Answer to Question #195269 in Management for Shaun

Question

Your friend, Stan, an intern at a big insurance company, wants to impress his manager with his management knowledge. Stan asked you to advise him on some important aspects of management theory as you are a management student.  

Q.1.3 There are six broad contemporary factors in planning. Outline for Stan, any three factors with an original practical example of each.  

Answer 1

Answer

I would advise Stan that the aspects of management theory would be of importance to the company since the management concepts would help the Insurance company to focus, communicate and evolve. Therefore, using the management theory concepts would allow the leadership in the insurance company to focus on their main strategies.

Q.1.3) The Contemporary factors needed in planning that I would outline for Stan for the Insurance Company are as follows;

a)     Management and executive time- Planning needs a thorough approach. For instance, the executive and middle-level managers should take regular inputs from the ground level staff since they are most in touch with the end clients.

b)     Commitment- This factor should be considered in planning. for instance, while planning, you should not ignore the time and resource commitments the company will have to make to implement the plan

c)     Cost- no plan is complete without the costing factor; therefore, determining the cost of implementing the company’s plan is very crucial. For instance, if the result will give the insurance company 1500 dollars in profit, but the cost of implementing the plan should be 2000 dollars, then the plan is unviable for the company.