Day: November 11, 2021

PLANNING TOOLS FORECASTING AS A PLANNING TOOL Meaning: Forecasting is the systematic development of predictions about the future.  Managers must estimate how future internal and external environment conditions will affect operations in their organizations. Organizations must estimate the changes in Read More …

GOAL SETTING A goal is a statement of where the organization wants to be at a specific time in the future. Goals are the ends towards which the efforts of an organization are directed to achieve.  Quantitative goals are referred Read More …

MANAGEMENT BY OBJECTIVES MBO Meaning and concept of MBO Management by objectives is a planning approach developed and popularized by Peter F. Drucker in 1954. It is a collaborative / participative approach to planning. MBO begins with goal setting and Read More …

APPROACHES TO PLANNING              STRATEGIC PLANNING APPROACH Strategic planning is the process of identifying organizations mission, goals and objectives and developing action plans of how to achieve them. In strategic planning organizations identify what they want to achieve, how to Read More …

Elements of planning Planning requires managers to make decisions on the following fundamental elements; objectives, actions/strategies/means, resources, implementation and evaluation. Objectives Objectives specify the needs/expectations to be achieved by the organization. They specify the targets to be achieved e.g. 5% Read More …

PLANNING A plan – This refers to a predetermined course of action for achieving objectives. It’s a frame work that details the methods and tasks that are to be implemented in order to achieve organizational goals. Plans may be tailored Read More …