STUDY CASE PART 3

1   1. How does managerial planning for project impact take place at different levels within the    organization?

The types of planning that managers engage in will depend on their level in the organization and on the size and type of the organization. Generally there are four major types of planning such as strategic, tactical, contingency, and managerial. Managerial planning is the implementing of the strategic plan. It is the combining of resources to fulfil the overall objectives and missions of the organization. Besides, managerial planning focuses on the activity of a specific unit and involves what needs to be done, by whom, when, and at what cost. Managerial planning is usually considered as microlevel planning. Furthermore, its also helps in combining resources to fulfil the overall objectives of the extension organization. The planning process begins with the creation of a philosophy that consists of statements describing the values, beliefs, and attitudes of the organization. Its mission statement is a proclamation of its purpose or reason for being. After the philosophy and mission statements have been established, various goals and objectives are defined. Goals are usually general statements that project what is to be accomplished in the future. An objective is a concrete statement describing a specific action. Policies are predetermined guides to decision making. They establish boundaries or limits within which action may be taken. There are two ways that the managers are related to policy formation. Firstly, as managers, they should play a crucial role in implementing organizational policies that have been established by higher management in organizations. Second, they must create policies within their departments as guides for their own work groups. Procedures outline the series of steps to be followed when carrying out a designed policy or taking a particular course of action. To provide final and definite instruction, rules are used.

                                                   

2    2. Using the concepts of strategic management and core competence, explain why Walmart is scaling back on "cheap chic" fashion apparel in its remodeled next-generation stores.

Core competence is a deep proficiency that enables a company to deliver unique value to their customers. In addition, it also embodies an organization’s collective learning, particularly of how to coordinate diverse production skills and integrate multiple technologies. It can creates sustainable competitive advantage for a company such as Walmart and also helps it branch into a wide variety of related markets. Walmart is scaling back on "cheap chic" fashion apparel in its remodeled next-generation stores because its profit margins can be more than twice those of other categories. As an example is a household goods. Walmart's sales have been sluggish amid economic uncertainty and a skittish consumer. While the chain already is the second-largest apparel retailer in Canada, their customers are confused by Walmart's array of private labels, including the branded apparels such as 725, Bum and Penmans. Now Walmart is investing heavily in George, dropping its other apparel labels to focus almost solely on that line, which last year made up just 25 per cent of its clothing offerings. Canadians proved that regardless of income, they also want fast fashion. In the other hands, Walmart needs to develop this opportunity or otherwise they tend to lose more customers to others.

                                                  

3. What started the decision-making process that led to the overhaul of Walmart's U.S. stores? What common errors in decision-making could thwart the success of Project Impact?

The decision-making process that led to the overhaul of Walmart's U.S. stores are create a constructive environment. To create a constructive environment for successful decision making, we must establish the objective and define what we want to achieve. Besides, generate good alternatives. When we generate alternatives, we force ourself to dig deeper and look at the problem from different angles. To develop good alternatives, we must generate an ideas, considering different perspectives an organizing ideas. Then, explore the alternatives. When we are satisfied that we have a good selection of realistic alternatives, then we will need to evaluate the feasibility, risks, and implications of each choice. Moreover, check our decisions. This is where we look at the decision we are about to make dispassionately, to make sure that your process has been thorough, and to ensure that common errors haven't crept into the decision-making process. Thus, we can all now see the catastrophic consequences that over-confidence, groupthink, and other decision-making errors have wrought on the world economy. Lastly, communicate our decision and move to action. Once we have made our decision, it's important to explain it to those affected by it, and involved in implementing it. In addition, we must talk about why we chose the alternative we did. The more information we provide about risks and projected benefits, the more likely people are to support the decision. The common errors in decision-making could thwart the success of Project Impact are being too dependent on “expert” information. Some people rely too much on the experts when in fact not all of them are truly experts. If ever they are, they are still prone to mistakes and can even have their own set of biases. Instead of getting information from just one source, try widening the search and sources. Furthermore, too much overconfidence. If we feel very confident of the decision we are about to make, try to humble the overconfident attitude and still remain open to possible options or other information. Next, underestimating the information taken from others. A little respect for receiving unsolicited and volunteered information or suggestions is healthy in the decision making process.