The public company I will focus on this assignment is Ford Motor Company. This company uses various elements of planning. Some of the common elements of planning include aims, objectives, budget, and policies among others. Budget is an element of planning that a specified period of coverage as well as the specified financial amount. Concerning the company, Ford evaluates the finances to be used in projects. Secondly, analysis of competitors is also an example of planning since the company has to look into the competition factor before making an investment (Ford Motor Company, 2000).
Elements of control include comparison, setting standards and handling deviations. Setting standards entail the various techniques that are used by organizations to measure the attainment of goals and objectives. Comparison, on the other hand, involves the actual measuring of what has been achieved against what was planned. Ford Motor Inc carries out goals evaluation after launching a project. Besides, The Company’s management utilizes expert advice to find out what actions to take when the set goals have not been achieved (Morden, 2007).
Decision making is an important function of management in any organization. Some of the critical elements of decision making that Ford Motors use include problem clarification, problem definition, and action commitment. Concerning problem clarification, Ford Determines whether the problem is generic or not. For instance, the management assesses whether the failure to the attainment of goals is as a result of low productivity from the employees or lack of adequate project financing. An example that relates to the action commitment element of decision making in the company may be the recruitment of more employees to close the employee gap that led to goal attainment failure.
Ford Motor Company. (2000). Ford Motor Company. Dearborn, Mich.: Ford Motor Co.
Morden, T. (2007). Principles of strategic management. Aldershot, England: Ashgate.