Chapter 5 Flashcards
Planning
Choosing a goal and developing a method or strategy to achieve that goal
Steps in Planning
Set Goals, Develop commitment, Develop effective action plans, Track progress toward goal achievement, maintain flexibility
S.M.A.R.T. Goals
Specific, Measurable, Attainable, Realistic, and Timely
Goal Commitment
The determination to achieve a goal.
Action Plan
Lists the specific steps how, who, resources(what), and time period (when) for accomplishing a goal
Proximal Goals
Short term goals or sub goals
Distal Goals
Long term or primary goals
Option-based planning
Maintaining, planning flexibility by making small, simultaneous investments in many alternatives
Slack resources
A cushion of extra resources that can be used to address and adapt to unanticipated changes, problems, or opportunities
Strategic plans
That make clear how the company will serve customers and position itself against competitors in the next two to five years.
Purpose statement
A statement of a company’s purpose or reason for existing
Strategic objective
A more specific goal that unifies company wide efforts,stretches and challenges the organization and possesses a finish line and a time frame
Tactical plans
Specify how a company will use resources, budgets, and people to accomplish, specific goals related to its strategic objective 6 months to 2years/5 years
Tactical plans and objectives
Used to direct behavior, efforts, and attention over the next 6 months to a year
Management by objectives
Discuss possible goals
Collectively select goals that are challenging, attainable, and consistent with the company’s overall goals, jointly develop tactical plans that lead to the accomplishment of tactical goals and objectives , meet regularly to review progress toward accomplishment of those goals
Decision making
The process of choosing a solution from available alternatives
Rational decision making
A systematic process of defining problems evaluating alternatives and choosing optimal solutions
Steps 1 rational decision making
Define problem or gap between a desired state and an existing state
Step 2
Decision criteria the standards used to guide judgements and decisions
Step 3
Absolute comparisons or a process in which each decision criterion is compared to a standard or ranked on its own merits
Relative comparisons a process in which each decision criterion is compared directly with every other criterion
Maximize
Choosing the best alternatives
Satisfysing
Choosing a good enough alternative
Step 4
Generate alternative course of actions
Step 5
Evaluate each alternative against each criterion systematically
