Essay about The Planning Function Of Management
1.1.a Why do managers need to plan?
Managers need to plan to set a direction for the business and so that everyone is on the same page about what the business is doing & how it will get there. (Community Tool Box, 2014) Planning also helps when measuring progress in the future to see how well goals are being met and what changes would be beneficial. (Topfer, 2011)
1.2.a Describe each of the main types of plans that workplaces use to meet their goals and objectives
A mission statement defines the purpose of a company, i.e. the reason for existing. (Hom, 2013) It will generally outline the overall goal of the company such as “To create content that educates, informs and inspires”. (Top Non Profits, 2014)
A vision statement defines where the company thinks that it will be given a set amount of time. (Queensland Government, 2013) While a mission statements defines where the business is at present a vision statement is in contrast to this in that it defines where the business will be in the future. An example of this is “Become a $125 billion company by the year 2000”. (O 'Donovan)
A business plan is a document that defines goals for an organisation and how & when they will be reached, like a timeline. (Entrepreneur.com, 2014) Business plans take the mission/vision statements into account to create a plan for the future. It should be kept up-to-date & revised when any major changes occur, such as when…