Chapter 8 Flashcards Preview

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Flashcards in Chapter 8 Deck (17)
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1
Q

Planning

A

The process of setting objectives and determining how to accomplish them

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

3
Q

Two Main Types of Plans

A

1) Long Term Plans

2) Short Term Plans

4
Q

Long Term Plans

A

Look three or more years into the future

5
Q

Short Term Plans

A

Typically cover one year or more

6
Q

Strategic Plans

A

Identifies long-term directions for the organization

7
Q

Vision

A

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

8
Q

Tactical Plan

A

Helps to implement all or part of the strategic plan

9
Q

Functional Plan

A

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

10
Q

Operational Plan

A

Identifies short term activities to implement strategic plans

11
Q

Forecasting

A

Attempts to predict the future

12
Q

Two Types of Forecasting

A

1) Qualitative Forecasting

2) Quantitative Forecasting

13
Q

Qualitative Forecasting

A

Uses expert opinions to predict the future

14
Q

Quantitative Forecasting

A

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

15
Q

Contingency Planning

A

Identifies alternative courses of action to take when things go wrong

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