GMS 200 Lecture Notes - Lecture 3: Individualism, Learning Organization, S.M.A.R.T.

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Franklin Ramsoomair

Document Summary

Process of setting objectives and hot to best accomplish them. Identify the specific results or desired outcomes that one intends to achieve. A statement of action steps to be taken in order to accomplish the objectives. Strategic plans set broad, comprehensive, and long term action directions for the entire organization. Tactical plans define what needs to be done in specific function to implement strategic plans: production plans, financial plans, facilities plans, marketing plans, human resource plans. Making assumptions about what will happen in the future. Quantitative forecasting uses mathematical and statistical analysis. Planning involves deciding on how to deal with the implications of a forecast. Identifying alternative course of action that can be implemented if circumstances change. Plans made for each future scenario: worst-case and best-case scenarios. Use of external and intentional comparisons to better evaluate current performance and identify possible actions for the future. Adopting best practices of other organizations that achieve superior performance.