Ch. 7: Managerial Planning and Goal Setting

Question 1

4 levels of goals and plans

Answer 1

1. mission statement
2. strategic: org. as a whole (senior mgmt)
3. tactical: major divisions (middle mgmt)
4. operational: depts. (lower mgmt)

Question 2

4 Benefits of Planning

Answer 2

1. provide a source of commitment and motivation
2. resource allocation
3. defines standards
4. guide to action

Question 3

3 Limitations of Planning

Answer 3

1. false sense of security
2. lack of flexibility (esp. in turbulent environment)
3. limited innovation and creativity

Question 4

contingency planning

Answer 4

defining company responses for times of emergencies

Question 5

scenario building

Answer 5

looking at current trends and discontinuities and visualizing future possibilities

Question 6

2 innovative approaches to planning and goal setting

Answer 6

1. performance dashboard: keep track of key metrics

2. intelligence teams