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D073: Best Practices in Management: Projects, Staffing, Scheduline, and Budgeting > Module 2 > Flashcards

Flashcards in Module 2 Deck (43)
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1

What is the function of a tactical plan?

A tactical plan identifies the steps required to achieve the strategic goals of the organization. The plan is specific and is adjusted as the strategic goals are changed based on organizational and environmental conditions.

2

What is the function of operations management in achieving strategic goals?

Transforming resources into profits

3

A fast-food chain restaurant seeks to open three more locations in a geographic territory within a one-year time frame.
Which type of goal is being used for this expansion?

Short-term goals are operational issues a firm seeks to address within a one-year period.

4

Over the course of the next three to five years, a firm looks to grow revenue by 10%, expand into two new geographic markets, and launch two new projects that are currently in the research and development stage.
Which business component is being addressed by this firm?

Long-term goals are mission-supporting activities that a firm seeks to accomplish within a three-to-five-year time frame.

5

A marketing team sets a goal to increase its product market share by 10%.
Which other component of a SMART goal should this team include?

Time-bound -
The goal needs a defined deadline for it to be achieved.

6

To ensure a productivity goal is met, a manager provides new computers and software updates for all employees in the company.
Which aspect of a SMART goal is reflected by this manager's action?

Attainable -
When setting attainable SMART goals, it is important to make sure that the resources needed to accomplish a task are available to the employees.

7

Which descriptor matches the component of the SMART goal Measurable?

Quantifiable -
A goal needs to be measurable in a very defined quantitative manner for it to be SMART. A SMART goal must be measurable or quantifiable in some manner.

8

Which descriptor matches the component of the SMART goal Attainable?

Attainable -
A goal is best attainable when the team or employees who are working on the goal have an input in setting it. A SMART goal must be achievable with stakeholders providing input in the decision process.

9

Which descriptor matches the component of the SMART goal Realistic?

Resource availability -
It is important that resources are available for the employees to meet the set goal. A SMART goal has to have appropriate resources for it to be realistic.

10

Which descriptor matches the component of the SMART goal Time-constrained?

Deadline -
Deadlines help motivate work to meet a target date or dates. A SMART goal must have a well-defined deadline such a target date.

11

Internal business processes matches with what KPI?

Infrastructure and technology - Internal business processes KPIs measure how the company is meeting its mission.

12

Learning and growth matches with what KPI

Human capital - Learning and growth KPIs measure effective utilization of nonfinancial resources.

13

Financial perspective matches with what KPI

Resource use - Financial perspective KPIs measure the company's return on investment.

14

objectives

A specific measurable action that must be taken to reach a goal

15

strategy

A plan of action or policy that will be followed to achieve your goal

16

portfolio

A range of investments of businesses held by an organization or person

17

return on investment

The profit you receive for investing, which is calculated by dividing the amount of money gained by the cost of investment, expressed as a percentage

18

market position

The customer's preception of a brand or product in relation to its competition

19

differentiated

A specialized product that is created to attain a competitive advantage in a specific segment of the market

20

market segmentation

The process of dividing a market of potential customers into groups or segments

21

economies of scale

A savings in cost to product a product due to the ability to produce it in large amounts of numbers

22

strategic goals

The specific financial and nonfinancial objectives and results a company aims to achieve over a specific period of time, usually the next three to five years

23

tactical plans

Tactical plans outline actions to achieve short-term goals, generally within a year or less. They are much narrower in focus and can be broken down into the departmental or unit level. Tactical plans outline what each department needs to achieve, how it must do so, and who has the responsibility for implementation

24

quality assurance

Maintaining the desired level of quality in a product or services, using data or feedback to check each step in the process

25

vendors

A person or company offering something for sale

26

performance metric

The data and figures that are obtained to measure how well an organization and its employees are performing

27

What are the 4 steps of strategic management process?

1. Strategic objectives and analysis
2. Strategic formulation
3. Strategic implementation
4. Strategic evaluation and control

28

Name and explain the first step to the strategic management process.

1. Strategic objectives and analysis

An evaluation called a SWOT analysis is commonly used to perform both a thorough internal investigation of an organization to assess its strengths (S) and weaknesses (W) and an appraisal of the external competitive environment looking for any opportunities (O) or threats (T). A useful acronym, PESTLE, can be used to evaluate political, economic, social, technological, environmental, and legal factors that may affect an organization's strategy.

29

Name and explain the second step to the strategic management process.

2. Strategic formulation

Goals and objectives are written based on the information obtained from the PESTLE and SWOT analyses. Goals are broad, primary outcomes the organization is hoping to achieve. Objectives are measurable, quantitative statements a manager can use to evaluate an organization's, department's, or employees' progress toward meeting their goals. Having a defined set of goals and objectives can help identify whether the organization needs to obtain additional resources, watch for a specific threat, or change a set of internal processes.

30

Name and explain the third step to the strategic management process.

3. Strategic implementation

Sometimes referred to as strategic execution, this stage is when the planning stops, and the action begins. The best plans will not make up for poor implementation. Employees in the organization should be aware of their assignments, responsibilities, and authority. Management should provide any additional employee training necessary to meet the plan objectives during this stage, as well as allocate any necessary additional resources. Offering employees the tools required to implement the strategic plan, combined with personal motivation, leads to the best chance for successful implementation.