Planning Functions of Management - 1530 Words

Planning Functions of Management â€Å"Planning is concerned with the future impact of today s decisions. It is the fundamental function of management from which the other four functions stem† (Erven, 1999). Considering planning is the first of the four functions of management, one can appreciate the importance and impact it has on the other functions. Production cannot begin and staff cannot be mobilized unless the planning phase has been completed. Factors however, do exist which affect the planning phase and if not considered can set the organization on a detrimental course. This paper will examine to what degree different management planning functions impact the Tyco Corporation as well as factors that influence the planning phase.†¦show more content†¦While corporate responsibility can be negative if presented in the wrong context, corporate responsibility can also be a positive influence on the planning phase. If Tyco has been synonymous for honesty, integrity and responsibility one will find it likely those in charge may have taken a more productive path. Once respect for corporate responsibility is lost, one will find it difficult to reestablish it. One additional step t o establishing the value of corporate responsibility at Tyco was to â€Å"remove Kozlowski, Swartz, Belnick and other members of its board of directors, and replace them with outside professionals, Edward Breen, David Fitzpatrick, and William Lytton (Einstein Industries, 2008). Understandably, corporate responsibility carries with it a level of implied social responsibility. To promote a management plan that is legal, ethical and corporately responsible, the organization must consider how society in general will be affected. Social Responsibility â€Å"A former Tyco International Ltd. executive agreed to pay $450,000 to settle financial reporting and record-keeping charges connected to a fraud case in which Tyco overstated income by more than $500 million† (Reuters, 2006). Instances such as these have caused Tyco to rethink their commitment to social responsibility. Considering many stockholders lost money in Tyco while the stock was in decline,Show MoreRelatedThe Management Functions Of Planning927 Words   |  4 Pagesassigned reading and peer-reviewed journals. The three concepts discussed are: The Management Functions of Planning, The Management Functions of Controlling and The Management Functions of Organizing. The management functions of planning is a crucial function of management as it is setting goals for specific results and determining how to achieve those results Satterlee (2013). There are many aspects that impact planning within an organization such as it gives organization direction; decreases uncertainty;Read MoreThe Planning Function of Management1206 Words   |  5 Pagescompanies have a vision, mission statement, and a set of core values. These three things are normally made up by a group of senior managers or a leadership team. Once these three things are decided upon, the upper management or leadership team should deliver the information to the management below them, so the important information is delivered to all levels of employees within the company. After the these three things have been set, most companies will post their vision, mission statement and coreRead MorePlanning Management Functions1840 Words   |  8 PagesManagement Functions Planning Introduction In this assignment we should learn more about management, this function and the principal task of the function management is planning. 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Later on, the producers became mindful of the costs associated with ineffective planning which potentially results in poor quality of products of dietary supplementsRead MoreFunctions Of Planning : Planning, A Essential Aspect Of Management1838 Words   |  8 Pagesin a period of five years. PROJECT PLANNING: Projects involving a few activities, resources, constraints, and inter-relationships can be visualized easily by the human mind and planned informally. However, when a project crosses a certain threshold level of size and complexity, informal planning has to be substituted by formal planning. The need for formal planning is indeed much greater for project work than for normal operations. Without effective planning, there may be chaos (Chandra, 2009)Read MoreFunctions Of Management : Planning, Directing And Controlling Essay933 Words   |  4 Pagesfour major functions of management in order to succeed. The success of any business organization depends on how well these functions are applied. These management functions make it possible for a business to handle its business strategy, tactical and operational decisions in a more efficient and effective manner. The aim of this paper is to discuss the four main functions of management: Planning, Organizing, Directing an d controlling. a. Planning - This is the first management function and it isRead MoreManagement: Planning Function Essay examples1624 Words   |  7 PagesManagement: Planning Function Planning is a major function of management. Planning may be the most important of all management functions. Planning involves a six-step process that assists an organization in setting goals and determining how to accomplish them best (Allen, 1998). â€Å"Effective planning helps an organization adapt to change by identifying opportunities