Chapter 5 Flashcards
Another definition of Planning?
Planning is coping with uncertainty be formulating future courses of action to achieve specified results.
What is a plan?
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.
What is a business plan?
A document that outlines a firm’s goals, the strategy for achieving them, and the standards for measuring success.
What is a business model?
Outlines the need the firm will fill, the operations of the business, its components and functions as well as the expected revenues and expenses.
What is a strategy or strategic plan?
sets the long-term goals and direction for an organization.
What is strategic management?
is a process that involves managers from all parts of the organization in the formulation and implementation of strategies and strategic goals.
Why Planning and Strategic management are important?
There are three reasons:
1. Provide direction and momentum
2. encourage new ideas
3. develop a sustainable competitive advantage
Planning consists of…
consists of translating an organization’s mission and vision into objectives.
The organization’s purpose is expressed as…
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.
The organization purpose is the
mission
What should express the organization’s values?
both mission and vision
The mission statement.
What is out reason for being?
The vision statement.
What do we want to become?
The values statement.
What values do we want to emphasize?
The planning process begin with three attributes:
a mission statement
a vision statement
and a value statement
What are values?
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.
the values statement is also called…
a core values statement
What are the three types of planning for the three levels of management?
Strategic, tactical, and operational
A goal, also known as an objective, is a
specific commitment to achieve a measurable result within a stated period of time. Goals may be long-term or short-term.
Long-term goals are generally referred to as
strategic goals
Short-term goals are sometimes referred to as
tactical or operational goals or just plain goals
What is a Means-end chain
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.
Larry Bossidy, define an operating plan as a
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.
What is in action plan?
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.
SMART goals
goals that are specific, measurable, attainable, and results-oriented, and have target dates.
What is the Management by objectives (MBO)
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.
Management by objectives and goal cascading will not work without an….
effective goal-setting process.
What are the cascading goals?
Objectives are structured in a unified hierarchy, becoming more specific at lower levels of the organization
The competency of critical thinking/ problem solving is defines as
sound reasoning to analyze situations, make decisions, and solve problems.
