Tuesday, October 8, 2013

Planning - Six Major Planning Tools and Techniques

Identify and briefly describe each of the six major planning tools and techniques that managers use. Give examples of how they are used.

The six major planning tools and techniques that managers use are identified and described below:
       Forecasting is the process of predicting what will happen in the future.
       Contingency planning involves identifying alternative courses of action that can be implemented, if and when an original plan proves inadequate because of changing circumstances.
       Scenario planning is a long-term version of contingency planning that involves identifying several alternative future scenarios or states of affairs that may occur, and then making plans to deal with each scenario should it actually occur.
       Benchmarking is a technique that makes use of internal and external comparisons to better evaluate current performance and identify possible actions to improve the future.
       Staff planners are persons who take responsibility for leading and coordinating the planning function for the total organization or one of its major components.

Source: Management, 11th Edition - John R. Schermerhorn

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