Chapter 5: Planning Flashcards Preview

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Flashcards in Chapter 5: Planning Deck (29)
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1
Q

Planning

A

setting goals and deciding how to achieve them

2
Q

Plan

A

Document that outlines how goals are going to be met

3
Q

Business plan

A

Document that outlines a proposed forms goals, strategies for achieving them, and the standards for measuring success

4
Q

Business model

A

Outline of need the firm will fill, the operations of busines, it’s conpnenets and functions, as well as the expected revenues and expenses

5
Q

Strategy

A

Larry scale action plan that sets the direction for an organization

6
Q

Strategic management

A

A process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals

7
Q

3 reasons for strategic management

A

1) provide direction and momentum
2) encourage new ideas
3) develop a sustainable competitive advantage

8
Q

Mission statement

A

What’s our reason for being

9
Q

Vision statement

A

What do we want to become

10
Q

Values statement

A

What values do we want to emphasize

11
Q

Mission

A

Organizations purpose or reason for being

12
Q

Vision

A

Long term goal describing ‘what’ an organization wants to become

13
Q

Values statements

A

Expresses what the company stands for, it’s core priorities, the values it’s employees embody, and what it’s products contribute to the world

14
Q

Strategic planning

A

Done by top managers

Determines what the organizations long term goals should be for the next 1-5 years

15
Q

Tactical planning

A

Performed by middle management

Determining what contributions departments or similar work units can make with their given resources during the next 6 months to 2 years

16
Q

Operational planning

A

Done my first-like management

Determining how to accomplish specific tasks with available resources within the next 1 week to 1 year

17
Q

Goal

A

Aka a objective

Specific commitment to achieve a measurable result within a stated period of time

18
Q

Long term goals

A

1-5 year span that focussed on achieving the strategies identified in a company’s strategic plan

19
Q

Short term goals

A

Tend to span 12 months and are connected to strategic goals on a hierarchy known as a means end chain

20
Q

Means end chain

A

Hierarchy of goals; in the chain of management the accomplishment of low level goals are the means leading to the accomplishments of high level goals or ends

In easy terms: shows how goals are connected across the organizations

21
Q

Operating plan

A

Typically designed for a 1 year period, this plan defines how a manager will conduct his business based on the action plan

22
Q

Action plans

A

Course of action needed to achieve a stated goal

23
Q

SMART goal

A
Specific 
Measurable 
Attainable 
Results-orientated 
Target dates
24
Q

Management by objectives

A

Four step process

25
Q

4 steps of management by objectives

A

1) managers and employees jointly set objectives for the emplyee
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

26
Q

Cascading goals

A

Objectives are structured in a unified hierarchy, becoming more specific at lower levels or the organization

27
Q

Planning / control cycle

A

A cycle that has two planning steps and 2 control steps

28
Q

2 planning steps

Part of planing / control cycle

A

Make the plan,

Carry out the plan

29
Q

Control steps

Part of planning / control cycle

A

Control the direction by comparing results with the plan

Control the direction by taking corrective action in two ways :
A) correction diviations in the plan being carried out
B) by improving future plans