Management Planning - 1252 Words

Management Planning Student’s name Institution Management Planning Introduction Planning is the means of choosing the best option among others to carry out different managerial roles in order to attain predetermined objectives. It is a necessary management function, which includes formulation of one or more thorough plans to attain optimal balance of wants or demands with the available wealth. Planning is a thorough agenda concerning upcoming course of action. In the essay, I will discuss the management planning of Boeing organization. Planning as a purpose of management involves six steps. The first step is the establishment of realistic, acceptable and attainable objectives that†¦show more content†¦However, if a social responsibility is done by any member of the company outside of the company’s intent, then it could reflect on their entire reputation of the company. In the industry, commercial aircraft has a lot of uncertainties that have factors and risks that could have effect on the overall business success. The three factors influencing B oeing strategic, operational, tactical and contingency planning are economy, terrorism and globalization. Currently, Boeing Company has control on the profit levels, pricing and a series cash flow. In the commercial aircraft market planes, which is the most profitable Boeing enjoys a virtual monopoly; however, Boeing has to consider the very important factors when strategizing due to the volatility and fluctuating nature of the industry. The country’s economy is the main factor that impinges on aircraft manufactures. The decline of the economy explains the diminishing in orders for new airplanes. The purchasing power of airlines is low during the recession when demand in air travel is poor. A pilot project for target costing was implemented at Boeing and is now used companywide. In the entire company value chain, the major challenge is reaching the target cost. On the basis of an economy performance, Boeing works with its suppliers to clarify the current market pressures on c ost and also to unearth solutions for challenges faced. The company’s cost is lowered than the competitors byShow MoreRelatedPlanning : Planning And Management995 Words   |  4 PagesIn Chapter 5, the concept of planning is used to correlate planning and management. Planning, in regards to management, can be setting rules and guidelines to complete a goal. Planning can be broken down into different categories or type such as strategic planning, tactical planning, and organizational planning. Some critical components to have when discussing strategic planning is the vision, mission, and values. Initially, a manager starts with strategic planning that gives them a long term goalRead MoreManagement Planning at Halliburton1102 Words   |  5 PagesManagement Planning at Halliburton Planning is one of the most critical functions of management an organization can use to accomplish its mission. Halliburton was founded in 1919 and is one of the largest providers of products and services to the energy industry, with a workforce of almost 50,000 people in over 70 countries. Their home office is located in Houston, Texas and they have been leaders in the energy services and engineering and construction (EC) industries for almost a century. ThisRead MoreNursing Management (Planning)4852 Words   |  20 Pagesobjectives and core values as it pertains to nursing services; †¢ discuss the elements/ components of planning; †¢ enumerate the types and phases of strategic planning; †¢ understand the importance of formulating mission, vision, value statements, objectives and philosophy act as a basis for any organization; and †¢ understand the purposes and benefits of strategic planning. Elements/ Components of planning Forecasting or Estimate the future Set Objectives/Goals and Determine Results Desired Develop andRead MoreManagement Planning at Boeing Essay1105 Words   |  5 PagesAssignment: Management Planning Paper Management Theory Practice and Application With any company, organization, or corporation the first phase of any management is planning. This phase is very important to any company because many different planning functions and each planning function create a standard for each of its employees to follow. This paper will discuss the planning functions of management while looking at the Boeing Company. While looking at the different planning functions, thisRead MoreStrategic Planning : Strategic Management1707 Words   |  7 Pages1. How do you conduct your strategic planning? Strategic planning is a joint endeavor that involves field operations, headquarters and mission support. The agency’s strategic planning practices entail brainstorming new ideas, implementing innovations and reflecting on past practices in developing action plans to improve daily functions, upcoming operations and immediate response actions to crisis situations. The operational plan or warning order provides mission critical information regardin g equipmentRead MoreEssay Halliburton Management Planning1116 Words   |  5 PagesRunning Head: Halliburton Management Planning Halliburton Management Planning Sherita Carter Wk 3 Paper University of Phoenix November 11, 2008 MGT 330 Dennis Dwyer Halliburton Management Planning Halliburton is one of the largest Drilling companies in the world. This company has over 50,000 employees and operates in more then 70 Countries including North America, Central South America, Africa, Europe, Middle East, Asia, and Oceania. Halliburton consists of two company divisions-(1)Read MoreManagement Planning Paper1348 Words   |  6 PagesLemont Feb 27, 2008 Management Planning Paper In management, each of the four functions, planning, organizing, leading, and controlling, are crucial to the development of any business. Involving employees in the planning process help them understand the goals of the organization. Planning is analyzing a situation, determining the goals that will be pursued, and deciding in advance the actions needed to pursue the goals. This paper will evaluate the planning function of the Halliburton CompanyRead MorePlanning Functions of Management1530 Words   |  7 PagesPlanning Functions of Management â€Å"Planning is concerned with the future impact of today s decisions. It is the fundamental function of management from which the other four functions stem† (Erven, 1999). Considering planning is the first of the four functions of management, one can appreciate the importance and impact it has on the other functions. Production cannot begin and staff cannot be mobilized unless the planning phase has been completed. Factors however, do exist which affect the planningRead MoreThe Management Functions Of Planning927 Words   |  4 Pagesassigned reading and peer-reviewed journals. The three concepts discussed are: The Management Functions of Planning, The Management Functions of Controlling and The Management Functions of Organizing. The management functions of planning is a crucial function of management as it is setting goals for specific results and determining how to achieve those results Satterlee (2013). There are many aspects that impact planning within an organization such as it gives organization direction; decreases uncertainty;Read MoreEssay about Halliburton Management Planning1102 Words   |  5 PagesAsia, and Oceania. Halliburton consists of two company divisions-(1) Drilling and Evaluation and (2) Completion and Protection This paper will go over the various aspects of Management planning within Halliburton. Planning Function of Management Planning is essential at all levels of the Halliburton Organization. Planning is a methodical approach for translating the company mission and vision into strategies and action plans that respond to the customer, stockholders, and employees, as well