Planning as an essential management role

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Planning at the Individual and Corporate Level

Planning is a crucial management function, whether it's at the individual or corporate level. Personal planning comprises setting up individual objectives that one must complete within a set amount of time. My interactions with Bradley and Catelyn led us to conclude that part of the personal plans involved writing term papers and studying for tests. We agreed that one may create a fitness plan and a financial plan outside of the classroom, focusing notably on expenses and savings. To implement the goals and produce the desired results, all of these activities require discipline and commitment. We discovered there are various sorts of planning at the organizational level to help a business move a successful and profitable future strategically. Some of the examples of organizational planning we discussed include workforce development planning, product planning, and financial planning.

Workforce Development Planning

A workforce development plan focuses on creating a high performance and diverse workforce comprised of satisfied and loyal employees (Dawson, 2013). This plan can be effective by setting goals that match or exceed the Equal Employment Opportunity Commission. Additionally, a firm could establish training programs to enhance the performance and productivity of managers. On the other hand, product planning can create more appealing product mixes compared to a company’s competitor (Dawson, 2013). For example, a firm may utilize the product pyramid profit model as a planning product strategy to offer different products of a similar category and capture more market. Finally, financial planning can help a company manage debt and use its profits in a productive manner.

Organizing: Synchronization of Resources

Organizing is a function of management that follows planning and entails the synchronization of physical, human and financial resources. Too much organizing and over planning can have effects similar to those of procrastination. Organizational and personal plans may not have significant meaning if they stall progress. As a result, Bradley, Catelyn and I identified some of the approaches that could prevent over planning. For instance, one would set a goal that gives sufficient time to prepare and allocates more time for the actual action. Catelyn suggested that leaders should also encourage their subordinates to spend less time in holding meetings and engage in more action. Ultimately, we all agreed that planning and organizing could be purposeful if every individual and firm are aware of the actual time needed for an activity (Dawson, 2013).

References

Dawson, R. (2013). Basic Management Functions.

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February 01, 2023
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Marketing Finance

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