Allocation of resources
Allocate Resources and Develop Budgets
The resource allocation and budgeting process is one of the most powerful stages of planning. Resource allocation refers to the distribution of resources, and in particular finance, from the center to peripheral (outer) levels. Budgeting implies the more detailed determination of precisely how these funds are to be used.
- Managers allocate resources to carry out the plan such as o Money o People o Materials o Equipment and o Time
- Sales budget is the expected expenditures to achieve projected revenues. If budget resources are inadequate, the entire plan including sales forecast must be scaled down.
Implement the plan
- Goals or Objectives, strategies, and tactics need to be communicated throughout the organization.
- Sales manager often use management by objectives (MBO) - means that management and employees agree to the objectives and understand what they need to do in the organization in order to achieve them.
- Program evaluation and review technique or (PERT) is commonly uses for planning and scheduling.
- Pert diagrams specify a project’s critical path o sequence of tasks to be completed o the time to complete each activity and o responsible individuals.
Evaluation and control
Evaluation and control is an essential part of the management process. It is also the final stage, establishing how effective the business' many strategies have been. By measuring performance, the evaluation and control step tells business owners important information.
Evaluate and control
- Planning process requires a built in monitoring device for management evaluation and control.
- Device should includes o Regular measurements- to check progress toward specific objectives o Signal deviations in time- to take corrective actions and get back on track.
Performance Standards and Measures
Three types of performance standards
1. Comparison to industry average
2. Past performance
3. Managerial
The resource allocation and budgeting process is one of the most powerful stages of planning. Resource allocation refers to the distribution of resources, and in particular finance, from the center to peripheral (outer) levels. Budgeting implies the more detailed determination of precisely how these funds are to be used.
- Managers allocate resources to carry out the plan such as o Money o People o Materials o Equipment and o Time
- Sales budget is the expected expenditures to achieve projected revenues. If budget resources are inadequate, the entire plan including sales forecast must be scaled down.
Implement the plan
- Goals or Objectives, strategies, and tactics need to be communicated throughout the organization.
- Sales manager often use management by objectives (MBO) - means that management and employees agree to the objectives and understand what they need to do in the organization in order to achieve them.
- Program evaluation and review technique or (PERT) is commonly uses for planning and scheduling.
- Pert diagrams specify a project’s critical path o sequence of tasks to be completed o the time to complete each activity and o responsible individuals.
Evaluation and control
Evaluation and control is an essential part of the management process. It is also the final stage, establishing how effective the business' many strategies have been. By measuring performance, the evaluation and control step tells business owners important information.
Evaluate and control
- Planning process requires a built in monitoring device for management evaluation and control.
- Device should includes o Regular measurements- to check progress toward specific objectives o Signal deviations in time- to take corrective actions and get back on track.
Performance Standards and Measures
Three types of performance standards
1. Comparison to industry average
2. Past performance
3. Managerial