2023 MY DISCUSSION IS What are the types of plans How are they distinguished from one another Do you | Assignments Online

Andrew Corp

            Managerial planning is something that all managers should know and understand in order to increase production and keep the organizational morale high.  The different types of plans are strategic, tactical, and operational.  The different plans can also be based off timelines.  The text refers to them as “planning time horizons” (Bierman, Ferrell, &Ferrell, 2016).  The first planning horizon is known as the long term plans or strategies, the second is the medium range plans or tactics, and the third is short term plans.  Each of these are based off of the time that it should take to reach the end result and production goals.  The long term plans or strategies is meant for plans that will take three years or more to reach their goals.  These plans are typically thought out by the executive management team, which is usually lead by the CEO.  This is a long term forecast that sets the strategies and goals that the CEO wants to meet at a timeframe that is three years or longer.  An example of a long term strategy is for a vehicle manufacturer to produce and sell the most amount of vehicles in a five year period making them the top of their market share.   The medium range plans are those that are established to tackle the goals that are set for between one and three years.  The middle managers are usually the ones that develop and instill these plans.  They are plans that cover production, economic advantages and things of this nature.  Short term plans are those that will effect productivity in the one year or less timeline.  This would be for a first line manager at a restaurant to understand what ingredients need to be ordered so that the full menu can be created at any time and the restaurant doesn’t run out of the ingredients needed.  The fourth and final type of plan is the contingency plan.  This plan is created in the case of either a positive or negative impact.  For instance.  If a manufacturer is producing a product on a trial basis, and that trial goes either well or does not meet the goals of the company, the contingent plan would be in place to either halt production or to increase production to a more permanent basis.  This plan is created to have a faster reaction to the result of the test in either direction that could be needed (Bierman, Ferrell, &Ferrell, 2016). 

            I think that both stretch goals and incremental objectives both add their value to an organization.  I think incremental objectives are best for an organization because it instills to the workers that they are either doing a phenomenal job, meeting the standards, or not meeting the standards.  Stretch goals only show one ending of the goal meeting.  They either met it or they didn’t meet the goal.  Both can be very motivational but in my opinion being reminded of the success on a more constant and regular basis is more motivational than just hearing the end result.  According to Mack, The short term goal can be valuable to a company because it shows either growth or progress of the company in reaching their long term goals or objectives (Mack, 2006).

References:

Bierman, L., Ferrell, O. C., & Ferrell, L. (2016). Management: Principles and applications, custom edition [Electronic version]. Solon, OH: Academic Media Solutions.

Mack, S. (2006) The importance of short-term objectives in a business decision. Retrieved from URL: http://smallbusiness.chron.com/importance-shortterm-objectives-business-decision-71116.html