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Planning & decision making


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Planning & decision making

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