5 - Planning

Question 1

Planning

Answer 1

Coping with uncertainty by formulating future courses of action to achieve specified results

Question 2

Defenders

Answer 2

Expert at producing and selling narrowly defined products or services

Question 3

Prospectors

Answer 3

Focus on developing new products or services and in seeking out new markets rather than waiting for things to happen

Question 4

Analysers

Answer 4

Let other organisations take the risks of product development and marketing and then imitate (or perhaps slightly improve on) what seems to work best

Question 5

Reactors

Answer 5

Make adjustments only when finally forced to by environmental pressures

Question 6

Mission

Answer 6

An organisation’s purpose or reason for being

Question 7

Mission statement

Answer 7

Expresses the purpose of the organisation

Question 8

Vision

Answer 8

Long-term goal describing ‘what’ an organisation wants to become. It is a clear sense of the future and the actions needed to get there

Question 9

Vision statement

Answer 9

Expresses what the organisation should become, where it wants to go strategically

Question 10

Strategic planning

Answer 10

Determining what the organisation’s long-term goals should be for the next 1-5 years with the resources they expect to have available

Question 11

Tactical planning

Answer 11

Determining what contributions departments or similar work units can make with the given resources during the next 6-24 months

Question 12

Operational planning

Answer 12

Determining how to accomplish specific tasks with available resources during the next 1-54 weeks

Question 13

Goal

Answer 13

A specific commitment to achieve a measurable result within a stated period of time

Question 14

Means-end chain

Answer 14

A hierarchy: in the chain of management (operational, tactical, strategic) the accomplishment of low-level goals is the means leading to the accomplishment of high-level goals or ends

Question 15

Strategic goals

Answer 15

Set by and for top management; they focus on objectives for the organisation as a whole

Question 16

Tactical goals

Answer 16

Set by and for middle managers; they focus on the actions needed to achieve strategic goals

Question 17

Operational goals

Answer 17

Set by and for the first-line managers; they are concerned with short-term matters associated with realising tactical goals

Question 18

Action plan

Answer 18

Defines the course of action needed to achieve the stated goal, such as a marketing plan or sales plan

Question 19

Operational goals

Answer 19

Set by and for first-line managers; they are concerned with short-term matters associated with realising tactical goals

Question 20

Action plan

Answer 20

Defines the course of action needed to achieve the stated goal, such as a marketing plan or sales plan

Question 21

Operating plan

Answer 21

Is typically designed for a 1-year period. It defines how you will conduct your business based on the action plan; it identifies clear targets such as revenues, cash flow and market share

Question 22

Standing plans

Answer 22

Plans developed for activities that occur repeatedly over a period of time consisting of policies, procedures and rules

Question 23

Policy

Answer 23

A standing plan that outlines the general response to a designated problem or situation

Question 24

Procedure

Answer 24

(For standard operating procedure) A standing plan that outlines the general response to particular problems or circumstances

Question 25

Rule

Answer 25

A standing plan that designates specific required action

Question 26

Single use plans

Answer 26

Plans developed for activities that are not likely to be repeated in the future e.g programs and projects

Question 27

Program

Answer 27

Single-use plans encompassing a range of projects or activities

Question 28

Project

Answer 28

A single-use plan of less scope and complexity than a program

Question 29

SMART goal

Answer 29

Is specific, measurable, attainable, results-oriented and has target dates

Question 30

Management by Objectives (MBO)

Answer 30

A four-step process in which 1) Managers and employees jointly set objectives for the employee 2) Managers develop action plans 3) Managers and employees periodically review the employee’s performance and 4) Manager makes a performance appraisal and rewards the employee according to results

Question 31

Cascading

Answer 31

Objectives are structured in a unified hierarchy, becoming more specific at lower levels of the organisation e.g organisational, divisional, departmental and individual

Question 32

Planning-control cycle

Answer 32

Has two planning steps (1 and 2) and two control steps (3 and 4) as follows: 1) Make the plan 2) Implement the plan 3) Manage the plan by reviewing how the results are tracking against the initial plan 4) Take corrective action by a) correcting any differences or b) improving future plans