Mgmt: Ch. 5: Planning the foundation of successful management (LearnSmart)

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