Decision-making is an indispensable component of management function. Every organization’s success is a determinant of decisions made by the managers and how the decisions are implemented. Making the right decision is as important as setting the right plan. Let’s discuss what it is and how you can make the right decisions. What is Decision Making?…
Methods of Environmental Scanning Environmental scanning is the in-depth analysis of business environment factors that have a direct or indirect, immediate or future impact on an organization’s performance. Below are the common methods/techniques of environmental scanning you can adapt to scan the environment. Extrapolation Method The extrapolation method of scanning the environment is the method…
Techniques and Tools For Planning Organizations can use various tools and techniques for the effectiveness and efficiency of planning. It would help if you understood qualitative and quantitative planning tools that support formulation and implementation. Managers should understand the advantages, disadvantages, or limitations of these tools and choose one that helps to select a suitable…
Every organization consists of its internal and external environment. Simply, scanning of the factors of these two (internal and external) environments is known as environmental scanning. What is Environmental Scanning? Environmental scanning is a process in which an organization monitors its internal and external environment with the aim of evaluating trends and making decisions on…
How To Implement Strategic Plan? A strategic plan is an effective tool that ensures the achievement of a firm’s predetermined goals and objectives. The strategic plan must be formulated to achieve the predetermined goals. For this, the formulated strategic plan must be implemented effectively which is an equally challenging job. If you formulate the strategic…
Every company’s dream is to achieve long-term profit and success that is competitive. For this, they have to create plans that chase the changing business climate and surpass the competition. One such plan is the strategic plan that enables companies to sustain themselves in the future. Here we will discuss, what strategic planning is, its…
Process of Strategic Planning Strategic Planning is the process of creating a comprehensive master plan that ensures the achievement of the organization’s long-term objectives and goals. It is an effective tool to match an organization’s resources with potential opportunities. The strategic planning process gives us the necessary steps to create the strategic plan. It helps…
Methods of Planning Managers on the basis of the organization’s nature, beliefs, culture, interests, situations, availability of information, and resources need to make different plans. There are many methods of planning managers can adopt to make plans. All of these methods have one thing in common: they all aim to bring effectiveness in planning and…
Hierarchy of Planning Planning hierarchy means the arrangement of plans based on their scope in the organizational success. Just like the managerial hierarchy, in the hierarchy of planning the higher-level plans are also at the top and lower-level plans are at the bottom. As panning is a pervasive function all levels of managers have to…