I have also used internet sources to Some of the popular forecasts are: a. Demand Forecasts b. Sales Forecasts c. Production Trends Forecasts d. Specific Industry Forecasts Apart from this general categorization, forecasts can also be company specific or problem specific, such as manpower forecasts for a particular industry, based on growth prospects.
Every forecast must be preceded by authentic research, analyzing of trends, taking into consideration risk factors and even the probability of an error. What is Planning? Planning is defined as - A long look ahead, Broad look around and A searching look within The most popular definition of planning is based on answering the following six questions: 1. What is to be done? Nature of Business 2. Why to do it? Objectives of Business 3.
How to do it? Technology and Strategies to be adopted 4. Where to do it? Place or location 5. Who will do it? People 6. When to do it? Planning is imperative in an uncertain environment. Strength — weaknesses — Without a clearly defined leader, poor decisions can be made that will contribute to the demise of the project. Team members need to interact in a productive way. Though each member may be an expert in his field, he also needs to be an expert in communicating with fellow team members.
Mutual respect is mandatory for a team to maintain cohesion and achieve results. If team members butt heads due to mistrust of each other's capability, results cannot be achieved. Team members must feel a loyalty to the team as well as to each other. To achieve success, a team needs to know its goal. The team needs a clearly defined mission statement that is easily understood by every member. Without understanding the purpose for the team, members will quickly lose enthusiasm and motivation.
Sometimes a team starts out with a vision, but because team members interpret it differently, the vision gets muddied. When deciding among various options and uncertain outcomes, managers need to gather information, which leads them to another necessary decision: how much information is needed to make a good decision?
Managers frequently make decisions without complete information; indeed, one of the hallmarks of an effective leader is the ability to determine when to hold off on a decision and gather more information, and when to make a decision with the information at hand. Waiting too long to make a decision can be as harmful for the organization as reaching a decision too quickly. Failing to react quickly enough can lead to missed opportunities, yet acting too quickly can lead to organizational resources being poorly allocated to projects with no chance of success.
Effective managers must decide when they have gathered enough information and must be prepared to change course if additional information becomes available that makes it clear that the original decision was a poor one. For individuals with fragile egos, changing course can be challenging because admitting to a mistake can be harder than forging ahead with a bad plan. Effective managers recognize that given the complexity of many tasks, some failures are inevitable. This is rarely the case with management decisions.
Other times there are multiple bad options, and the task is to minimize harm. Often there are individuals in the organization with competing interests, and the manager must make decisions knowing that someone will be upset no matter what decision is reached.
Sometimes managers are asked to make decisions that go beyond just upsetting someone—they may be asked to make decisions in which harm could be caused to others. These decisions have ethical or moral implications. Ethics and morals refer to our beliefs about what is right vs. Implicitly, ethics and morals relate to our interactions with and impact on others—if we never had to interact with another creature, we would not have to think about how our behaviors affected other individuals or groups.
All managers, however, make decisions that impact others. It is therefore important to be mindful about whether our decisions have a positive or a negative impact. The more diverse the thoughts and opinions are around the table, the more innovative your solutions will be. By involving your team members in the decision-making process, you show that you trust and value their opinion, which, in turn, builds employee engagement.
According to analytics and advisory firm Gallup , highly engaged employees produce substantially better outcomes, are more likely to stay at their organization, and experience less burn-out. In a separate study , 86 percent of respondents attributed workplace failures to a lack of collaboration or ineffective communication. By involving others in the decision-making process, you create an opportunity for colleagues to share ideas, learn from each other, and work toward a common goal.
In turn, you foster collaboration and help break down organizational silos. You might even surface overlapping initiatives within the company, which could save the organization resources and employees from duplicating work.
Self-awareness is a vital management skill , and has proven to be what sets high performers apart in the workplace.
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