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Princ. of Management class summary #3

Principles of Management Class Summary #3
Course

Principles Of Management (BMGT 2501)

24 Documents
Students shared 24 documents in this course
Academic year: 2022/2023
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Seton Hall University

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Hannes Ronnholmen

Prof. Lancioni

Public - Presentational Spkng

2022-10-

Class Summary for 09/20/ For this week’s class, focus was primarily directed towards planning and change from a managerial perspective. Through the lecture, emphasis was put on the need for businesses and organizations to always be ready to change and adapt to new business environments. If this criterion is not met, and the business environment changes in a way that has negative effects on the organization, it will have a tough time trying to stay afloat.

To avoid this from happening, management employs several different types of planning strategies. These include scenario planning, long-term planning, contingency planning, and tactical or functional change plans. All these types of plans play a vital role in the functionality and future of any organization. They are all based on the vision that the organization is striving to achieve. With the help of quantitative- and qualitative forecasting, as well as benchmarking, managers can use external and internal data and forecasts to better predict the future of the organization and the environment surrounding it. It is important to add that this planning is intertwined with the analysis tools we learnt about last class, since those analyses often pave the way for what action management deems optimal to take.

Through the group assignments we also got to see how such planning and analyses have been – and have not been – successfully implemented in real organizations. Take for example the company Air Canada, who declared Chapter 11 bankruptcy in 2003. Some parts of this collapse of the business were due to different factors in the surrounding

business environment that negatively affected demand for air travel and an increase in operational costs. Had the airline gone through thorough contingency and scenario planning, using for example the SWOT-analysis and VRIO, they could have handled these external factors better. In addition to these negative external trends there were also internal issues of infrastructural and labor-related inefficiencies that the unplanned merger with Canadian Airlines brought. This could also have been dealt with better if the airline had though out a plan for such a scenario.

However, through a well-implemented long-term, strategic plan, Air Canada managed to find a way to come out of bankruptcy and turn into a profitable business again. In practice, Air Canada’s new CEO at the time, Robert Milton, had planned on dissolving the business into several subsidiaries, as he believed the company would be more valuable as such. Five years after its’ bankruptcy, in 2008, ACE completed its divestment of Aeroplan and Air Canada's regional airline affiliate, Jazz. Through putting this long-term plan into action, Air Canada successfully turned their losses into gains. Even though they lacked good short- term contingency planning, they eventually managed to turn things around, largely due to this thoughtful long-term planning.

Another key aspect of implementing changes is challenging the status quo. The task we were dealt – to think of ten things aliens would question about how we humans behave – was very helpful in getting us to think outside the box. This is exactly what ALCOA did when they scored their multi-million contract with Ford. ALCOA questioned the status quo that automobiles had to be made of steel and managed to successfully pitch this idea to Ford. This was made possible through utilizing all different types of planning strategies.

First, ALCOA utilized scenario planning, identifying future scenarios, such as the one that ended up happening. Secondly, ALCOA implemented long-term strategic

All-in-all, this class taught me about how organizations plan for and implement changes to all aspects of their business-model. It was also helpful in contextualizing such planning strategies and elements into real-world examples.

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Princ. of Management class summary #3

Course: Principles Of Management (BMGT 2501)

24 Documents
Students shared 24 documents in this course

University: Seton Hall University

Was this document helpful?
Ronnholmen 1
Hannes Ronnholmen
Prof. Lancioni
Public - Presentational Spkng
2022-10-24
Class Summary for 09/20/2021
For this week’s class, focus was primarily directed towards planning and change
from a managerial perspective. Through the lecture, emphasis was put on the need for
businesses and organizations to always be ready to change and adapt to new business
environments. If this criterion is not met, and the business environment changes in a way that
has negative effects on the organization, it will have a tough time trying to stay afloat.
To avoid this from happening, management employs several different types of
planning strategies. These include scenario planning, long-term planning, contingency
planning, and tactical or functional change plans. All these types of plans play a vital role in
the functionality and future of any organization. They are all based on the vision that the
organization is striving to achieve. With the help of quantitative- and qualitative forecasting,
as well as benchmarking, managers can use external and internal data and forecasts to better
predict the future of the organization and the environment surrounding it. It is important to
add that this planning is intertwined with the analysis tools we learnt about last class, since
those analyses often pave the way for what action management deems optimal to take.
Through the group assignments we also got to see how such planning and
analyses have been – and have not been – successfully implemented in real organizations.
Take for example the company Air Canada, who declared Chapter 11 bankruptcy in 2003.
Some parts of this collapse of the business were due to different factors in the surrounding

Students also viewed

Related documents