MGT503 Final Term Short Notes by VU Topper RM

Mgt-503 Short Notes For Final Term: · Solve By Vu_Toper-RM · All Paid Services Is Available !! · VU · Online Classes + Project · Nothing Is Impossible >> O3224021365

Types of Planning?

Informal Planning · 1. Nothing is written down · 2.Little or no sharing of goals · 3.General and lacking in continuity · Formal Planning

1. Written and defined specific goals
2. Specific action programs exist to achieve goals

Approaches to Planning

Inclusive Approach

Employees at each level develop plans suited to their needs Employees acquire greater sense of the importance of planning when they participate in the process The planning process ‘Setting goals and developing plans that leads to goal attainment and ultimately, to organizational efficiency and effectiveness.’

How Do Managers Plan?

Steps in Goal Setting

1 - Review the organization’s mission 2 - Evaluate available resources 3 - Determine the goals individually or with input from others

4. Should be congruent with the organizational mission and goals in other organizational areas

5Write down the goals and communicate them to all who need to know them 6Review results and whether goals are being met

The planning processes

Mission

The organization’s purpose or fundamental reason for existence.

Goal

Future target or end result an organization wishes to achieve.

Plan

Means devised for attempting to reach a goal. Organizational Mission statement may: Be unwritten. Address customers, products/services, location, technology, concern for survival, concern for public image, concern for employees. Organizational Goals

Benefits of Goals

Increases Performance Clarifies Expectations Facilitates Control Increases Motivation Levels of goals Top Managers >> Organizational Perspective Middle Managers >> Departmental Perspective 1st level Managers >> Unit/individual Perspective Goals and Performance

Key Aspects:

1. Goal Content
2. Goal Commitment
3. Work Behavior
4. Other Process Components
5. Possible Problems

Goal Content

Content should be: Challenging Specific Measurable Attainable Relevant Time limited

Goal Commitment

Influenced by: Supervisory Authority Peer & Group Pressure Public Display Expectations of Success Incentives & Rewards Participation