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Strategic Management - Strategy Implementation

Steps in Planning - Planning And Resources Allocation

   Posted On :  26.06.2018 11:36 pm

Planning is a step by step process. It involves the following steps.

Steps in Planning
Planning is a step by step process. It involves the following steps.
(i)                 Being aware of opportunities
Every planner should scan the external environment for opportunities and threats.
(ii)               Establishing objectives
Planner has to identify the objectives for the enterprise or unit.
They should be specific and measurable.
(iii)             Developing premises
Planner has to go about understanding the current and future
environment in which the goals can be accomplished. Forecasting based on published reports and research is necessary to know the future scenarios. Clear assumptions about the environment are outcome of this step.
(iv)             Determining alternative courses
Planner has to develop a large number of alternative courses of action for examination.

 (v)               Evaluating alternative courses
Evaluation can be done only when a planner has clear guidelines for determining and comparing worth of each alternative course of action. Criteria like return on investment, risk, time horizon and limiting factor may be employed to evaluate the alternatives.
(vi)             Selecting a course
On evaluation the planner will use his or her judgment to decide upon one course of action, which is appropriate or right for the company.
(vii)           Formulating derivative plans
To support basic plan it will be necessary to develop a series of minor plans. .
(viii)    Numbering plans by budgeting
For each department budget allocations will be necessary to facilitate the implementation of the plans. Planner has to make the resource allocation as such properly. 
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