GMS 200 Lecture Notes - Lecture 11: Stretch Factor

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Deborah De Lange

Document Summary

Planning: planning is the process of setting objectives and determining how to best accomplish them, planning sets the stage for organizing, leading, and controlling by providing direction. Alternative scenarios; identify each scenario that may help or hinder progress: analyze alternatives and make a plan list and evaluate the possible actions. Choose alternative most likely to accomplish your objectives. Implement the plan and evaluate results take action and carefully measure your progress toward objectives. Doing what the plan requires evaluate results take corrective action revise plans as needed. Strategic plans: broad, comprehensive, longer term (expresses what the organization hopes to be in the future) Tactical plans: what needs to be done in specific areas to implement strategic plans. Operational plan: what needs to be done in the short term and in response to different situations: policies broad guidelines for decisions and actions, procedure or rule, budgets. Forecasting: the process of making assumptions about what will happen in the future.