The World Is Growing Leaps And Bounds

How do we get there? (Strategy formulation – corporate level, business unit level, and functional level)

“Organizational Management and Leadership” defines planning as “the development of goals, which leads to the development of an overall strategy for achieving those goals. Planning can be performed at all levels of an organization. Supervisors are planning when a weekly work schedule is put together for hourly staff. Top executives are planning when they define the mission statement of the company and determine how the organization can maintain its competitive advantage.”

Strategic planning involves deciding on the actions and resource allocations in order to build a strong foundation for an organisation. Not only do they set a clear goal, but they provide structure and direction which increases an organisation’s chance of succeeding (Kumpf, 2004). Many authors appreciate the benefit of incorporating these plans into businesses. Kaplan describes how many executives fail to see the value of strategic planning yet argues that strategic planning need not be a waste of time if approached with the right goals in mind, arguing that the key is to create an environment of preparedness (Kaplan, 2003). Lauenstein echoes this idea emphasising the importance of strategic planning whilst stressing that many executives do not fully understand the functions of this strategy, hence not being able to reap the full benefits of this approach (Lauenstein, 1986). Nevertheless, strategic planning is not a standardised process across every organisation, and must be adjusted to fit each organisation taking into consideration a number of factors.

The structure and design of organizations have drastically changed over the last twenty-five years. Organizations develop new goals at the beginning of the year or after the completion of previous goals, and heavily depend on planning to help achieve these goals. Planning is an integral part of organizational success, as upper management receives substantial information on various needs such as risk uncertainty, available resources, employee development, and unforeseen changes in technology (Daft, 2013). Most importantly, successful planning allows management to make effective decisions when unforeseen events arise within the organization. Not participating in planning is equivalent to taking a road trip across the country without a

Anne, Planning is the most important function of management, planning provides clear concise directions for everyone in the organization. The importance of planning is that it provides attention on objectives and results, reduces uncertainty, gives direction for everyone, encourages team work and creativity, helps with decision making among many other important factors. Each organization is different in the approach they take in planning one’s organization. There are different plans that may be used depending on what you are trying to achieve.

Businesses continually adapt to a changing environment to maintain their market position (Appelbaum, Habashy, Malo, & Shafiq, 2012; Biedenbacha & Soumlderholma, 2008). Change is inevitable considering the current rate of technological advancement and the growth in global competition (Appelbaum et al., 2012; Armenakis & Harris, 2009; By, 2007). Increasing competition and the need for strategic flexibility and globalization is affecting almost every organization today, regardless of size, market, focus, and so on (Jaros, 2010).

Considering planning is the first of the four functions of management, one can appreciate the importance and impact it has on the other functions. Production cannot begin and staff cannot be mobilized unless the planning phase has been completed. Factors however, do exist which affect the planning phase and if not considered can set the organization on a detrimental course. This paper will examine to what degree different management planning functions impact the Tyco Corporation as well as factors that influence the planning phase.

Without formal planning, a company might misunderstand its purpose, the focus of the business will be unclear to managers, and resources will wasted. “…the sum total of the organization’s effort might yield suboptimal results or outcomes or yield optimal results that do not directly or indirectly contribute to the organization’s purpose for existence” (Simerson, pg. 2). With this mind, it becomes clear why it is so important for businesses to come up with the right strategic plans, which lead to creating the right tactical plans, which lead to creating the right operational plans, so that the goals that have been set by the strategic plans can be

As a company of this size, corporate planning is a vital function to deal with external and internal factors, in which, the company's goals or objectives are achieved. In addition, a well-defined strategic planning implemented will be the guidelines in dealing with each factor, such as, globalization, innovation, and

No two people go through life the same exact ways. Some choose to live moment to moment while others feel the need to have a grander plan for their future. People develop plans for different scenarios in their life to include what college they will attend, what profession they want to enter, the type of wedding and even, when they want to get married. Individuals who live by a plan can often be heard referencing their Plan B or five-to-ten year plan. Just as individuals like to plan, businesses also want a blueprint for their short- and long-term growth. Planning enables organizational leaders and managers to play a significant role in creating progressive objectives that enrich company productivity and

Planning is the first function; Managers make use of planning to choose suitable business objectives and make out the right strategy to attain their objectives. It takes vigilant planning to make any business run at its total capacity and achieve the objectives set. Implementing planning function is element of each function of management; it is the base to construct a fruitful business. With no careful planning, and structure, a business by no means survives. Our AT&T store manager presented a set of objectives in the plan that was protracted in great feature it was a plan of action, not just words to attain the objectives.

In the recent years, the movement of the modern business are very much according to the globalisation of the world's economy, which resulted in the increasing amount of international businesses, global economic competition, and the difference/divergence within the organisations. Globalisation creates international business environment that requires businesses to be more competitive. And in order to be more active and competitive, companies have to be able to adapt themselves to the constant change, which can be driven by cultural diversity (Salas, Goodwin and Burke, 2009). In the future, the skill to

Every organisation must plan every action it intends to take, in the short-term as well as in the long-term. The company, on the basis of the objectives set by the top management of the organisation should plan for growth, expansion, restructuring of business or otherwise. Every company needs to plan out its strategies according to its future plans in order to avoid surprises and to overcome any challenges they may have to face. Therefore, without planning, the organisation cannot achieve any of its goals.

Planning is a process of establishing a mission with clear goals as a means to achieve them. Good planning requires special skills and perspectives allowing decision-makers to understand the challenges they are facing and apply the most effective solution to a problem. In order to achieve success, one must plan accordingly. Planning can be short term or long term. Short term plans are done on daily basis and are easier to achieve than long term plans. Long term plans are also known as strategic plans and are used to achieve a long range vision or mission of a company. In both methods of planning, short term and long term, is necessary to achieve top notch results. Like in any other process, there are both benefits and pitfalls to a

Managers and organisations plan because it provides them with some direction and reduces uncertainty within the firm. It is also used to set standards for controlling, it is therefore very important within organisations. (Robbins, Bergman, Stagg & Coulter et al, 2006)