Mgt/230 Wk3 Management Planning

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MGT/230_ Wk3_Management Planning

MGT/230
April 15, 2013

Management Planning As today’s leading energy company, British Petroleum, PLC (BP) has been thriving to satisfy the investors with legal, ethical, and social responsibility issues as a corporation while protecting employees and environment. The global economy has been fluctuating rapidly since the last tragic incident that happened in 2010; therefore, now is the time to evaluate the organization’s management planning function, analyze the influence that have had on management planning at BP, and analyze the factors that influence the company’s strategic, tactical, operational and contingency planning.
Planning Function of Management The board of directors have played valuable role in both planning and decision making process at BP since the incident in 2010. Although BP had fully engaged to solve the issues from the incident by using top level skills and taking appropriate measures, the lesson BP learned was, in such a painful manner, that there are substantial financial risk accompany poor decisions and planning which was losing $30 billion, according to Marianne M. Jennings (Jennings, 2010). Therefore, BP plc is adopting a new basic planning process that was introduced by Bateman and Snell: situational analysis, alternative goals and plans, goal and plan evaluation, goal and plan selection, implementation, and monitor and control that moves not just in one direction, but in a cycle (Bateman & Snell, 2011). As top management of BP, board of directors should stand strong and have firm belief by using newly adopted method that BP will overcome the past and become more successful than ever by properly conducting strategic planning.
Past Influence on Management Planning Numerous factors such as legal issues, ethics, and corporation social responsibility have had influenced on management…...

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