Management: A Practical Introduction; 7th edition Chapter 5 – Flashcards

Unlock all answers in this set

Unlock answers
question
Planning
answer
Setting goals and deciding how to achieve them.
question
Business Model
answer
Outlines the need the firm will fill, the operations of the business, its components and functions and, the expected revenues and expenses
question
Strategy
answer
A large-scale action plan that sets the direction for an organization
question
Strategic Management
answer
A process that involves managers from all parts of the organization in the formation and the implementation of strategies and strategic goals
question
Mission
answer
A company's purpose or reason for being
question
Mission Statement
answer
Expresses the purpose of an organization
question
Vision
answer
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
question
Vision Statement
answer
Expresses what the organization should become, where it wants to go strategically
question
Strategic Planning
answer
Determine what the organization's long-term goals should be for the next 1-5 years with the resources they expect to have available
question
Tactical Planning
answer
Determining what contributions their departments or similar work units can make with their given resources during the next 6-24 months
question
Operational Planning
answer
Determining how to accomplish specific tasks with available resources within the next 1-52 weeks
question
Goal (Objective)
answer
A specific commitment to achieve a measurable result within a stated period of time
question
Means-end-chain
answer
A conceptual tool arranging strategic goals, tactical goals and operational goals
question
Strategic Goals
answer
Goals that are set by and for top management and focus on objectives for the organization as a whole
question
Tactical Goals
answer
Goals that are set by and for middle managers and focus on the actions needed to achieve strategic goals
question
Operational Goals
answer
Goals that are set by and for first-time managers and are concerned with short term matters associated with realizing tactical goals
question
Action Plan
answer
Defines the course of action needed to achieve the stated goal
question
Operating Plan
answer
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
question
Standing plans
answer
Plans developed for activities that occur repeatedly over a period of time
question
Policy
answer
A standing plan that outlines the general responses to a designated problem or situation
question
Procedure
answer
A standing plan that outlines the response to particular problems or circumstances
question
Rule
answer
A standing plan that designates specific required action
question
Single-Use Plans
answer
Plans developed for activities that are not likely to be repeated in the future
question
Program
answer
A single-use plan encompassing a range of projects and activities
question
Project
answer
A single-use plan of less scope and complexity than a program
question
SMART goal
answer
One that is Specific, Measurable, Attainable, Results-oriented, and has Target dates
question
Management by Objectives (MBO)
answer
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
question
Planning/Controlling Cycle
answer
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
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New