business law Essay

Reference list
Caughron,J.Mumford,D.(2008). Project planning: The Effects of Using Formal Planning Techniques on Creative Problem-Solving, 17(3), 204-215. DOI: 10.1111/j.1467-8691.2008.00484.x
In order to survive and thrive in a constantly fluctuating business environment, one should be able to withstand and react to external forces which bombard as unexpected threats and challenges. Hence the concept of planning comes in to play, for managers need to be aware of the current market status, customer demands and economical and political conditions in order to attain the organisational goals and pursue its vision. Building strategies and developing ways to implement them is such a way in which managers develop a plan, thus is called a strategic management plan. Strategic management planning involves a series of steps basically; identifying organisation goals and objectives, performing an internal as well as external analysis, building strategies and implementation, finally evaluation of the outcome. Therefore anticipating and preparing for sudden situations requires a viable alternative such as a structured or strategic plan. In brief strategic planning enhances the organisation to foresee its future and chart a stable course to cope unexpected crisis and minimise threats. Allowing time to form a strategic management plan also contributes to increase efficiency and effectiveness of the organisational operations. A weakness observed in strategic planning is that the structure is complex and formal, perhaps may not suit the current business environment, time and cost involved in preparation and implementation. Hence it is suitable to identify planning techniques that facilitate innovation and support creative problem solving.
Leighton Holdings

Leighton Holdings Leighton Holdings is an Australian Based firm that operate in the fields of civil, construction, mechanical, mining, engineering, building, maintenance, rail and telecommunication and petrochemical and process engineering. In 2007 Leightons was happy to announce their profit of $360 million. And the man behind the success of this million dollar earning firm is Mr. Wal King, the CEO of Leighton Holdings. With its progression and eventual expansion Wal King has been able to make Leighton the Best Performer out of the biggest 100 companies in the Australian Securities exchange. The management structure of King clearly emphasise the four basic concepts of a good manager, which is Planning, Organising, Leading and Controlling. Mr. King defines the purpose of his organisation and implements strategies to achieve it thus showing us the function of planning. Several companies carry out business activities under Leighton holdings which lead to an organised structure of management. King has his own form of directing the work of employees in different businesses by providing constructive guidance and advice which signifies the function of leading. And consistently monitoring, comparing and correcting work performance shows the function of controlling, thus making Leighton Holdings a million dollar earning reputed company in the world.

Type of management approach adopted by Leighton Holdings.

From the example of Leighton’s case, it is clearly distinguished that the approach towards management is the behavioural approach since priority in decision making is delegated to individual business leaders running the businesses. Classical approach- Principles of Fayol are identified; POCCC - Individual Businesses are conglomerated so as to form a corporate structure enhance by Planning, Organization, Commanding, Coordination and Control. Behavioural approach - Hawthorne studies; social norms, feedback - Wal King doesn’t believe in making decisions on how people should be executing in their businesses, rather he provides constructive guidance and strategy clear expectation on improving performance by giving power for people to decide. Quantitative approach -

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