http: //www. iraq-businessnews. com/tag/abu-dhabi-oil-refining-company-takreer/. 12The Abu Dhabi, 2007. Economic Vision 2030.12AbstractThis project is about planning as a management function in the Abu Dhabi Refinery Company (TAKREER). The paper provides an expansive definition of planning in the business world. A discussion is then made on the importance of planning to businesses along with an explanation on the process of business planning. In addition, a study on how planning can be achieved is done. This function has its benefits and these are discussed in the paper. Managers usually face some challenges when dealing with this function and some of these challenges shall are discussed in this paper.
The paper also explains how a company can control and monitor the planning function. Besides these, the paper investigates planning as carried out by the Abu Dhabi Refinery Company (TAKREER). It defines planning from the view of Takreer Refinery before giving basic information about Takreer Refinery. A discussion on how it has been able to apply planning as a management function is critically. Details are given on the impact that the use of planning has had on Takreer Refinery alongside giving details on how planning was successfully deployed.
An illustration on some of the techniques that are used by management while carrying out this function is made. Further, a short comparison is be made on how planning at Takreer and the planning that was discussed in our introduction are related. The paper then discusses planning as applied by Takreer, albeit in our opinion, before giving a conclusion on planning, both generally and as applied by the Abu Dhabi Refinery Company (TAKREER). Planning In ManagementIntroductionPlanning involves the processes of developing mission and objectives of a business and establishing how they can be accomplished (Fincham, 2003).
It can be said to be the creation of a road map aimed at guiding the business towards its success. Planning is meant to increase the chances of success of a business. It enables a business to anticipate any problems that may occur and make decisions on how best to tackle the problem in advance. In addition, planning helps justify the preparation and actions taken by management in the business. It gives validation for a decision or an action.
Besides, planning is an indication of the ability and commitment of a business and its management. It gives the business a picture of the future and helps it in making some decisions that will best suit the business in future. It is important for the business as it helps it in investigation and evaluation of new opportunities and can be presented as a case for financing, if need be. Furthermore, planning enhances communication between management and staff and develops a clear understanding of roles. According to Parr (2009), planning is a process that goes beyond the production of a plan and continues to its implementation and beyond.
The process of planning should take a participatory approach by all the concerned groups. It can be said to be a cycle that has three key elements that include preparing a management plan, implementing the plan and monitoring and reviewing the plan. Several steps can be taken in the process. First, is the pre-planning phase where the goals are set. Information is then collected and research carried out. This information is then evaluated and a SWOT analysis carried out to identify any constraints.
Management can then develop their vision and objectives. After this, alternatives are identified and evaluated. A draft of a plan can then be made and consultation done. After approval, the plan is monitored and reviewed before making a decision on whether to update the plan. Companies use the above processes in application of planning. The goals and objectives may be different but their approach is the same. Strategic planning can be used as a technique by the managers in planning.
It involves a vision on where the business is, where they want to be and how they can get there. By implementing the function of planning, the management will be able to identify its effectiveness. Further, it will be able to observe continuity in management and accountability in the business will be increased. Planning also helps management in proper utilization of financial and human resources.