Business Management Chapter 8

Question 1

Goals

Answer 1

are the desired results or objectives that member in an organization are pursuing.

Question 2

Plans

Answer 2

describe the steps and actions that are required to achieve goals.

Question 3

Ongoing goals and plans

Answer 3

guide the organization’s continuing activities that are consistent with the basic purpose of the organization.

Question 4

Four Steps of Goal Setting and Planning

Answer 4

1) Set mission/vision Top Manager: 5-10yrs 2) Set strategic goals/plans Top/middle: 3-5yrs. 3) Set operations goals/plans Middle/lower: annually/quarterly 4) Monitor everyone: ongoing/monthly/quarterly/annually

Question 5

Change-oriented goals and plans

Answer 5

describe new initiatives and changes to be made in an organization’s practices. They may be incremental or transformational

Question 6

Mission Statement

Answer 6

identifies the fundamental purpose of an organization as well as what an organization does, whom it serves, and how it differs from similar organizations.

Question 7

Vision Statement

Answer 7

describes what an organization is striving to become.

Question 8

Operational Goals

Answer 8

refer to outcomes to be achieved by the organizational department, work group, or individual member.

Question 9

SMART goals

Answer 9

Specific, Measurable, Achievable, Results-based, and Time specific.

Question 10

Stretch Goals

Answer 10

is a goal so difficult that people must think “outside the box” in order to achieve it,

Question 11

Performance Standards

Answer 11

are goals that subordinates are expected to meet.

Question 12

Operational Plans

Answer 12

are the steps and actions that will help meet short-term goals (usually within a timeline of a year or less)

Question 13

To Form a plan what are the two necessary questions?

Answer 13

What activities and resources are necessary? and What constraints and contingencies apply?

Question 14

Standing Plans

Answer 14

provide guidance for activities that are performed repeatedly.

Question 15

Standard operating procedures

Answer 15

outlines specific steps that must be taken when performing certain tasks.

Question 16

Contingency Plans

Answer 16

set out in advance how managers will respond to possible future events that could disrupt the organization’s existing plans.

Question 17

Crises

Answer 17

are events that have a major effect on the ability of organizational members to carry out their daily tasks. (natural disasters, recession)

Question 18

Policies

Answer 18

provide guidelines for decision making and taking action in various situations

Question 19

Rules and Regulations

Answer 19

are prescribed patterns of behaviour that guide everyday work tasks.

Question 20

Three types of Standing Plans are

Answer 20

Standard operating procedures, policies, rules and regulations.

Question 21

Standardization

Answer 21

is the process of developing uniform practices for organizational members to follow in doing their jobs.

Question 22

The Main Stream vs. Multistream approach to goals and planning

Answer 22

Only two significant differences. First, Mainstream emphasizes how managers carry out the four steps, whereas the Multistream approach emphasizes how managers and stake-holders carry out these steps. Second, the Mainstream approach focuses on mission, vision, goals, and plans that serve the ACQUISITIVE ECONOMIC interest of owners, whereas the Multistream approach is concerned with larger issues of SUSTENANCE ECONOMICS and the well-being of a large variety of stake-holders.

Question 23

Multistream approach to mission/vision statement and its advantages

Answer 23

Include stake holders, customers, employees, and owners. Two advantage are it permits the development of a strong mission and vision statement and it increases support for the work of the org.

Question 24

Goal Displacement

Answer 24

occurs when people get so focused on specific goals that they lose sight of more important overarching goals.

Question 25

SMART2

Answer 25

Significant, Meaningful, Agreed-upon, Relevant, Timely