MGMT 3320 Chapter 4: MGMT3320 Chapter 4

• School: University of Guelph
• Department: Management
• Course: MGMT 3320
• Professor: Rachel Elliott

Document Summary

Like a road map that examines different opportunities available; considers trends that will influence route & contemplates possible changes to how trip has been taken in past. Provides a focus & a means to evaluate progress. Usually involves the following steps: thinking. Consideration of the firm"s current businesses as well as challenges/opportunities. Careful collection of data & analysis are required: decisions. Key directions, strategic resource commitments & business models evolve. Finance should play an important role evaluating alternatives by modelling asset values and risk with long-term objectives: planning. Financial plans are developed with short-term objectives: performance. Work plans for all departments, monitoring, evaluating & corrective action. The main goal for the firm is shareholder wealth; but other motivations as well: Scenarios that cover best-case, worst-case & most-likely case outcomes are often produced to enable management to appreciate possible results of alternatives & how the short-run operations of firm. Consensus among stakeholders is important (including marketing, production, hr, accounting etc. )