chapter 3

Question 1

Planning

Answer 1

choosing a goal and developing
a strategy to achieve that goal

Question 2

S.M.A.R.T. goals

Answer 2

goals that are specific,
measurable, attainable, realistic, and timely

Question 3

Goal commitment

Answer 3

the determination to
achieve a goal

Question 4

Options-based

Answer 4

planning maintaining
flexibility by making small, simultaneous
investments in many alternative plans

Question 5

Slack resources

Answer 5

a cushion of extra resources that can be used with options-
based planning to adapt to unanticipated
change, problems, or opportunities

Question 6

Strategic plans

Answer 6

overall company plans
that clarify how the company will serve
Customers and position itself against
competitors over the next two to five years

Question 7

Mission statement

Answer 7

a broad statement of
an organization’s purpose and why it exists
Vision statement a statement of a
Company’s purpose and the ultimate
destination it hopes to reach, acting as a
guide to individuals in an organization

Question 8

Tactical plans

Answer 8

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

Question 9

Operational plans

Answer 9

day-to-day plans,
developed and implemented by lower-
level managers, for producing or delivering
the organization’s products and services
over a 30-day to six-month period

Question 10

Single-use plans

Answer 10

plans that cover unique,
one-time-only events
Standing plans plans used repeatedly to
handle frequently recurring events