Tyco Company is a multinational group of companies that are destined to providing manufacturing services based on telecommunications as well as electronics. It also provides services on security and healthcare. The corporation of Tyco Electronics has experienced quite a rapid growth for the past few years, and it is today ranked as the world’s largest manufacturer of components.
Management planning is a broad concept that ideally entails definition of the process of engaging all the resources and stakeholders of a particular business enterprise in order to accomplish the set goals of the business, which include success and long-term prosperity. Planning is very crucial to management because having a plan on how all the business resources are managed is the first step to success of the business.
Tyco Company has exercised a very high degree of planning for its management. Planning has enabled the company to wisely and economically manage its process assets. These assets include the stipulated standards as well as policies that govern the Tyco Company. These process assets that have been well managed through proper planning within the Tyco Company are risk categories, whereby risk management planning has been emphasized roles as well as responsibilities of each member of the company that is the workforce, the management team and the stakeholders, and finally processes of decision making within the company.
Tyco Company has also been able to plan for managing the company’s environmental factors. These factors disclose tolerance that whole company organization and the stakeholders’ experience. Understanding of these factors have enabled the whole Tyco Company organization and the stakeholders to be satisfied with decisions that reward the level as well as the density of risk management that is applied in the company. Budgeting is also very important in any organization. Therefore planning on how to manage budgeting has been a key issue in Tyco Company and this has contributed to even distribution of resources within the different branches of the company organizations. Planning has also ensured that such overlooked issues in many companies such as risk management are considered and budgeted for.
Time is always a constraint and time management is a very important aspect that should be stressed on by every organization that seeks to succeed. Tyco Company has a well plan for time management, something that has ensured coherence among the various companies’ departments (Drucker,Harper & Row,1954).Planning for time management has also helped Tyco Company in fast manufacture, and supply of its products such electronics in time and as well, time service provision. This has highly boosted the company’s credibility and reliability, while at the same time rising to the higher levels of success.
There are legal issues that arise within the Tyco Company. The fact that Tyco Company is a multinational Company means that it has several business operations in different states of countries. Each country is bound to have a different scale for tax payment. In some countries, therefore, Tyco Company meets a lot of expenses through tax payment and this affects planning for budgeting management. Planning is hence affected on the basis of budgeting due to this legal issue.
Ethics deals with good relations towards others or the moral standards that are expected in the society. Tyco Company has been able to maintain high ethical practices by understanding that, ethics as far as a business is concerned, begins right from the top. The top managers in the Tyco Company therefore have been able to observe high critical standards hence setting a good example for the employees at the lower level to emulate. This has enhanced management planning through establishment of a strong relationship and trust among the company’s staff, and the entire society. Drucker, Harper & Row, 1954).
The company also exercised quite high social responsibility standards. It identifies and work s towards mentioning its customers through establishing good employee customer relations. This has affected the management planning for Tyco Company since the company’s reliability is heightened and the customers are assures for the companies time management.
Tyco Company has also laid down strategic contingency, operational as well as tactical plans. Strategic planning is a process though which a company’s goal that are long term are determined at also involves identification of the most appropriate approach though which these goals can be achieved. Contingency planning involves putting into place long-term measures that are aimed at responding to any unlikely disaster that is bound to occur. It involves planning for the unexpected. Operational planning involves all the activities that are short term and are geared to operating together towards success of the company while tactical planning involves planning for immediate future.
All these plans are influence by various factors in any company. In Tyco Company, lack of adequate resources such as funds and time has entirely affected perfect strategic, contingence, operational and tactical planning. Most of the funds and available time is committed to expanding the business networks and technology as well as providing in service training to the companies workforce. (Thompson & Sheldon, 2003).
Lack of qualified personnel who can deliver reliable plans has been another factor that has influenced the company’s strategic, tactical, operational and contingency planning. This has led to increased chances of for instance, future risks since there are no firm laid grounds for risk management plans. Unqualified personnel have also led to a problem of not documenting all the research and activities that the plans establish.
This planning is also influenced by credibility which is created by representative participation, clear documentation as well as adhering to the rules of achieving the complete process.
Drucker P. F. Harper & Row. (1954).The Practice of Management.