Management Functions: Planning

This set of flashcards covers the foundational concepts of management planning, including the POSDCORB framework, formal definitions from management theorists, and the importance of planning in an organization.

POSDCORB

A keyword given by Luther Gullick for management functions representing Planning, Organizing, Staffing, Directing, Co-ordination, Reporting, and Budgeting.

Controlling

The function in which Reporting and Budgeting functions are summarized within the POSDCORB framework.

Planning

An intellectual process of logical thinking and rational decision making that involves deciding things to be done in advance and creating a detailed programme of future courses of action.

Planning (Koontz and O'Donnell definition)

Deciding in advance what to do, how to do it, when to do it, and who is to do it, thereby bridging the gap from where we are to where we want to go.

Planning (James Stoner definition)

The process of establishing goals and a suitable course of action for achieving these goals.

Forecasting

A technique used to look into the future and anticipate changes to reduce the risk of an uncertain future.

Clear Objectives

Targets and formulated plans that help managers analyze the present condition and identify ways of attaining a desired future position.

Path of Action

A guide provided by clearly stated objectives that ensures employees do the right things at the right time in the right way to achieve organizational goals.

Performance Improvement

The result of establishing objectives and selecting courses of action that allow employees to work according to timely guidelines, leading to higher profitability.

Risk Minimization

The process of anticipating future changes and deciding tasks in advance to handle uncertainties.