tailieunhanh - Strategic Management Part 2

Strategic management can be viewed as a formal planning process that allows an organization to pursue proactive rather than reactive strategies. Successful organizations strive to control their own futures rather than merely react to external forces and events as they occur. | Strategic Management MGT603 VU Lesson 13 FUNCTIONS OF MANAGEMENT Objectives This lecture provides all the information regarding what are the core functions of management in a business firm. Functions of management Functions of Management Planning Strategy Formulation Organizing Strategy Implementation Motivating Strategy Implementation Staffing Strategy Implementation Controlling Strategy Evaluation Planning Planning is the Start of the process Bridge between present and future Increases likelihood of achieving desired results Copyright Virtual University of Pakistan 54 Strategic Management MGT603 VU Planning Forecasting Establishing objectives Devising strategies Developing policies Setting goals The only thing certain about the future of any organization is change and planning is the essential bridge between the present and the future that increases the likelihood of achieving desired results. Planning is the process by which one determines whether to attempt a task works out the most effective way of reaching desired objectives and prepares to overcome unexpected difficulties with adequate resources. Planning is the start of the process by which an individual or business may turn empty dreams into achievements. Planning enables one to avoid the trap of working extremely hard but achieving little. Planning is an up-front investment in success. Planning helps a firm achieve maximum effect from a given effort. Planning enables a firm to take into account relevant factors and focus on the critical ones. Planning helps ensure that the firm can be prepared for all reasonable eventualities and for all changes that will be needed. Planning enables a firm to gather the resources needed and carry out tasks in the most efficient way possible. Planning enables a firm to conserve its own resources avoid wasting ecological resources make a fair profit and be seen as an effective useful firm. Planning enables a firm to identify precisely what is to be achieved and to detail .