005 - planning and controlling Flashcards
(26 cards)
What is the planning process in management?
A crucial function providing guidance for organizing, leading, and controlling.
What does organizing involve in the management process?
Allocating and arranging resources to achieve key tasks.
What is the role of leading in management?
Guiding the efforts of the organization’s staff to ensure high levels of task accomplishment.
What does controlling entail in management?
Monitoring and assessing task accomplishment and taking necessary corrective action.
What is the primary purpose of planning in management?
Establishing goals and standards that guide control efforts.
List the benefits of planning in management.
- Provides direction
- Reduces uncertainty
- Minimizes waste
- Increases effort and motivation
- Promotes persistence
- Stimulates problem-solving and innovation
What are some drawbacks of planning?
- Hinders adaptability
- Creates a false sense of certainty
- Planners may be detached from daily operations
What does the acronym S.M.A.R.T. stand for in effective goal setting?
- S - Specific
- M - Measurable
- A - Achievable
- R - Relevant
- T - Time-bound
What is the focus of strategic plans created by top managers?
Guiding the entire organization over the next 2 to 5 years.
What is the scope of tactical plans developed by middle managers?
Narrower in scope than strategic plans, focusing on resource allocation over 6 months to 2 years.
What do operational plans created by first-level managers focus on?
Day-to-day activities and short-term goals (30 days to 6 months).
What are single-use plans?
Plans created for one-time projects.
What are standing plans?
Ongoing policies and procedures used for recurring situations.
What is the purpose of forecasting in planning?
To predict future conditions by analyzing economic, social, and environmental data.
What are contingency plans?
Plans that guide how an organization should respond to unexpected events.
What are the three steps involved in creating contingency plans?
- Preventing crises
- Preparing by assigning responsibilities
- Responding quickly and effectively
What is scenario planning?
A long-term strategy that helps organizations prepare for multiple possible futures.
What are the four steps in the control process?
- Establish performance objectives and standards
- Measure actual performance
- Compare actual performance with objectives and standards
- Take necessary action
What is feedforward control?
Control that takes place before a work activity is done to prevent anticipated problems.
What is concurrent control?
Control that takes place while an activity is in progress to correct problems as they arise.
What is feedback control?
Control that takes place after the work is completed, providing useful information for future improvements.
What are the four perspectives of the balanced scorecard approach to control?
- Financial
- Customer
- Internal operation
- Innovation and learning
What does the financial perspective of the balanced scorecard focus on?
Using accounting tools to monitor and control an organization’s financial performance.
What is the focus of the customer perspective in the balanced scorecard?
Understanding how customers perceive an organization and tracking retention rates.
