Unit 2 Flashcards
(68 cards)
1
Q
What is planning?
A
The process of setting objectives and determining how to best accomplish them
2
Q
what are objectives
A
Identify the specific results or desired outcomes that one intends to achieve
3
Q
what is a plan?
A
A statement of action steps to be taken in order to accomplish the objectives
4
Q
what is the role of planning in the management process
A
- decide where you want to go
- decide how best to go about it
5
Q
what are the steps in the planning process
A
1) define you objectives
2) determine where you stand in relation to objectives
3) develop premises regarding future conditions
4) analyze alternatives and make a plan
5) implement the plan and evaluate results
6
Q
what are benefits of planning
A
- improves focus and flexibility
- improves action orientation
- improves coordination and control
- improves time management
7
Q
what are time wasters
A
- Telephone interruptions
- Unannounced drop-in visitors
- Meetings, scheduled and unscheduled
- Lack of objectives
- Failure to delegate routine matters
- Indecision and procrastination
- Inability to say “no”
- Fatigue
7
Q
what are short-range plans
A
1 year or less
8
Q
A
9
Q
what are intermediate-range plans
A
1-2 years
10
Q
what are long-range plans
A
3 years or more
11
Q
what are strategic plans
A
set broad, comprehensive, and longer-term action directions for the entire organization.
12
Q
what are tactical plans
A
define what needs to be done in specific functions to implement strategic plans. (intermediate-term)
13
Q
what are functional plans
A
describe how different operations within the organization will help advance the overall strategy
- Production plans
- Financial plans
- Facilities plans
- Marketing plans
- Human resource plans
14
Q
what are operational plans
A
An operational Plan Identifies short-term activities to implement strategic plans. They include both standing plans (policies & procedures) and single use plans (budgets).
15
Q
what are policies and procedures
A
Policy
Broad guidelines for making decisions and taking action in specific circumstances.
Rules or procedures
Plans that describe exactly what actions are to be taken in specific situations.
16
Q
what are budgets
A
single use plans that commit resources to activities, projects and programs
17
Q
what are fixed budgets
A
a stated amount for a specific purpose
18
Q
what are flexible budgets
A
resources vary in proportion with level of activity
19
Q
what are zero based budgets
A
allocated resources as if each budget were brand new. past funding may not be renewed
20
Q
what is fore casting
A
- Making assumptions about what will happen in the future
- Qualitative forecasting uses expert opinions
- Quantitative forecasting uses mathematical and statistical analysis
- All forecasts rely on human judgment, they can be wrong
- Planning involves deciding on how to deal with the implications of a forecast
21
Q
what is contingency planning
A
- Identifying alternative courses of action that can be implemented if circumstances change
- Contingency plans anticipate changing conditions
22
Q
what is scenario planning
A
- A long-term version of contingency planning
- Identifying several alternative future scenarios
- Plans made for each future “worst-case” or “best-case” scenario
23
Q
what is benchmarking
A
- Use of external and internal comparisons to better evaluate current performance and identify possible actions for the future
- Adopting best practices of other organizations that achieve superior performance
24
what is goal setting
Can make a big difference in how well management does by pointing people in the right directions and inspiring them to work hard.
25
what are smart goals
Specific: target key results
Measurable: results can be assessed
Attainable: challenging yet realistic
Referred to: keep on the task at hand
Timely: linked to specific due dates
26
what is participation and involvement
Participatory planning requires that the planning process include people who will be affected by the plans and/or will help implement them
Benefits of participation and involvement:
Promotes creativity in planning
Increases available information
Fosters understanding, acceptance, and commitment to the final plan
27
what is strategy
an action plan that identifies long-term direction for an organization.
guides resource utilization to accomplish organizational goals with sustainable competitive advantage.
28
what is competitive advantage
operating with an attribute or set of attributes that allows an organization to outperform its rivals.
- Cost and quality
- Knowledge and speed
- Barriers to entry
- Financial resources
29
what is sustainable competitive advantage
one that is difficult for competitors to imitate.
30
what are the five strategic questions
what is our business mission?
who are our customers?
what do our customers consider valuable?
what have been our results?
what is our plan?
31
what are strong core values
- Helps build organizational identity
- Gives character to the organization in the eyes of employees and external stakeholders
- Backs up the mission statement
- Guides the behaviour of organizational members in meaningful and consistent ways
32
in the levels of organization culture, what is observable culture (outer level)
- Visible actions and events
Most discussions of organisational culture identify the following elements of daily organisational life:
- Heroes
- Ceremonies, rites, rituals
- Legends and stories
- Metaphors and symbols
33
in the levels of organization culture, what is core culture (deeper level)
Underlying values
- Innovation and risk-taking
- Ethics and integrity
- Social responsibility
- Customer service
- Performance and teamwork
34
what are heroes
the people singled out for special attention and whose accomplishments are recognized with praise and admiration; they include founders and role models.
