Chapter 8 Flashcards

1
Q

Planning

A

The process of setting objectives and determining how to accomplish them

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2
Q

Steps in the Planning Process

A

1) Define your objectives
2) Determine where you stand vis-à-vis objectives
3) Develop premises regarding future conditions
4) Analyze alternatives and make a plan
5) Implement the plan and evaluate results

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3
Q

Two Main Types of Plans

A

1) Long Term Plans

2) Short Term Plans

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4
Q

Long Term Plans

A

Look three or more years into the future

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5
Q

Short Term Plans

A

Typically cover one year or more

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6
Q

Strategic Plans

A

Identifies long-term directions for the organization

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7
Q

Vision

A

Clarifies purpose of the organization and what it hopes to be in the future

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8
Q

Tactical Plan

A

Helps to implement all or part of the strategic plan

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9
Q

Functional Plan

A

Indicate how different operations within the organization will help advance the overall strategy

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10
Q

Operational Plan

A

Identifies short term activities to implement strategic plans

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11
Q

Forecasting

A

Attempts to predict the future

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12
Q

Two Types of Forecasting

A

1) Qualitative Forecasting

2) Quantitative Forecasting

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13
Q

Qualitative Forecasting

A

Uses expert opinions to predict the future

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14
Q

Quantitative Forecasting

A

Uses mathematical models and statistical analyses of historical data and surveys to predict future events

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15
Q

Contingency Planning

A

Identifies alternative courses of action to take when things go wrong

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16
Q

Benchmarking

A

Use of external and internal comparisons to plan for the future improvements

17
Q

Participatory Planning

A

Includes the persons who will be affected by plans and/or those who will implement them