Chapter 5 Flashcards
Planning
choosing a goal and developing a strategy to achieve that goal
S.M.A.R.T. goals
goals that are specifc measurable attain able realistic and timely
Goal commitment
the determination to achieve a goal
Action plan
a plan that lists the specifc steps people re sources and time period needed to attain a goal
Proximal goals
shortterm goals or subgoals
Distal goals
longterm or primary goals
Optionsbased planning
maintaining planning fexibility by making small simultaneous investments in many alternative plans
Slack resources
a cushion of extra resources that can be used with optionsbased planning to adapt to unan ticipated changes problems or opportunities
Strategic plans
overall company plans that clarify how the company will serve custom ers and position itself against competitors over the next two to fve years
Purpose statement
a statement of a companyfs pur pose or reason for existing
Management by objec tives (MBO) a
fourstep process in which managers and employees discuss and select goals develop tactical plans and meet regularly to review progress toward goal accomplishment
Tactical plans
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 specifc goals within its mission
Strategic objective
a more specifc goal that unifes companywide efforts stretches and challenges the organiza tion and possesses a fnish line and a time frame
Operational plans
day today plans developed and implemented by lowerlevel managers for producing or delivering the organizationfs products and services over a thirtyday to sixmonth period
Singleuse plans
plans that cover unique onetimeonly events
Standing plans
plans used repeatedly to handle frequently recurring events