The Key Management Concepts example

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The Key Management Concepts

Every organization needs to set management concepts to achieve its goals. Regardless of the type of structure involved, the overarching management concept that sets the direction of the organization is PLANNING. This management concept is the process of determining action steps to achieve a desired goal amidst a constantly changing and uncertain environment. It consists of several steps: setting of objectives; establishment of planning premises; installing alternative courses; evaluation of alternatives; selecting a course of action; formulating derivative plans; creating sequence of activities; and feedback or follow-up of action. Through these steps, risks are effectively managed, and the degree of organizational success is assured. An organization is successful to the extent that objectives set are achieved.

Planning is one of the most important aspects of management. It is a guide for the organization to determine how they have progressed and how far they are to their goal. All the various facets of the organization are affected by the plan. Internal and external strengths and weaknesses, opportunities and even threats are all factored into the planning process. Planning takes charge of the different areas of financial assets, employee selection process, and other resources. It combines forecasting with preparation of scenarios and how to react to them.

As future manager of a business, I have to plan for my organization by working with and through people and other organizational resources. Considering the business uncertainties characterized by constant change, I will anticipate and forecast the future environment by efficient and effective planning. Through planning, I can minimize risks and increase the chance of achieving my organizational goals. I will take actions only after scanning factors that affect my business and eventually match them to available resources. Planning will be the basis of my direction and managerial actions. The course of action that I will take will come after careful planning.

A manager’s career is extremely interesting and can be fulfilling if he understands key management concepts such as planning. As a future manager, I should have a good grasp that I take actions not just for personal reasons but for the whole organization, and that I contribute to the economic performance and creation of wealth in the society. With planning as a management tool, I can efficiently play my role in the organization that I …

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