MGT503 Short Notes Lectures 23-45 Set 2

MGT503 Short Notes

Lecture No.23 to 45 for Final-Term Exam

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 organisational 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 process

Mission

The organisation’s purpose or fundamental reason for existence.

Goal

Future target or end result an organisation wishes to achieve.

Plan

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

Benefits of Goals

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

Key Aspects:

1. Goal Content
2. Goal Commitment
3. Work Behaviour
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

Goals & Work Behaviour

Goals & Commitment affect Work Behaviour: Direction Effort