GMS 200 Chapter Notes - Chapter 6: Time Management, Scenario Planning

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

Document Summary

Identify specific results/desired outcomes one intends to achieve. Basic tools; underlie all planning and strategic activities. Goals: observable, measurable result w/ 1+ objectives to be achieved in fixed timeframe) Objective: exact steps needed to take to reach those goals. Impt to point ppl in right directions + inspiring them to work hard. Planning: process of setting objectives and determining how to best accomplish them. Plan: statement of action steps to be taken to accomplish objectives - outcome of planning. Determine where you stand compared to objectives. Higher lvl mgmt focuses on longer time horizons. Trategi(cid:272): orga(cid:374)izatio(cid:374)"s pro(cid:272)ess of defi(cid:374)i(cid:374)g its strategy/dire(cid:272)tio(cid:374); (cid:373)aki(cid:374)g de(cid:272)isio(cid:374) o(cid:374) allo(cid:272)ati(cid:374)g its resources to pursue strategy. Tactical: focus on what to do in short term to help organization achieve long term objectives determined by strategic planning. Operational: way that each dept will use its resources to achieve company goals; strong links between strategic and operational plan are needed to allow efficient operation of company.