people
focused on a single goal.
5. Tactical Planning
Tactical planning is the practice of
prioritizing tasks and delegating them to
team members in a way that will get the
task accomplished. Tactical planning
means figuring out what needs to be
done in order to achieve a goal, which
team member can do it, and when they
can get it done.
6. Operational Planning
Operational planning is used to define the
processes, procedures, and tasks that are
needed to effectively coordinate the physical
resources involved in an operation. In practice,
operational planning is the process of deciding
what tasks need to be done to create a product
or service. It can be defined as the detailed
routing of resources, efforts, and time in the
production of goods and services.
7. Contingency Planning
Contingency plans are made when something
unexpected happens or when something needs
to be changed. Business experts sometimes
refer to these plans as a special type of
planning.
12. Planning techniques and tools
For effective planning, there are different techniques and tools one can use. These
include
Forecasting
contingency planning
scenario planning
benchmarking
Participatory planning
16. Benchmarking
Benchmarking is another planning
technique that generally involves
external
comparisons of a company’s practices
and technologies with those of other
companies.
17. Participatory planning
Participatory planning is a planning
process that includes the people who
will be affected by the plans and those
who will be asked to implement them in
all planning steps
18. Decision making
in a Business:
According to Eby (2018), decision-
making process involves identifying a
goal, getting
the relevant and necessary information,
and weighing the alternatives in order to
make a decision.
19. Process of Decision-making
(according to Robbins and
Coulter)
1. Identify the problem
2. Identify the decision criteria
3. Allocate weights to the criteria
4. Develop alternatives
5. Analyze the alternatives
6. Select an alternative
7. Implement the chosen alternative
8. Evaluate decision effectiveness
