Accounting technicians scheme west africa
Focusing Attention on Different Time Horizons
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- Ensuring availability of adequate resources
- Supporting organisational control system
| Focusing Attention on Different Time Horizons Many business programmes may take years to complete with the aid of planning, steps can betaken to achieve long-term objectives by balancing them with short-term goals. viii) Understanding circumstances contributing to past successor failure It is vital for managers to learn from past successes and failures. Planning can bring the reasons for poor and good performance into sharper view, thereby enabling the firm to draw on experience. ix) Ensuring availability of adequate resources A well-designed plan leads to identifying the resources needed for the future. These resources may come from several sources. x) Establishing performance standard The end result of any planning process is a series of statements regarding objectives to be met along with expected activities. These criteria define expected behaviours for organisational members and allow for the assessment of progress. As time passes, the relative contribution of individuals and groups can be assessed and rewarded. xi) Supporting organisational control system Organisations cannot succeed unless control systems are in place to ensure that objectives are being attained and that resources are being used appropriately. xii) Developing what if scenarios Organisations, like individuals face a great deal of uncertainty. Planning can help managers deal with uncertainty by anticipating what may happen in the future. No firm has a crystal ball to accurately forecast the future. Planning can help identify different future scenarios and spell out what to do in each scenario. This is known as contingency planning. xiii) Management Development Individual managers should play a major role in focusing the organisation on the future. Planning helps managers to be proactive and forward thinking rather than being reactive and just letting things happen. By considering future possibilities and developing along- term vision, manager can become more committed to the firm and learn to convert abstract ideas or objectives into concrete actions. Download 3.37 Mb. Share with your friends:
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