please read the information below to complete the study sheet this is a study sheet and will not be submitted as my own work.

Planning Tools and Strategies

Managers use one or more of the following tools or strategies to create plans:

(1) Participatory Planning

While managers are ultimately responsible for planning, they often choose to involve their team members in the planning process. Participatory Planning includes the people who will be affected by the plans and/or the people who will be implementing the plan. This planning strategy recognizes diversity and respects differences.

(2) Forecasting

	Forecasting is an attempt to predict what will happen in the future. For quantitative forecasting, mathematical models are used that predict the future usually based on past results. Qualitative forecasts about future events are made using the knowledge and opinions of experts. Forecasts are useful planning aids, but they must be used with caution since they can be wrong.

(3) Benchmarking

Benchmarking involves comparing the performance and plans of the business against an industry standard or best practice. This comparison allows the business to develop plans on how to make improvements or adopt best practices. Measurement is the central focus of the benchmarking process. Therefore, benchmarking typically focuses on those activities that can easily lend themselves to measurement, such as production volumes and sales. In some cases, organizational attributes are translated into elements that can be meaningfully measured and compared.

(4) Contingency Planning

Contingency Planning identifies alternative courses of action that can be followed if circumstances change. You cannot always predict what will go wrong, but you can usually anticipate that something will. Whenever possible, it is best to be prepared with alternate plans.

(5) Scenario Planning

Scenario planning is used largely by businesses that have to make expensive long term decisions in uncertain situations. It is an adaptation of methods used by the military. Scenario Planning is not about predicting the future; rather it is intended to describe what is possible. Ideally, scenarios should be constructed by a diverse group of people for a specific purpose. Here is an example of how Shell, a leader in the business world, used Scenario Planning.

In early 1973, Pierre Wack, head of Corporate Planning for Royal Dutch/Shell, was frustrated. He was frustrated because he felt that Shell (and indeed the entire world) was operating on the basis of two questionable assumptions: that the supply of oil would remain plentiful and that the price of oil would remain low. Wack developed an approach now referred to as Scenario Planning. Wack presented a series of short stories (or scenarios) about possible futures to senior management at Shell. In one scenario, an accident in Saudi Arabia led to the severing of an oil pipeline, which in turn, decreased production and thus supply, creating a market reaction that increased oil prices, allowing OPEC nations to pump less oil but make more money. Senior management, when confronted with the scenario, re-examined its assumptions about oil price and supply. Investigating further, they concluded that OPEC was preparing to increase oil prices. When the oil price shocks of 1973 hit, Shell was the only major western company (or nation for that matter) that was prepared. Within two years, Shell moved from the eighth biggest oil company to the second.

Willmore, Joe, "Scenario Planning: Creating Strategy for Uncertain Times", Information Outlook 9.1.2001

Short-Term Planning vs. Long-Term Planning

One way to categorize a plan is according to the length of time the plan covers. All organizations need both Short-Term and Long-Term Plans.

	Short-Term	Long-Term
Also called ...	short-range	long-range
Length of time	one year or less	five years or more
Type of plan	operational day-to-day standard operating procedures	strategic big picture vision
Managers	primarily low level managers	primarily top level managers
The plan is for...	specific departments specific functions	organization as a whole

Access the long description of this tablehere.

Types of Plans

Another way to categorize plans is by their type or purpose.

(1)Strategic Plansset the broad, long-term directions for a business. Strategic planning is examined in depth in the next activity.

(2)Budgetsare financial plans that allocate resources to specific projects, departments, or activities.

(3)Operational plansidentify specific activities that are needed to implement strategic plans. An organization has many operational plans, e.g., production plans, financial plans, facilities plans, marketing plans, and human resources plans.

ime - Management Techniques Time is a finite resource in every business and it must be carefully managed. The key to successful time management is planning and then protecting the planned time. For managers, time management requires diplomatically managing the expectations of others. There is a fine balance between making yourself available to others at work and ensuring that their demands don't take an inordinate amount of your time.

(1) Use a time management matrix. (A time management matrix will be described in the next section.) This technique will enable you to challenge and question your own habits, routines, and practices. (2) Decide when to look at your emails and instant messages. (It is recommended that you turn off the pop-up or noise that tells you when you have received email.) (3) Use a diary or activity planner. (4) Create a weekly schedule.

Time Management Matrix

One of the seven habits in Stephen Covey's best-selling book,The Seven Habits of Highly Effective People, is "Put First Things First." He discusses the importance of effective time management and explains how every task that you do in a day can be placed in one of the four quadrants of the time management matrix.

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Time Management Matrix

	Urgent	Not Urgent
Important	Quadrant 1	Quadrant 2
Not Important	Quadrant 3	Quadrant 4

Reflections

After this reflect on what you learned from this activity.

• Where do you spend most of your time?
• Do you get time to complete all of the things you want to complete in a week?
• Do other people dictate how you spend much of your time?
• Are there changes you should make?
• What have you learned about time management?

this is a study sheet and will not be submitted as my own work.