MGMT principles of management Chapter 5 (planning and Decision) – Flashcards
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planning
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choosing a goal and developing a strategy to achieve that goal
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S.M.A.R.T. goals
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goals that are specific, measurable, attainable, realistic, and timely
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Goal commitment
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the determination to achieve a goal
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Action plan
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a plan that lists th specific steps, people, resources, and time period needed to attain a goal
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Proximal goals
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short-term goals or subgoals
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Distal goals
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long-term or primary goals
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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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a cushion of extra resources that can be used with options-based planning to adapt to unanticipated changes, problems, or opportunities
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Strategic plans
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overall company plans that clarify how the company will serve customers and position itself against competitors over the next two to five years
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Purpose statement
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a statement of a company's purpose or reasoning for existing
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Strategic objective
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a 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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tactical plans
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plans created and implemented by middle managers that specify how the company will use resources, budgets, and people over the next six months to two years to accomplish specific goals within its mission
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Management by objectives
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a four-step process in which managers and employees discuss and select goals, develop tactical plans, and meet regularly to review progress toward goal accomplishment
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Operational plans
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day-to-day plans, developed and implemented by lower-level managers, for producing or delivering the organization's products and services over a thirty-day to six-month period
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Single-use plans
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plans that cover unique, one-time-only events
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Standing plans
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plans used repeatedly to handle frequently recurring events
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Policies
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standing plans that indicate 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 plans that indicate 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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Budgeting
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quantitative planning through which managers decide how to allocate available money to best accomplish company goals
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Decision making
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the process of choosing a solution from available alternatives
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Rational decision making
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a systematic process of defining problems, evaluating alternatives, and choosing optimal solutions
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Problem
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a gap between a desired state and existing state
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Decision criteria
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the standards used to guide judgments and decisions
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Absolute comparisons
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a process in which each decision criterion is compared to a standard or ranked on its own merits
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Relative Comparisons
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a process in which each decision criterion is compared directly with every other criterion
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Maximize
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choosing the best alternative
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Satisficing
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choosing a "good-enough" alternative
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Groupthink
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a barrier to good decision making caused by pressure within the group for members to agree with each other
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C-type conflict (cognitive conflict)
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disagreement that focuses on -and-issue-related differences of opinion
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A-type conflict (affective conflict)
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disagreement that focuses on individuals or personal issues
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Devil's advocacy
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a decision-making method in which an individual or a subgroup is assigned the role of critic
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Dialectical inquiry
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a decision-making method in which decision makers state the assumptions of a proposed solution (a thesis) and generate a solution that is the opposite (antithesis) of that solution
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Nominal group technique
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a 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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a 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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Brainstorming
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a decision-making method i which group members build on each others' ideas to generate as many alternative solutions as possible
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Electronic brainstorming
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a decision-making method in which group members use computers to build on each others' ideas and generate as many alternative solutions as possible
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Production blocking
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a disadvantage of face-to-face brainstorming in which a group member must wait to shrae an idea because another member is presenting an idea
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Evaluation apprehension
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fear of what others will think of your ideas
