Flashcards in Chapter 5 Deck (21):
Coping with uncertainty by formulating future courses of action to achieved specified results
Setting goals and deciding how to achieve them
A document that outlines a proposed firms goals, the strategy for achieving them, and the standards for measuring success
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
“What is our reason for being?”
Expresses the purpose of the organization
“What do we want to become?”
Expresses what the organization should become, where is wants to go strategically
What are the three types of planning?
Strategic planning, tactical planning, and operational 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
Middle mangers detemine what contributors their departments or similar work units can make during the next 6-24 months
First-line managers determine how to accomplish specific tasks with available resources within the next 1 to 52 weeks
What type of planning is done by Top managers?
What kind of planning is done by middle managers?
What kind of planning is done by first-line managers?
Set by and for top management and focus on objectives for an organization as a whole
Set by and for middle managers and focus on the actions needed to achieve strategic goals
Set by and for first-line managers and are concerned with the short term matters associated with realizing tactical goals
Defines the course of action needed to achieve the stated goal
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
For activities that occur repeatedly over a period of time
Plans developed for activities that are not likely to be repeated in the future
Programs and Projects
What are SMART Goals?
Specific, Measurable, Attainable, results-oriented, and target date goals