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Planning Chapter 5

management a practical introduction

AnswerQuestions
Action Plan Defines the course of action needed to achieve the stated goal
Analyzing let other organizations take the risks of product development and marketing and then imitate (or perhaps slightly improve on what seems to work best)
Cascading objectives down through the organization; that is objectives are structured in a unified hierarchy becoming more specific at lower levels of the organization
Defenders are expert at producing and selling narrowly defined products or services
Goal AKA Objective- is a specific commitment to achieve a measurable result within a stated period of time
Management by objectives (MBO) four-step process 1 managers and employees jointly set objectives for the employees 2 managers develop action plans 3 managers and employees periodically review the employee's performance and 4 the manager makes a performance appraisal & rewards employees
Means-end chain in the chain of management (operational, tactical, strategic) the accomplishment of lower-level goals is the means leading to the accomplishment of high-level goals or ends
Mission is its purpose for being
Mission statement expresses the purpose of the organization
Objective AKA Goal- is a specific commitment to achieve a measurable result within a stated period of time
Operating plan is typically designed for 1-year period, defines how you will conduct your business based on the action plan; it identifies clear targets such as revenues, cash flows, and market share
Operational goals are set by and for first-line managers and are concerned with short-term matters associated with realizing tactical goals
Planning is coping with uncertainty by formulating future course of action to achieve specified results
Policy is a standing plan that outlines the general response to designed problem or situation
Procedure (or standard operating procedure) is a standing plant that outlines the response to particular problems or circumstances
Program is a single-use plan encompassing a range of projects or activities
Project is a single-use plan of less scope and complexity than a program
Prospectors forces on developing new products or services and in seeking out new markets, rather than waiting for things to happen
Rectors make adjustments only when finally forced to by environmental pressures
Rule is a standing plan that designates specific required actions
Single-use plan are plans developed for activities that are not likely to be repeated in the future
SMART goal is one that is Specific, Measurable, Attainable, Results-oriented, and has Target dates
Standing plan are plan developed for activities that occur repeatedly over a period of time
Strategic goals are set by and for top management and focus on objectives for the organization as a whole
Tactical goals are set by and for middle managers and focus on the actions needed to achieve strategic goals
Tactical planning is they determine what contributions their departments or similar work units can make with their given resources during the next 6-24 months
Vision is a long-term goal describing what an organization wants to become
Vision statement expresses what the organization should become where it wants to go strategically
Operational planning is, they determine how to accomplish specific tasks with available resources within the next 1-52 weeks
Strategic planning they determine what the organization's long-term goals should be for the next 1-5 years with the resources that expect to have available
Created by: blearly
Popular Management sets

 

 



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