Management: A Practical Introduction; 7th edition Chapter 5 – Flashcards
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Planning
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Setting goals and deciding how to achieve them.
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Business Model
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Outlines the need the firm will fill, the operations of the business, its components and functions and, the expected revenues and expenses
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Strategy
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A large-scale action plan that sets the direction for an organization
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Strategic Management
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A process that involves managers from all parts of the organization in the formation and the implementation of strategies and strategic goals
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Mission
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A company's purpose or reason for being
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Mission Statement
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Expresses the purpose of an 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 future and the actions needed to get there
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Vision Statement
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Expresses what the organization should become, where it wants to go strategically
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Strategic Planning
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Determine what the organization's 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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Determining 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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Determining how to accomplish specific tasks with available resources within 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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A conceptual tool arranging strategic goals, tactical goals and operational goals
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Strategic Goals
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Goals that are 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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Goals that 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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Goals that are set by and for first-time 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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Operating Plan
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Designed for a one-year period, defines how you will conduct your business based on the action plan; it identifies clear targets such as revenues, cash flows, 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
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Policy
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A standing plan that outlines the general responses to a designated problem or situation
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Procedure
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A standing plan that outlines the response to particular problems or circumstances
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Rule
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A standing plan that designates specific required action
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Single-Use Plans
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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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A single-use plan encompassing a range of projects and activities
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Project
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A single-use plan of less scope and complexity than a program
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SMART goal
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One that is Specific, Measurable, Attainable, Results-oriented, and has Target dates
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Management by Objectives (MBO)
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A four-step process in which (1) managers and employees jointly set objectives for the employee, (2) managers develop action plans, (3) mangers and employees periodically review the employee's performance and (4) the manager makes a performance appraisal and rewards the employee according to results
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Planning/Controlling Cycle
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A feedback loop that goes as follows; (1) Make the plan (2) Carry out the plan (3) Control the direction by comparing results with the plan (4) Control the direction by taking corrective action in two ways- namely (a) by correcting deviations in the plan being carried out or (b) by improving future plans
