Homework Question on Managerial Planning
- What are the types of plans?
- How are they distinguished from one another?
- Do you think plans with incremental objectives are more effective than those that contain stretch goals? Why or why not?
- Support your opinion with outside resources.
Homework Answer on Managerial Planning
Types of plans
- Strategic plan
- Tactical plan
- Operational plan
The strategic plan is an advanced overview of the whole business, its objectives, vision and value. The plan is about the initial foundation of an organization and its decisions are dictated in the long-term. The duration of the plan may be two, five or even up to ten years. Managers at all levels normally turn to this plan in order to conduct their decisions. Additionally, it manipulates the culture in an organization as well as how it relates to the media and customers. For this reason, the strategic plan should be strong but flexible, forward looking and with a devoted focus towards accommodating future development.
This plan is meant to describe the tactics that organization decides to use in order to attain the ambitions stated in the strategic plan. In this case, it is a small range with duration of less than a year, low-level document which divides up the wider mission statements into slighter actionable chucks. The mid-level managers handle the creation of tactical plans. The plan is usually an extremely flexible document that can hold everything and anything needed to attain the organization’s objectives.