Chapter 5

Question 1

Another definition of Planning?

Answer 1

Planning is coping with uncertainty be formulating future courses of action to achieve specified results.

Question 2

What is a plan?

Answer 2

is a document that outlines how goals are going to be achieved or met. When you make a plan, you make a blueprint for action that describes what you need to do to realize your goals.

Question 3

What is a business plan?

Answer 3

A document that outlines a firm’s goals, the strategy for achieving them, and the standards for measuring success.

Question 4

What is a business model?

Answer 4

Outlines the need the firm will fill, the operations of the business, its components and functions as well as the expected revenues and expenses.

Question 5

What is a strategy or strategic plan?

Answer 5

sets the long-term goals and direction for an organization.

Question 6

What is strategic management?

Answer 6

is a process that involves managers from all parts of the organization in the formulation and implementation of strategies and strategic goals.

Question 7

Why Planning and Strategic management are important?

Answer 7

There are three reasons:
1. Provide direction and momentum
2. encourage new ideas
3. develop a sustainable competitive advantage

Question 8

Planning consists of…

Answer 8

consists of translating an organization’s mission and vision into objectives.

Question 9

The organization’s purpose is expressed as…

Answer 9

a mission statement, and what it becomes is expressed as a vision statement; both should represent the organization’s values, expressed in a values statement.

Question 10

The organization purpose is the

Answer 10

mission

Question 11

What should express the organization’s values?

Answer 11

both mission and vision

Question 12

The mission statement.

Answer 12

What is out reason for being?

Question 13

The vision statement.

Answer 13

What do we want to become?

Question 14

The values statement.

Answer 14

What values do we want to emphasize?

Question 15

The planning process begin with three attributes:

Answer 15

a mission statement
a vision statement
and a value statement

Question 16

What are values?

Answer 16

are the relatively permanent and deeply held underlying beliefs and attitudes that help determine a person’s behavior: integrity, dedication, teamwork, excellence, compassion, or whatever. Values reflect the qualities that represent an organization’s deeply held beliefs, highest priorities, and core guiding principles.

Question 17

the values statement is also called…

Answer 17

a core values statement

Question 18

What are the three types of planning for the three levels of management?

Answer 18

Strategic, tactical, and operational

Question 19

A goal, also known as an objective, is a

Answer 19

specific commitment to achieve a measurable result within a stated period of time. Goals may be long-term or short-term.

Question 20

Long-term goals are generally referred to as

Answer 20

strategic goals

Question 21

Short-term goals are sometimes referred to as

Answer 21

tactical or operational goals or just plain goals

Question 22

What is a Means-end chain

Answer 22

A hierarch of goals; in the chain of management, the accomplishment of low-level goals are the means leading to the accomplishment of high-level goals or ends.

Question 23

Larry Bossidy, define an operating plan as a

Answer 23

plan that “breaks long-term output into short-term targets” or goals. In other words, operating plans turn strategic plans into actionable short-term goals and action plans.

Question 24

What is in action plan?

Answer 24

defines the course of action needed to achieve a stated goal. Whether the goal is long-term or short-term, action plans outline the tactics that will be used to achieve a goal. It also contains a projected date for completing the desired activities.

Question 25

SMART goals

Answer 25

goals that are specific, measurable, attainable, and results-oriented, and have target dates.

Question 26

What is the Management by objectives (MBO)

Answer 26

Four-step process in which (1) managers and employees jointly set objectives for the employee, (2) managers develop action plans, (3) managers and employees periodically review the employee’s performance, and (4) the manager makes a performance appraisal and rewards the employee according to results.

Question 27

Management by objectives and goal cascading will not work without an….

Answer 27

effective goal-setting process.

Question 28

What are the cascading goals?

Answer 28

Objectives are structured in a unified hierarchy, becoming more specific at lower levels of the organization

Question 29

The competency of critical thinking/ problem solving is defines as

Answer 29

sound reasoning to analyze situations, make decisions, and solve problems.