GMS 200 Lecture 1: GMS Chapter 6

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Horatio Morgan

Document Summary

Planning: the process of setting objectives and determining how to accomplish them. 2. determine where you stand relative to your objectives. Top management is most likely to be involved in setting long range plans and directions for the organization as whole. Lower management levels focus more on short run plans that help achieve long term objectives. Strategic plan: identi es long-term directions for the organization. Tactical plan: developed and used to implement strategic plans. Functional plans: indicates how different operations within the organization will help advance the overall strategy. Functional plans include: production plans / financial plans / facilities plan / logistics. Operational plans: identi es short-term activities to implement strategic plans. Policy: is a standing plan that communicates broad guidelines for decisions and action. Budget: a plan that commits resources to projects or activities. Zero based budget: allocates resources as if each budget were brand new. Contingency planning: identi es alternatives courses of action to take when things go wrong.