This article is about the impact that planning has on today's corporate society. The need for planning is often obvious and after the fact. This article examines the importance of planning in an organization and the important role it plays in the success in today's corporate world.
The organizing, staffing, leading and controlling functions stem from the planning function (Higgins, 1994). Today's managers are often ready to organize and staff only after goals, and plans to reach the goals, are in place. Often planning provides the goals and standards that set in motion the controlling function. Planning is important in all levels of management. There are several levels in today corporate planning:
Vision - Nonspecific directional and motivational guidance for the entire organization. Top
managers normally provide a vision for the business. It is the most emotional of the four
Mission - An organization's reason for being. It is concerned with extent of the business and
what differences this business for similar businesses.
Objective - Objective improves the mission and address key issues within an organization.
Goals - Goals are specific statements of projected results that further improve the organization's objectives. They are expected to be SMART or : Specific, Measurable, Attainable,Rewarding, and Timed. (Higgins, 1994)
Today's corporate world often uses strategic planning. Strategic planning is on specific type of planning. Strategies are the outcome of strategic planning. An organization's strategies define the business the firm is in, the criteria for entering the business, and the basic actions the organization will follow in conducting its business (Higgins, Page 229). Strategy plays a major part that entrust large amounts of an organization's resources to future actions, intended to achieve major objective and goals. Strategic planning is the process by which organization's strategies are determined.
Strengths and weaknesses in a major corporation often come from the internal environment of the organization. Strengths are frequently built up and are made the key to...