Importance of Planning
We all have dreams of finding fame and fortune and winning the respect and admiration of others. To make our dream come true, we need to set specific, measurable goals with realistic, achievable deadlines. The same is true in any developing economy. Goals are important for at least four reasons1. GOALS PROVIDE A SENSE OF DIRECTION. Without a goal, the managers of a developing economy tend to muddle along, reacting to environmental changes without a clear sense of what they really want to achieve. By setting goals, they bolster their motivation and gain a source of inspiration that helps them overcome the inevitable obstacles they encounter.2. GOALS FOCUS OUR EFFORTS. Every person and every organization has limited resources and a wide range of possible ways to use them. In selecting a single goal or a set of related goals, we establish priorities and make a commitment about the way we use our scarce resources. This is especially important in a developing economy, where the managers must coordinate the actions of many investors of diverse origins.3. GOALS GUIDE OUR PLANS AND DECISIONS. What we set, as goals will shape both our long-term and short-term plans and help make many key decisions. Managers in a developing economy fa
FIXED OR MANAGED EXCHANGE RATES, EXCHANGE CONTROLS. Hard to get financing for investment projects. Difficulty in monitoring and taxing economic activity leads to inflation tax or seignorage. Increasingly, economic development programs need to be "targeted. It can also identify appropriate development projects and activities, implement such plans, report annually/periodically on progress, difficulties, e. The process is about planning because it involves intentionally setting goals (i. In all cases, the strategy is meant to lead to action. " For example, economic development might be targeted to developing a particular sector where a region has a competitive advantage, such as manufacturing or value-added processing. Being strategic, then, means being clear about the organization's objectives, being aware of the organization's resources, and incorporating both into being consciously responsive to a dynamic environment. IMPORTANCE OF NATURAL RESOURCES OR AGRICULTURE IN EXPORTS.
Common topics in this essay:
DEVELOPING ECONOMY,
CORRUPTION Bribery,
CONCLUSION Planning,
PLANNING Strategic,
EVALUATE PROGRESS,
FOCUS EFFORTS,
SENSE DIRECTION,
PLANS DECISIONS,
,
EXPORTS Common,
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developing economy,
economic development,
planning process,
developing countries,
decisions actions,
achieving goals,
setting goals,
strategic planning process,
exchange rates,
planning developing economy,
exchange rates exchange,
strategic planning strategic,
emerging challenges,
planning strategic planning,
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Acceptance Essays
