TUTORIAL 3 - FOUNDATION OF PLANNING

Planning provides direction to managers and non-managers.

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Through controlling manager cannot make a comparison between the actual performances against the stated goals.

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Plan is the document that outline how goals are going to be met.

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Plan does not apply to an entire organizational and establish the organizational overall goals.

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We define short term plans as those covering one year or less.

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Strategic plans are plans that apply to the entire organization and establish the organization’s overall goals.

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Goals are desired outcomes for individuals, groups or entire organization.

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Real goals are official statements of what organization says and what it wants its stakeholder to believe.

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Financial goals are related to the other area of an organization’s performance.

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Higher product quality and a stronger reputation with customers are the examples of strategic goals.

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