Chapter 4: Know Flashcards

1
Q

Planning process steps

A
Define objectives 
Compare current to objectives
Compare future to alternatives 
Analyze alternatives/make plan 
Implement and evaluate
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2
Q

Hierarchy of Objectives

Goes from top to bottom

A
Mission Purpose 
Top MGMT objective 
Senior MGMT objective 
Middle MGMT objective 
Supervisory/Team Leader MGMT objective
Workers
Alignment and Follow through
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3
Q

Deal with money required to support various operations

A

Financial plans

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4
Q

Deal with facilities development and work layouts

A

Facilities plan

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5
Q

Deal with the requirements of selling hand distributing goods or services

A

Marketing plans

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6
Q

Deal with the recruitment, selection, and placement of people into various jobs

A

Human resource

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7
Q

Deal with the methods and technology needed by people in their work

A

Production plans

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8
Q

Five parts of goal setting

A
Specific 
Timely 
Measurable
Relevant 
Attainable
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9
Q

Desired outcomes clear to anyone

A

Specific

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10
Q

Linked to due dates and timetable

A

Timely

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11
Q

No doubt when accomplished, or missed

A

Measurable

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12
Q

Focuses on important results

A

Relevant

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13
Q

Challenging, but realistic to accomplish

A

Attainable

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14
Q

Big 6 planning tools

A
Forecasting 
Contingency 
Scenario 
Benchmarking 
Participatory 
Goal Setting
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15
Q

Four components of good (best) planning

A

Action oriented
Advantage oriented
Priority oriented
Change oriented

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16
Q

Project cash flows and expenditures

A

Financial budgets

17
Q

Plot anticipated sales or revenues against expenses

A

Operating budgets

18
Q

Allocate resources such as labor, equipment and space

A

Non monetary budget

19
Q

Allocated a fixed amount of resources for a specific purpose

A

Fixed budget

20
Q

Allows resources to vary with in proportion with various levels of activity

A

Flexible budget