Process or function previously performed by an organization is transferred to a separate entity.

For ex: ADP performing payroll for organization

1. Prepare HR Staff for M&A Activity
2. Perform Due Diligence
3. Plan Integration
4. Implement, Monitor, and Measure

1. Issue identification

2. Team formation and training

3. Preparation for change

Acquired organization is required to develop plans:

- New strategic plan

- Organizational objectives to support strategic plan

- New technology in support of objectives

- Decisions on handling any needed changes

- Consolidation of legal requirements

- Change management process

- Employee communication strategies

1. Planning
2. Organizing
3. Directing
4. Controlling

Studying the future and arranging the means for dealing with it (forecasting, setting goals, and determining actions)

For ex: Forecasting future staffing needs

Designing a structure to assist in goal accomplishment

For ex: Designing an interview process

Engaging in those activities that ensure effective operation

For ex: Scheduling and conducting interviews

Ensuring that everything is carried out according to the plan

For ex: Measuring recruiting efforts and effectiveness

1. Define problem and gain support
2. Plan project
3. Implement project plan
4. Monitor, control, and adapt
5. Evaluate outcomes

Horizontal bar chart that graphically displays activities of a project in sequential order and plots them against time.

Steps of the project and their anticipated sequence duration are needed to create the chart. 

Developer: Henry Gantt

(Program Evaluation and Review Technique)

Presents a graphic illustration of a project. There are a number of circles (or rectangles) that represent project milestones and the circles are linked by arrows that indicate the sequence of tasks.

Knowing the events to complete project, how much time each event will need for completion, and in what sequence these events must be completed are needed to create chart.

1. Create awareness of the need for change
2. Create a vision of where you want to go
3. Facilitate change
4. Motivate employees
5. Incorporate the change into the organizations culture and structures

Managing the contract btwn your company and the third party.

- Most frequently outsourced services: 401k, health and welfare plans, defined benefit plans (pensions), stock/equity compensation

- Least frequent: Performance management, recruiting, payroll, deferred compensation

1. Analyze needs and define goals
2. Define the budget
3. Create a request for proposal (RFP)
4. Send the RFP's to the chosen vendors
5. Evaluate vendor proposals
6. Choose a vendor
7. Negotiate a contract
8. Implement the project and monitor the schedule
9. Evaluate the project

1. Strategy Formulation
2. Strategy Development
3. Strategy Implementation
4. Strategy Evaluation

• Vision and mission statements are developed
• Organizational values are defined

• SWOT analysis (environmental scan)
• Long-term organizational objectives are established
• Strategies to achieve those objectives are defined

• Short-term organizational objectives are established
• Action plans to achieve those objectives are developed
   
• Resources are allocated to work toward the objectives
• There is a focus on motivating employees to manage the plan

• Strategies are reviewed
• Performance toward objectives is measured
• Corrective action is taken

Compares revenues, expenses, and profits over a specified period of time (annually or quarterly); Provides the bottom line look at how the organization is performing; P&L's = Profit & Loss Statement

(Revenues - Expenses = Net Income)

Budgets are determined based on a predetermined formula 

For ex: marketing budget = 5% of gross sales

1. Product
2. Placement
3. Price
4. Promotion

Phase 1: Introduction

Phase 2: Growth

Phase 3: Maturity

Phase 4: Decline

• High energy and creativity
• Experienced staff to train
• Outsouring of specialized functions (payroll)
• Employees work closely with the founders

• Change and expansion
• Backlogs and scheduling issues (product demand > what can produce)
• Policies and procedures begin to be formalized

• Increased training
• Standardized policies and practices
• Intro of new products and services
• Hire less experienced staff

• Leadership is resistant to change
• Cost reduction
• Reductions in Force