Business Organization Module 7

Planning Techniques

Methods or process followed by plans in preparing or evaluating their plans, programs, and politics

Forecasting

Making predictions of what is likely to happen in the future

Developing the Basis

The future estimates of various business operations will have to be based on the results obtainable through systematic investigation of the economy, products and industry

Estimation of Future Operations

On the basis of the data collected through systematic investigation into the economy and industry situation, the manager has to prepare quantitative estimates of the future scale of business operations

Regulation of Forecast

It has already been indicated that the managers cannot take it easy after they have formulated a business forecast

Review of the Forecasting Process

Having determined the deviations of the actual performance from the position forecast by the manager.

Contingency Planning

is a course of action that your organization would take it on unexpected event or sluation occurs.

Contingency Plan

helps to ensure you are prepared for wit may come

Crisis Management Plan

empower you to manage the response after the incident occurs

Contingency Factors

“Trigger Points”

may offer alternative course of action when the unexpected happens or when things go wrong

Scenario Planning

Making assumptions of what the future is going to be and how your business environment will change over time inlight or in that future

Benchmarking

It refers to another planning technique that generally involves external comparisons of a company's practices and technologies with those of other companies.

External Benchmarking

to achieve superior performance

Internal Benchmarking

to encourage employees working in different wok units to leam and improve by sharing one another's best practices.

Process Benchmarking

This is all about better understanding your processes, comparing performance against internal and external benchmarks, and finding ways to optimize and improve your processes. The idea is that, by understanding how top performers complete a process, you can find ways to make your own processes more efficient, faster and more effective.

Strategic Benchmarking

This compares strategies, business approaches and business models in order to strengthen your own strategic planning and determine your strategic priorities. The idea is to understand what strategies underpin successful companies (or leams or business units) and then compare these strategies with your own to identify ways you can be more competitive.

Performance Benchmarking

This involves collecting information on how well you're doing in terms of outcomes and comparing these outcomes internally or extemally. This can also refer to functional performance benchmarking, such as benchmarking the performance of the HR team or the marketing team.

Participatory Planning

an urban planning paradigm that emphasizes involving the entire community in the strategic and management processes of urban planning; or, community-level planning processes, urban or rural

Techniques of Forecasting

These are various methods of Forecasting