Mgmt: Ch. 5: Planning the foundation of successful management (LearnSmart) – Flashcards
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Smart goals
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Specific Measurable Attainable Results-oriented Target dates
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Is a statement that expresses the purpose of the organization
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Mission
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Developed for activities that occur repeatedly over time
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Standing
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Top management
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Strategic planning
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Middle management
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Tactical planning
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First-line management
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Operation planning
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Strategic management
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Is a process that involves managers from all parts of the organization in the formulation and the implementation of strategies and strategic goals
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A specific commitment to achieve a measurable result within a specific period of time is known as a goal
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Objective
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Planning control cycle
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-Make the plan -Carry out the plan -control the direction by comparing results -control the direction by correcting deviations and/or improving plans
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A four step process in which managers and employees jointly set objectives, develop action plans, review performance, and appraise and reward employees
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Management by objectives
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A large scale action plan that sets direction for an organization:
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Strategy
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Single use plans: Plans developed for activities that are not likely to be repeated in the future
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-Programs -Projects
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tactical planning
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An organization's ___ plan is developed by its middle managers, who determine what contributions their departments or work units can make toward the organization's strategic priorities and policies.
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Examples of action plans?
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-Marketing plan -Sales plan
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Strategic planning
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Determine what the companies goals should be for the next 1-5 years w the resources they have expected to be available
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Which level of management is typically responsible for establishing strategic goals?
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Top management
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Operation planning is performed by what type of managers
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First line managers
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A standing plan that outlines the general response to a designated problem or situation and gives managers a general idea about what is allowable
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Policy
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Three types of goals used in planning that become the hierarchy for the means end chain
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-Tactical -Strategic -Operational
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Cascading objectives are structured in a unified hierarchy in that they become more specific at lower levels of the organization
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MBO
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What do we want to become?
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A vision statement
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Goals that are realistic and achievable within the scope of the resources available to satisfy which aspect of SMART goal criteria
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Attainable
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The operating plan defines how an action plan will be conducted. Which of the following would be found in the operating plan?
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-Revenues -Market share -Cash flow
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What is the second step in management by objectives?
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The manager develops action plan
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A standing plan that designates specific required action. Ex: "No smoking is allowed anywhere in the building"
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Rules
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Tactical Planning
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They determine what contribution their departments or similar work units can make with their given resrouces during the next 6-12 months
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Operation planning
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They determine how to accomplish specific tasks with available resources with the next 1-52 weeks
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How often should managers and subordinates meet to give performance appraisals and rewards?
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Every 6-12 months
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Advantages to establishing deadlines:
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-Deadlines help concentrate the mind to help you make quick decisions -Provide a mechanism for giving ourselves feedback -Great motivator
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First line managers are typically responsible for performing ___ planing within the organization, in which they determine how to accomplish specific tasks with available resources within the next year.
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Operational
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A mission statement addressed which of the following questions?
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What is our reason for being?
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The "quantifiable" aspect of a SMART goal refers to its ability to be:
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Measured
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A project is an example of which type of plan?
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Single-use
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What is the first step in management by objectives?
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Managers and employees jointly set objectives for the employee
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Sustainable Competitive Advantage:
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The ability of an organization to produce goods or services more effectively than its competitors do, thereby outperforming them. This occurs when they stay ahead in these four areas... 1. Being responsive to customers 2. Innovating 3. Quality 4. Effectiveness
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What is the third step in management by objectives?
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The manager and employee periodically review the employee's performance.
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Why organizations should adopt planning and strategic management:
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1. Provide direction & momentum 2. Encourage new ideas 3. Develop a sustainable competitive advantage
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This is a standing plan that outlines the response to particular problems circumstances rather than giving general responses to situations:
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Procedure
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SMART goals
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-Specific -Measurable -Attainable(goals should be challenging, but realistic) -Results oriented(
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Management objectives
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1. Top management must be committed 2. It must be applied organization wide 3. Objectives must "cascade"
