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Management, 8/E: Powerpoint Presentation To Accompany Chapter 8 of
Management, 8/E: Powerpoint Presentation To Accompany Chapter 8 of
Management, 8/e
John R. Schermerhorn, Jr.
Prepared by: Michael K. McCuddy Valparaiso University Published by: John Wiley & Sons, Inc.
techniques? What is the control process? What are the common organizational controls?
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effectively with different time horizons. Higher management levels focus on longer time horizons.
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Policy
Broad guidelines for making decisions and taking action in specific circumstances.
Rules or procedures
Plans that describe exactly what actions are to be taken in specific situations.
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Budgets
Single-use plans that commit resources to activities, projects, or programs. Fixed, flexible, and zero-based budgets.
Projects
One-time activities that have clear beginning and end points. Project management and project schedules.
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Study Question 3: What are the useful planning tools and techniques?
Forecasting
Making assumptions about what will happen in the future. Qualitative forecasting uses expert opinions. Quantitative forecasting uses mathematical and statistical analysis. All forecasts rely on human judgment. Planning involves deciding on how to deal with the implications of a forecast.
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Study Question 3: What are the useful planning tools and techniques?
Contingency planning
Identifying alternative courses of action that can be implemented to meet the needs of changing circumstances. Contingency plans anticipate changing conditions. Contingency plans contain trigger points.
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Study Question 3: What are the useful planning tools and techniques?
Scenario planning
A long-term version of contingency planning. Identifying alternative future scenarios. Plans made for each future scenario. Increases organizations flexibility and preparation for future shocks.
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Study Question 3: What are the useful planning tools and techniques?
Benchmarking
Use of external comparisons to better evaluate current performance and identify possible actions for the future. Adopting best practices of other organizations that achieve superior performance.
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Study Question 3: What are the useful planning tools and techniques?
Use of staff planners
Coordinating the planning function for the total
Study Question 3: What are the useful planning tools and techniques?
Participation and involvement
Participatory planning requires that the planning process include people who will be affected by the plans and/or will help implement them. Benefits of participation and involvement:
Promotes creativity in planning. Increases available information. Fosters understanding, acceptance, and commitment to the final plan.
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process.
Ensures that the right things happen, in the right way, at
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standards
Output standards
Measure performance results in terms of quantity, quality, cost, or time.
Input standards
Measure effort in terms of amount of work expended in task performance.
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and standards
Need for action reflects the difference between
Ensures that:
Objectives are clear. Proper directions are established. Right resources are available.
operations.
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External control
Occurs through personal supervision and the use of
formal administrative systems.
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through reprimand.
Discipline that is applied fairly, consistently,
Be consistently applied.
Be informative. Occur in a supportive setting. Support realistic rules.
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performance
Liquidity
Leverage
The ability to earn more in returns than the cost of debt.
Asset management
The ability to use resources efficiently and operate at minimum cost.
Profitability
The ability to earn revenues greater than costs.
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COPYRIGHT
Copyright 2004 John Wiley & Sons, Inc. All rights reserved. Reproduction or translation of this work beyond that named in Section 117 of the United States Copyright Act without the express written permission of the copyright owner is unlawful. Requests for further information should be addressed to the Permissions Department, John Wiley & Sons, Inc. The purchaser may make backup copies for his/her own use only and not for distribution or resale. The Publisher assumes no responsibility for errors, omissions, or damages, caused by the use of these programs or from the use of the information contained herein.