To determine:
The types of plans that would be useful for company L along with the reasons stating the importance of these plans.
Introduction:
Planning for any organization is very important as it allows the organizations to deal with all types of typical situations. Strategic planning allows the organizations to formulate policies and principles which are in the direction of achieving organizational success. Strategic planning allows the organization to not only merely respond to the circumstances but instead it allows the organization to forecast the possibilities and circumstances of the future. Hence, planning for an organization is essential to ensure the stability and success of the organization.
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Chapter 8 Solutions
Management With Mymanagementlab, Global Edition
- 2. How do you think planning in today’s organizations compares to planning 25 years ago? Do you think planning becomes more important or less important in a world where everything is changing fast and crises are a regular part of organizational life? Why?arrow_forwardHow do you think planning in today’s organizations compares to planning 25 years ago? Do you think that planning becomes more or less important in a world where everything is changing so quickly?arrow_forwardWhat are some common obstacles to effective planning? How can organizations overcome these challenges?arrow_forward
- Although ‘planning’ seems to take a lot of efforts, why is it so important for managers to plan? Why do MBO programs sometimes fail?arrow_forwardHow can managers evaluate the success and effectiveness of a plan, and what measures can be implemented to adjust and improve future planning efforts?arrow_forwardWhat are some common challenges or obstacles that individuals or organizations face when implementing their plans, and how can they be overcome?arrow_forward
- Will planning become more or less important to managers in the future? Why?Where do you want to be in five years? Do you have specific five years goal? Establish three goals that you want to achieve in five years. Make sure these goals are specific, challenging & measurable. (It can be personal, academic or professional goal)What type of planning will you do to achieve those goals?arrow_forwardPlanning for the future is important, plans are only effectiveif implemented properly. How do organizations performplanning effectively?arrow_forwardWhat is the importance of planning in achieving personal and professional goals, and how can effective planning contribute to success?arrow_forward
