Lecture 5 Flashcards

PLANNING

1
Q

Conscious, systematic process of making decisions about goals and activities that an individual, group, work unit, or organization will pursue in the future

A

Planning

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2
Q

planning steps

A
  • situational analysis
  • Generate Alternatives and plans
  • evaluate goals and plans
  • select goals and plans
  • implement the goals and plans
  • monitor and control performance
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3
Q

when goals are precise employees know what they need to do to accomplish them

A

specific

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4
Q

as much as possible the goal should quantify the desired results so that there is no doubt whether it has been achieved

A

measurable

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5
Q

employees need to recognize that they can attain their goals so they wont become discouraged however they also should feel challenged to work hard and be creative

A

attainable

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6
Q

A narrative that describes a particular set of future conditions

A

scenario

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7
Q

Groups and individuals who affect and are affected by the achievement of the organization’s mission, goals, and strategies

A

stakeholders

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8
Q

A comparison of strengths, weaknesses, opportunities, and threats that helps executives formulate strategy

A

SWOT analysis

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9
Q

Identifies set of businesses, markets, or industries in which an organization competes and the distribution of resources among those entities

A

corporate strategy

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10
Q

Inputs to a system that can enhance performance

Tangible, intangible assets

A

resources

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11
Q

Process of assessing how well one company’s basic functions and skills compare with those of another company or set of companies

A

benchmarking

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12
Q

what is the goal of benchmarking

A

to thoroughly understand the “best practices” of other firms and to undertake actions to achieve both better performance and lower costs

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13
Q

a strategy an organization uses to build competitive advantage by being efficient and offering a standard no frills product

A

low cost strategy

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14
Q

the tendency for individuals to rely too heavily on a single piece of information

A

anchoring

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