Chapter 5 Flashcards
best practices
methods that lead to superior performance
tactical plan
a type of plan that sets out ways to implement a strategic plan
functional plan
a plan that identifies how different parts of an enterprise will contribute to accomplishing strategic plans
zero-based budget
a budget that allocates resources as if each budget was brand new
hierarchy of objectives
an arrangement of goals such that lower-level objectives help to accomplish higher-level ones
vision
a clarification of the purpose of the organization and expresses what it hopes to be in the future
scenario planning
a mgt strategy that identifies alternative future scenarios and makes plans to deal w each
planning
the process of setting performance objectives and determining how to accomplish them
budget
a plan that commits resources to projects or activities
operational plan
a type of plan that sets out ways to implement a strategic plan
complacency trap
a mgt failing that involves being lulled into inaction by current successes or failures
contingency planning
a mgt strategy that identifies alternative courses of action to take when things go wrong
strategic plan
a plan that identifies long-term directions for the organization
long-range plans
plans that usually cover three years or more
stretch goals
performance targets that we have to work extra hard and stretch to reach
forecasting
attempting to predict the future business environment
participatory planning
a mgt strategy that includes the persons who will be affected by plans and/or who will be asked to implement them
benchmarking
the mgt practice of using external comparisons to gain insights for planning
plan
a statement of intended means for accomplishing objectives
objectives
specific results that one wishes to achieve
procedure
a rule or set of guidelines that precisely describes actions to take in specific situations
short-range plans
plans that usually cove a year or less
policy
a standing plan that communicates broad guidelines for decisions and action