35
what are ceremonies, rites and rituals
the ceremonies and meetings that celebrate important events and accomplishments.
36
what are legends and stories
oral histories and tales, told and retold among members, about dramatic sagas and incidents in the life of the organization.
37
what are metaphors and symbols
The special use of language and other nonverbal expressions that communicate important themes and values of the organization.
38
what are operating objectives
Operating objectives direct activities toward key and specific performance results
39
what are typical operating objectives
- Profitability
- Financial health
- Cost efficiency
- Customer service
- Product quality
- Market share
- Human talent
- Innovation
- Social responsibility
40
what is a BOSTON CONSULTING GROUP
(BCG) MATRIX
Strategic tool used by businesses to analyze their product portfolio or business units.
Ties strategy formulation to analysis of business opportunities according to:
- Industry or market growth rate :Low versus high
- Market share :Low versus high
41
what are stars in bcg
- High share/high growth businesses
- Preferred strategy: growth
42
what are cash cows in bcg
High share/low growth businesses
Preferred strategy: stability or modest growth
43
what are question marks in bcg
- Low share/high growth businesses
- Preferred strategy: growth for promising question marks and restructuring for others
44
what are dogs in bcg
- Low share/low growth businesses
- Preferred strategy: retrenchment by divestiture
45
what is a SWOT analysis
A structured planning method used to evaluate the STRENGTHS, WEAKNESSES, OPPORTUNITIES and THREATS involved in a project or in a business venture.
- strengths/weaknesses are internal factors.
- Opportunities/threats are external factors.
46
what is a pest analysis
Before entering a new market or launching a new product, a business will often conduct a PEST Analysis.
This is an in-depth look at the Political, Economic, Social, and Technological challenges that exist within the market.
47
what is political in PEST
laws and regulations, government policies.
- Who is in power?
- How will this impact the company?
48
what is economic in PEST
general environment influenced by customer spending, resource supplies, and investment capital.
- How is the economy doing?
- What economic indicators can you use to determine how the economy is doing?
- How will this impact the company?
49
what is socio-cultural in PEST
norms, customs, social values, gender roles.
- How do these impact the company?
50
what is technological in PEST
developments in technology.
- What technology is the company currently using?
- What technology will impact the company (both positively or negatively) in the future.
51
what is controlling
- The process of measuring performance and taking action to ensure desired results
- Ensures that the right things happen, in the right way, at the right time
52
what does controlling results ensure
- Measure performance
- take corrective action
53
what is feedforward control
Employed before a work activity begins
Ensures that:
- Objectives are clear
- Proper directions are established
- Right resources are available
54
what in concurrent control
- Focus on what happens during work process
- Monitor ongoing operations to make sure they are being done according to plan
- Can reduce waste
55
what is feedback control
- Take place after work is completed
- Focus on quality of end results
- Provide useful information for improving future operations
56
what in internal control
allows motivated individuals and groups to exercise self-discipline in fulfilling job expectations
57
what is external control
occurs through personal supervision and the use of formal administrative systems
58
what is bureacratic control
influences behaviour through authority, policies, procedures, job descriptions, budgets, and day-to-day supervision
59
what is clan control
influences behaviour through norms and expectations set by the organizational culture
60
what is market control
influences behaviour through market competition
61
what is the 1st step in the control process
Step 1: Establishing performance objectives and standards
- Output standards:
Measure performance results in terms of quantity, quality, cost, or time
- Input standards:
Measure work efforts that go into a performance task
62
what is the 2nd step in the control process
Step 2: Measuring actual performance
Goal is accurate measurement of actual performance results and/or performance efforts
Must identify significant differences between actual results and original plan
Effective control requires measurement
63
what is the 3rd step in the control process
Need for action reflects the difference between desired performance and actual performance
Need for action = desired performance – actual performance
64
what are comparison methods for the 3rd step of the control process
comparison methods:
Historical comparison
past experience becomes the baseline for evaluating current performance.
Relative comparison
benchmark performance against that being achieved by other organizations.
Engineering comparison
UPS: measures the routes and routines of its drivers to establish the times expected for each delivery. When a delivery is completed, the driver’s time is registered in a performance log that is monitored by supervisors.
65
what is the 4th step in the control process
Step 4: Taking corrective action when a discrepancy exists between desired and actual performance
Management by exception: Giving attention to situations showing the greatest need for action. It saves time,energy, and other resources by focussing attention on high priority areas.
66
what are employee discipline systems
- Discipline is the act of influencing behaviour through reprimand
- Discipline that is applied fairly, consistently, and systematically provides useful control
67
what are discipline system examples
Progressive discipline ties reprimands to the severity and frequency of the employee’s infractions
Progressive discipline seeks to achieve compliance with the least extreme reprimand possible
