This plan is a strategic planning tool that enables you to be able to evaluate the strengths, weaknesses,
They design and devise ways to improve their companies and departments.
However, factors inside and outside the company can affect managerial planning for better or worse. Fail-proof planning does not exist, but taking steps to mitigate any negative effects of planning can help ensure project success.
Planning enables managers to adjust the environment in which their companies operate instead of only reacting to changes.
Competition Companies that do not jump quickly into a promising product or service market may be outmaneuvered by their competitors. Planning may take a backseat to entering the profitable, emerging market for a new product or service when a company wants to beat its competitors.
In some cases, the higher costs of completing the project before competitors that comes from a lack of thorough planning do not have negative effects on the business. The higher profits that come from beating competitors to customers more than compensates for them.
However, a hurried entrance into a new market can cost the company money in the long run and not make full use of managers' planning abilities.
Economy The overall economy or health of the company's industry also may negatively affect a manager's ability to plan.
When sudden downturns occur, planning must be stopped, adjusted or taken in a new direction. If the economy improves significantly, managers may scrap former plans and begin new ones. Managers must be flexible to changing outside economic conditions even when they are in the midst of planning a project of special interest to them.
Managers Managers themselves also affect their own planning function. If they are not good planners in general or do not have the experience, education or background in planning required to be successful, they are more likely to plan poorly. They may not fully commit to the planning process, as it can be complicated and time-consuming.
They also may sacrifice their visions of the long term for solving short-term problems. Managers may rely too much on their planning departments to construct and organize the vision for a project.
The responsibility to plan still rests with them. Managers also may focus too much on the variables they can control instead of the variables that they cannot, such as the economy.
Information When planning occurs, it is vital to have accurate information from consumers, the market, the economy, competitors and other sources. Managers who do not have accurate and timely information are more likely to plan poorly and inadequately.Internal and External Factors Paper XXXXXXXXXXXX MGT/ xxxxxxxxx xxxxxxxx Internal and External Factors Paper The purpose of this paper is to explain how internal and external factors affect the four functions of management in the Wal-Mart Corporation.
ISO IEC Plain English information security management definitions. Use our definitions to understand the ISO IEC and standards and to . Intrinsic motivation has been studied since the early s.
Intrinsic motivation is the self-desire to seek out new things and new challenges, to analyze one's capacity, to observe and to gain knowledge.
It is driven by an interest or enjoyment in the task itself, and exists within the individual rather than relying on external pressures or a desire for consideration.
An organization's external environment consists of outside factors that influence its operations. These include competition, economic landscape, consumer tastes and trends, regulatory environment. Internal and External Factors Affect the Four Functions of Management Influence of Internal and External Factors of Management Introduction The internal and external factors which have influenced organizational functions in a lot of ways are ethics, diversity, innovation, technology and globalization, which have significant impact on laying out organizational functions, and can have a great.
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