Management Planning in Business
1.0 Introduction:
A current issue in the world of management which has become increasingly problematic over time is the amount of management planning needed due to the fact that management planning factors have been increasing over the past decade. According to Pat Moore, “In the last few years we have seen the contingency planning process progress from earlier issues of addressing primarily information services and data centre priorities, to include equally important corporate issues involving telecommunications, human resources, vital records, risk management, security, environmental concerns, product recovery, and the facility itself” (Moore, 1995). It can also be stated that Management planning is applicable to both, functional and dysfunctional businesses, but in this report it will discuss the attenuated management state of Temasek Holdings through the lack of management planning in a time of dire need. Theoretical solutions will then be critically analysed and evaluated in regards to finding a logical solution. The implementation of management planning in business today is a crucial factor that all businesses in society today should take into account, when trying to improve business performance and response time. It can be argued that Temasek Holdings requires a better sense of long and short-term planning through the use of contingency and scenario planning.
2.0 Problem Identification:
In regards to the management planning predicament of Temasek holdings, contingency planning and scenario planning will be focused on specifically for the purpose of the report. Contingency planning can be defined as, “activity undertaken to ensure that proper and immediate follow-up steps will be take...
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As per Henry Mintzberg, former president of the Strategic Management Society, “strategy cannot be planned because planning is about analysis and strategy is about synthesis. Strategic planning involves a structure or framework, a set of procedures both formal and informal, and of course content. Beyond these basic elements, the underlying assumptions about strategic planning are that the future can be anticipated, forecasted, managed or even controlled, and that the best way to do so is to have a formal and integrated plan about it in place. The process of planning itself may turn out to be more important than the results, and that process requires both analysis and synthesis. Planning simply introduces a formal “discipline” for conducting long-term thinking about an institution, and for recognizing opportunities in and for minimizing risks from the external and internal environments.
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Contingency planning is the demonstration of setting up an arrangement, or a progression of activities, ought to an unfriendly risk happen. Having an alternate course of action set up powers the project group to think ahead of time as to a game-plan if a risk event happens.
Company-wide strategic planning is based on strategies that increase company growth, production development, and expansion. Companies more than often set long term plans which help them to maintain the work focus and achieve the goals they have
Planning is an essential process in today’s organizations. Based on the three types of managers: top-level (strategic managers), middle-level (tactical managers), and frontline (operational managers), exist three corresponding levels of planning: strategic, tactical, and operational. The purpose of this essay is to focus on the strategic level of planning for the Ford Motor Company; a leader in the global automobile industry. Strategic planning, according to Bateman and Snell (2009), “involves making decisions about the organization’s long-term goals and strategies” (p. 137). This paper will elaborate on six key influential factors: economic, environmental, competition, foreign policy, domestic policy, and innovation; that shape this corporation’s strategic plan. Finally, a SWOTT analysis will be conducted covering the strengths, weaknesses, opportunities, threats, and trends, that the Ford Motor Company has in relation to its business environment.
Information Technology Laboratory has printed a recommended guidance document on contingency planning for central departments and agencies. The purpose of a contingency plan is allowing an organization to return its everyday operations as fast as possible after unexpected events. ( Dian Chinn, Preparing Business Plans) It’s also protects resources, reduce customers issues and identifies important staff. Contingency planning also helps in assigning different duties in the context of the retrieval. Human resources should develop employee evacuation plans; such as supporting employee benefits programs ie health care or worker’s compensation or hire temporary workers as needed. Contingency plans are both organizati...
There are different types of strategic planning that are currently in use, since this is a widely debated area of management. However, it is concluded that there are two main schools of thought, the prescriptive approach or the emergent approach (Lynch, 2012). As defined by Lynch, (2012) prescriptive strategic planning is the term given to a strategy whereby the objective of the strategy is defined in advance and the main elements are designed and develop...
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Strategic Planning is a long term plan of action designed to achieve a particular goal, as differentiated from tactics or immediate actions. It may employ methods like SWOT analysis to help clarify objectives and strategies. Strategic planning uses "the big picture" to pursue large scale, long term objectives. (Wikipedia - Strategic Planning, 2006).