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* Objectives. Objectives are statements of future conditions, that a manager hopes to achieve. All
sets ofobjectives have three characteristics: priority, timing, and measurement. The
prase priority of objectives impliesthat at a given time, accomplishing one objective is more
important thanaccomplishing others. Time dimensions imply that an organization's activities are
guide by different objectives, depending on the duration of theaction being planned.
Effective planning requires measurement of objectives. A variety of measurements exists to
quantify objectives in the eight areas that management expert Peter Drucker suggests: market
standing, innovations, productivity, physical and financial resources, profitability, manager
performance and responsibility, worker performance and attitude, social responsibility.
* Actions. Actions are the means, or specific activities, planned to achieve the objectives. The
terms strategies and tactics refer to planned courses of action.
* Resources. Resources are constraints on the course of action. It also involves budgeting identifying the sources and levels of resources that can be committed to the courses ofaction.
Management can select the type of budget that best suits the planning needs of the organization.
* Implementation. Implementation involves the assignment and direction of personnel to carry
out the plan. The three approaches to implementation are authority, persuasion, andpolicy.