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Principles of Management Learning Session # 24 Dr. A. Rashid Kausar

Principles of Management Learning Session # 24 Dr. A. Rashid Kausar. Re-cap of Session # 23. Specific. Measurable. Attainable. Realistic. Timely. Setting Goals. S.M.A.R.T. Developing Commitment to Goals. The determination to achieve a goal Increased by:

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Principles of Management Learning Session # 24 Dr. A. Rashid Kausar

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  1. Principles of Management Learning Session # 24 Dr. A. Rashid Kausar

  2. Re-cap of Session # 23

  3. Specific • Measurable • Attainable • Realistic • Timely Setting Goals S.M.A.R.T.

  4. Developing Commitment to Goals The determination to achieve a goal Increased by: Setting goals through participation Making goals reasonable Making goals public Obtaining top management support

  5. Levels of Goals and Plans: Operational Tactical Strategic Linking Goals & Plans

  6. Time span of Goals and Plans: Short (Operational) Intermediate (Tactical) Long range (Strategic) Linking Goals & Plans

  7. Set Goals DevelopCommitmentto Goals DevelopEffective Action Plans Track ProgressToward GoalAchievement MaintainFlexibilityin Planning How to Make a Plan That Works

  8. Specific Steps An Action Plan Lists: People Resources Time Period Developing Effective Action Plans

  9. Starting at the Top Strategic Plans Clarify how the company will serve customers and position itself against competitors (2-5 years) Vision An inspirational statement of anorganization’s enduring purpose (2 sentences) Mission Overall goal that unifies efforts towardits vision, stretches and challenges,and possesses a finish line andtime frame. Flows from vision.

  10. A Corporation’s Mission … to provide society with superior products and services by developing innovations and solutions that improve the quality of life and satisfy customer needs, and to provide employees with meaningful work and advancement opportunities, and investors with a superior rate of return.

  11. Bending in the Middle Tactical Plans Specify how a company will use resources, budgets, and people toaccomplish goals within its mission. (6 months to 2 years) ManagementbyObjectives Develop and carry out tactical plans

  12. Finishing at the Bottom Operational Plans Day-to-day plans for producing or delivering products and services over a 30-day to six month period.

  13. Recurring use: Single use Standing Plans- Policies, Procedures, Rules Linking Goals & Plans

  14. Single-Use Plans Plans that cover unique, one-time-only events Standing Plans Plans used repeatedly to handle frequently recurring events. Three kinds are: policies, procedures,and rules and regulations. Budgeting Quantitative planning to decide howto allocate money to accomplish company goals Kinds of Operational Plans

  15. Change Contingencies ProductDevelopment Special-Purpose Plans

  16. Management by Objectives(MBO) ‘Process through which specific goals are set collaboratively for the organisation as a whole and every unit within it; The goals are then used as a basis for planning, managing organisational activities, and assessing and rewarding contributions.’

  17. Management by Objectives(MBO) Steps in the MBO process: 1.Develop organisational goals 2.Establish specific goals for departments 3.Formulate action plans 4.Implement & maintain ‘self-control’ 5.Review progress periodically 6.Appraise performance

  18. Strengths: 1.Helps link goals & plans 2.Clarifies priorities, and expectations 3.Fosters organisational communication 4.Builds member motivation Management by Objectives(MBO)

  19. Weaknesses: 1.Needs strong, enduring commitment 2.Requires training of managers 3.May be misused (i.e. for punishment) 4.Risk of dominance of quantitative goals Management by Objectives(MBO)

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