Management 3000 Chapter 5 – Flashcards

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Planning
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setting goals and deciding how to achieve them
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Planning and Strategic Management
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1. Establish the organizations mission and vision 2. Formulate the grand strategy 3. Formulate the strategic plans, then the tactical and operational plans 4. Implement the strategic plans 5. Control the strategy
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Defenders
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are expert 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 for things to happen
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Analyzers
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let other organizations take the risks of product development and marketing and then imitate (or perhaps slightly improve on)what seems to work best
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Reactors
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make adjustments only when finally forced to by environmental pressures
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Adaptive Cycle
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entrepreneurial, engineering, administrative, organizational
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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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long-term goal describing what an organization wants to become, clear sense of the future and the actions needed to get there
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Vision Statement
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expresses what the organization should become and where it wants to go strategically
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Strategic Planning
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TOP MANAGEMENT determine what the organizations long-term goals should be for the next 1-5 years with the resources they expect to have available
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Tactical Planning
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MIDDLE MANAGEMENT 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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FIRST LINE MANAGEMENT determine how to accomplish specific tasks with available resources within the next 1-52 weeks
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Means-end Chain
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in a chaine of management the accomplishment of low-level goals is the means leading to the accomplishment of high-level goals or ends
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Strategic Goals
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set by and for TOP management and focus on objectives for the organization as a whole
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Tactical goals
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are set by and for MIDDLE managers and focus on the actions needed to achieve strategic goals
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Operational Goals
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set by and for FIRST-LINE managers and are 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
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Operation Plan
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designed for a 1-year period, defines how you will conduct your business based on the plan
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Standing Plan
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developed for activities that occur repeatedly over a period of time
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Policy
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standing plan that outlines the general response to a designated problem
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Procedure
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standing plan that outlines the response to a particular problem or circumstance
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Rule
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standing plan that 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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encompassing a 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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Specific Measurable Attainable Results-oriented Target dates
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Management by Objectives
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MBO- 4 step process. 1. managers & employees set objectives 2. managers develop action plans 3. managers & employees periodically review the employee's performance 4. manager makes a performance appraisal and rewards the employee according to results
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Cascading
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objectives down through the organization that is: 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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has two planning steps and two controlling steps 1. make plan 2. carry out plan 3. control direction by comparing results with the plan 4. control the direction by taking corrective action in two ways (correcting deviations or by improving future plans)
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