GMS 200 Lecture Notes - Lecture 6: Project Management, Specific Performance, Stretch Factor

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Bamidele Adekunle

Document Summary

Planning: the process of setting objectives and determining how to best accomplish them. Objectives: identify the specific results or desired outcomes that one intends to achieve. Plan: a statement of action steps to be taken in order to accomplish objectives. Complacency trap: being carried along by the flow of events. Steps in the planning process: define your objectives, determine where you stand vis- -vis objectives, develop premises regarding future conditions, analyze and choose among action alternatives, implement the plan and evaluate results. Benefits of planning: improves focus and flexibility, improves action orientation, improves coordination, improves time management, improves control. Short-range and long-range plans: short-range plans = 1 year of less, intermediate-range plans = 1 to 2 years, long-range plans = 3 or more years. People vary in their capability to deal effectively with different time horizons. Higher management levels focus on longer time horizons.