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Flashcards in L6 Deck (19)
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1
Q

Planning

A

The process of setting objectives and determining how to accomplish them.

2
Q

Objectives

A

Specific results usually expressed in measurable indices that someone wishes to achieve and may relate to the individual, a group or the whole organisation.

3
Q

Planning

A

To set the direction:

  • decide where you want to go
  • decide the best way to go about it
4
Q

Organising

A

To create structures

5
Q

Leading

A

To inspire effort

6
Q

Controlling

A

To ensure results:

  • Measure performance
  • take corrective action.
7
Q

A plan

A

Is a statement of intended means for accomplishing objectives.

8
Q

5 steps in the planning process

A
  1. Define your objectives
  2. Determine where you stand in relation to objectives
  3. Develop premises regarding future conditions
  4. Analyse and chose among alternative actions
  5. Implement the plan and evaluate the results.
9
Q

SMART model

A

Is an approach to determining effective organisational objectives that requires that they be Specific, Measurable, Actionable, Reasonable and Timetabled.

10
Q

Specific

A

Objectives need to be clearly defined so that it is easy to understand what us to be achieved and what will be considered successful.

11
Q

Measurable

A

The exact measure must be stated and and the objective must be able to be measured through some means

12
Q

Actionable

A

An organisation needs to ensure that its business-unit managers have the authority and resources to take the actions necessary to attempt to achieve the objectives that are set.

13
Q

Reasonable

A

There is no point setting unrealistic objectives, they are a disincentive.

14
Q

Timetabled

A

Objectives should have milestone dates or deadlines at which progress towards achieving them will be measured.

15
Q

Short-range and long-range plans.

A

Short-range plans cover 1 year or less, intermediate plans cover 1 to 2 years and long-range plans look 3 or more years into the future.

  • Top mgmt. tend to set long-range plans
  • Lower mgmt. focus on intermediate and short-range plans.
16
Q

Strategic plans

A

Define long term needs and set action directions for the organisation.

17
Q

Tactical plans

A

Are developed and used to implement strategic plans.

18
Q

Operational plans

A

What needs to be done in the short term to progress strategic objectives.

19
Q

Typical operational plans in an organisation include:

A
Production plans
Financial plans
Facilities plans
Marketing plans
Human resource plans