MGMT Chapter 4 – Flashcards
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Benefits of planning
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-intensified effort -persistence -direction -creation of task strategies
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Pitfalls of planning
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-impede change/prevent or slow needed adaptation -can create false sense of certainty -detachment of planners
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How to make a plan that works
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1. Set goals 2. Develop commitment 3. Develop effective action plans 4. Track progress toward goal achievement 5. Maintain flexibility 6. Revise existing plan or begin planning new process
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SMART goals
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Specific Measurable Attainable Realistic Timely
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Goal commitment
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determination to achieve a goal -choose goals together or participatively
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Effective action plans
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lists specific steps (how), people (who), resources (what), and time period (when) for accomplishing a goal
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Proximal goal vs. Distal goal
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-proximal: short-term/subgoal -distal: long-term/primary goal
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Options-based planning
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maintaining planning flexibility by making small, simultaneous investments in many alternative plans
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Slack resources
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cushion of resources that can be used to address and adapt to unanticipated changes, problems, or opportunities
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Learning-based planning
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learning better ways of achieving goals by continually testing, changing, and improving plans and strategies
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Top management's responsibility
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developing longterm strategic plans that make clear how the company will serve customers and position itself against competitors in the next two to five years
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Purpose statement
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statement of a company's purpose or reason for existing -should be brief, enduring, inspirational, clear, and consistent with widely shared company beliefs and values
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Strategic objective
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more specific goal that unifies company-wide efforts, stretches and challenges the organization, and possesses a finish line and a time frame
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Middle management's responsibility
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developing and carrying out tactical plans to accomplish the organization's strategic objectives
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Tactical plans
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specify how a company will use resources, budgets, and people to accomplish specific goals related to its strategic objective for the next five years
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Management by objectives (MBO)
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four step process where managers and their employees: 1) discuss possible goals 2) collectively select goals that are challenging, attainable, and consistent with the company's overall goals 3) jointly develop tactical plans that lead to the accomplishment of tactical goals and objectives 4) meet regularly to review progress toward accomplishment of those goals
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Lower-level management's responsibility
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developing and carrying out operational plans
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Operational plans
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day-to-day plans for producing or delivering the organization's products and services -direct behavior, efforts, and priorities of operative employees for periods of 30 days to 6 months
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3 kinds of operational plans
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1) single use- unique, one time only events 2) standing- save managers time because can be used frequently and repeatedly 3) budgets- quantitative plans
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Policies
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standing plan that indicates the general course of action that should be taken in response to a particular event or situation
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Procedures
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standing plan that indicates the specific steps that should be taken in response to a particular event
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Rules and regulations
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standing plans that describe how a particular action should be performed, or what must happen or not happen in response to a particular event
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Rational decision making
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systematic process in which managers 1) define problems 2) identify decision criteria 3) weight the criteria 4) generate alternative courses of action 5) evaluate each alternative 6) compute the optimal decision
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Decision criteria
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standards used to guide judgments and decisions
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absolute vs. relative comparisons
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-absolute: each criterion is compared with a standard or ranked on its own merits -relative: each criterion is compared directly with every other criterion
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Bounded rationality
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managers try to take a rational approach to decision making but are restricted by real world constraints
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Satisficing
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choosing a 'good enough' alternative
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C-type/cognitive conflict
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focuses on problem and issue-related differences of opinion
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A-type/affective conflict
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emotional reactions that can occur when disagreements become personal rather than professional
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Devil's advocacy
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can be used to create c-type conflict by assigning an individual or a subgroup the role of critic
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Dialectical inquiry
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creates c-type conflict by forcing decision makers to state the assumptions of a proposed solution and then generate a solution that is the opposite of the proposed solution
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Nominal group technique
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decision-making method that begins and ends by having group members quietly write down and evaluate ideas to be shared with the group
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Delphi technique
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decision-making method in which members of a panel of experts respond to questions and to each other until reaching agreement on an issue
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Stepladder technique
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a decision-making method in which group members are added to a group discussion one at a time (like a stepladder) the existing group members listen to each new member's thoughts, ideas, and recommendations; then the group shares the ideas and suggestions that it had already considered, discusses the new and old ideas, and makes a decision
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Production blocking
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when you have an idea but have to wait to share it and then you forget your idea or decide to not share it
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Evaluation apprehension
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being afraid of what others will think of your ideas
