Kinicki Williams Management Chapter 5 – Flashcards
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Steps of planning
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1. Mission Statement 2. Vision Statement 3. Strategic planning 4. Tactical planning 5. Operational planning
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Mission
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purpose or reason for being
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Mission statement
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expresses the purpose of the organization
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Vision
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a long-term goal describing "what an organization wants to become. It is a clear sense of the future and the actions needed to get there
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Vision statement
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expressed what the organization should become and where it wants to go strategically
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Strategic planning
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Carried out by top managers- they determine what the organizations long term goals should be for the next 1-5 years with the resources the expect to have available
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Tactical planning
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Carried out by middle managers- they determine what contributions their departments or similar work units can make with their given resources during the next 6-24 months
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Operational planning
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Carried out by first-line managers- they determine how to accomplish specific tasks with available resources in the next 1-52 weeks
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Goal (objective)
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a specific commitment to achieve a measurable result within a stated period of time
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Means-end chain
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the accomplishment of low-level goals is the means the leading to the accomplishment of the high-level goals
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Strategic goals
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Set by top managers- focus on objectives for the organization as a whole
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Tactical goals
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Set by middle managers- focus on the actions needed to achieve strategic goals
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Operational goals
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Set by fist-line managers- concerned with short-term matters associated with realizing tactical goals
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Action plan
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defines the course of action needed to achieve the stated goal (ex: marketing plan or sales plan)
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Operating plan
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typically designed for a 1 year period, defines how you will conduct your business based on the action plan; it identifies clear targets such as revenues, cash flow, and market share
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Standing plans
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plans developed for activities that occur repeatedly over a period of time (ex: policy, procedure, rule)
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Policy
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outlines the general response to a designated problem or situation
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Procedure
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outlines the response to a particular problems or circumstances
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Rule
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designates specific required action
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Single-use plan
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plans developed for activities that are not likely to be repeated in the future
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Program
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encompasses a wide range of projects or activities
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Project
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less scope and complexity than a program
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SMART goal
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a goal that is specific, measurable, attainable, result-oriented, and has target dates
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Specific goal
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do not be vague ex: as many planes as possible should arrive on time vs 90% of planes should arrive within 15 min of scheduled arrival time
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Measurable goal
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goals should be quantifiable- a way to measure the degree to which a goal has been reached
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Attainable goal
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goals should achievable within the scope of time, equipment, and financial support available
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Results-oriented goal
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goals should support the organizations vision
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Target dates for goals
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allows enough time for managers and employees to revamp their systems and work habits and gives them a clear time frame in which they know what they are expected to do
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Father of Management by Objectives
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Peter Drucker
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Management by objectives (MBO)
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1. Managers and employees jointly set objectives for the employees 2. managers develop action plans 3. managers and employees periodically review the employees performance 4. manager makes a performance appraisal and rewards the employee according to the results
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Successful MBO
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1. Top managers must be committed 2. It must be applied organiztionwide 3. Objectives must be cascading
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Cascading
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objectives are structured in a unified hierarchy, becoming more specific at lower levels of the organization
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Planning/control cycle
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1. Make the plan 2. Carry out the plan 3. Control the direction by comparing the result with the plan 4. Control the direction in two ways A) by correcting deviations in the plan being carried out(return to step 2) B) by improving future plans (start over at step 1)
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Defenders
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experts at producing and selling narrowly defined products or services
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Prospectors
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focus on developing new products or services and in seeking out new markets, rather than waiting to make things happen
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Reactors
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make adjustments only when finally forced to by environmental pressures
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Analyzers
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let other organizations take the risk of product development and marketing and then imitate or improve what seems to work best
