managerial planning and goal setting

Managerial Planning and Goal Setting

Week 8

Planning• What?

• Why?

• When?

• Where?

• How?

• Who?

• How do you plan for an undefined future?

• No plan is perfect

– Without plans and goals, organizations flounder

Overview of the Goal-Setting and Planning Process

A goal is a desired future state that the organization attempts to realize

A plan is a blueprint for goal achievement and specifies the necessary resource allocations,

schedules, tasks and other actions

PLANNING

The Organizational Planning Process

Goal-Setting in Organizations• Organizational Mission

• Strategic goals

• Tactical goals

• Operational goals

Goals should be aligned

Mission Statement for DaVita Inc.

Operational Planning

• What and Why?• Planning approaches:– Management By Objective (MBO)– Single-use Plans– Standing Plans

Characteristics of Effective Goal Setting

Benefits and Limitations of Planning

• Benefits– motivation and commitment– resource allocation– Action– standard of performance

• Limitations– Provide a false sense of certainty– Cause rigidity in a turbulent environment– Get in the way of intuition and creativity

Planning for a Turbulent Environment

Contingency Planning

Building Scenarios– A forecasting technique to look at current trends

and visualize future possibilities

Crisis Planning

Essentials Stages of Crisis Planning

Set Stretch Goals for Excellence• Stretch goals are reasonable yet highly

ambitious goals that are clear and compelling– Require innovation– Fire up employees– Engender excellence

• Big, inspiring goals are sometimes called Big Hairy Audacious Goals (BHAG)

BHAGs and stretch goals are important because things move fast

Thinking Strategically• Take the long-term view• See the BIG PICTURE• Strategic thinking is important for all

organizations– Impacts an organization’s performance– 51% of executives are unhappy with strategy

formulation process• Tough decisions and choices define and support

strategy

What is Strategic Management?• Define explicit strategy/plan of action– Achieve competitive advantage

• Exploit Core Competencies

• Build Synergy

• Deliver Value – combination of benefits and costs

The Strategic Management Process

Strategy Formulation

Strategy Execution

The Strategic Management Process

SWOT Analysis

Analysis of strengths, weaknesses, opportunities and threats

Internal Strengths and Weaknesses

External Opportunities and Threats

Audit Checklist for Analyzing Organizational Strengths and Weaknesses

Formulating Business-Level Strategy

Michael E. Porter• Porter’s Five Competitive Forces– Potential new entrants– Bargaining power of buyers– Bargaining power of suppliers– Threat of substitute products– Rivalry among competitors

Porter’s Five Competitive Forces

Organizational Characteristics of Porter’s Competitive Strategies

Strategy ExecutionExecution is how strategy is put into actionExecution is most important, and most

challengingA key to effective execution is alignmentExecution requires all aspects of the

organization to be in congruenceExecution is tough because organizational

barriers may hinder implementation

Six Silent Killers of Strategy

Tools for Putting Strategy into Action

managerial planning and goal setting

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