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Flashcards in Chapter 5 Deck (21):
1

Planning

Coping with uncertainty by formulating future courses of action to achieved specified results
Setting goals and deciding how to achieve them

2

Business plan

A document that outlines a proposed firms goals, the strategy for achieving them, and the standards for measuring success

3

Strategy

A large scale action plan that sets the direction for an organization
Represent and “educated guess” about what must be done in the long term for the survival or prosperity of the organization or its principal parts

4

Mission statement

“What is our reason for being?”
Expresses the purpose of the organization

5

Vision statement

“What do we want to become?”
Expresses what the organization should become, where is wants to go strategically

6

What are the three types of planning?

Strategic planning, tactical planning, and operational planning

7

Strategic planning

Top managers determine what the organizations long term goals should be for the next 1-5 years with the resources they expect to have available

8

Tactical planning

Middle mangers detemine what contributors their departments or similar work units can make during the next 6-24 months

9

Operational planing

First-line managers determine how to accomplish specific tasks with available resources within the next 1 to 52 weeks

10

What type of planning is done by Top managers?

Strategic planning

11

What kind of planning is done by middle managers?

Tactical planning

12

What kind of planning is done by first-line managers?

Operational planning

13

Strategic goals

Set by and for top management and focus on objectives for an organization as a whole

14

Tactical goals

Set by and for middle managers and focus on the actions needed to achieve strategic goals

15

Operational goals

Set by and for first-line managers and are concerned with the short term matters associated with realizing tactical goals

16

Action plan

Defines the course of action needed to achieve the stated goal

17

Operating plan

Designed for a 1-year period
Defines how you conduct your business based on the action plan
Identifies clear targets such as revenue, cash flow, and market share

18

Standing Plan

For activities that occur repeatedly over a period of time
Policy(general)-Procedure(particular)-Rule(required)

19

Single-use plans

Plans developed for activities that are not likely to be repeated in the future
Programs and Projects

20

What are SMART Goals?

Specific, Measurable, Attainable, results-oriented, and target date goals

21

Managment by objectives (MBO) fourstep process

1-managers and employees jointly set objectives for the employee
2-managers develop action plans
3-managers and employees periodically review the employees performance
4-the manager makes a performance appraisal and rewards the employee according to results