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Management And Leadership > Chapter 5: Managerial Planning and Goal Setting > Flashcards

Chapter 5: Managerial Planning and Goal Setting Flashcards

0
Q

Goal

A

A desired future state that the organization attempts to realize

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1
Q

Planning is fundamental

A

All of the other management functions stem from planning

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2
Q

Plan

A

A blueprint for goal achievement and specifies the necessary resource allocations, schedules, tasks, and other actions.

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3
Q

The organizational planning process

A
  1. Develop the plan
  2. Translate the plan
  3. Plan operations
  4. Execute the plan
  5. Monitor and learn
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4
Q
  1. Develop the plan
A
  • define mission/vision

* set goals

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5
Q
  1. Translate the plan
A
  • define tactical plans and objectives
  • develop strategy map
  • define contingency plans and scenarios
  • identify intelligence teams
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6
Q
  1. Plan operations
A
  • define operational goals and plans
  • select measures and goals
  • set stretch goals
  • crisis planning
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7
Q
  1. Execute the plan
A 
Use:
• management by objective 
• performance dashboards 
• single use plans
• decentralized responsibility
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8
Q
  1. Monitor and learn
A
  • hold planning revues

* hold operational reviews

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9
Q

Organizational mission

A

The organizations reason for existence

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10
Q

Strategic goals

A

Official goals, broad statements describing the organizations future

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11
Q

Strategic plans

A

Define the action steps the company will take

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12
Q

Operational planning

A

Direct employees and resources. Guide toward efficient and effective performance.

Includes planning approaches:
Management by objectives (MBO)
Single-use plans
Standing plans

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13
Q

Characteristics of effective goal setting

A
  • are specific and measurable
  • have a defined time period
  • cover key result areas
  • are challenging but realistic
  • are linked to rewards
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14
Q

Management by objectives (MBO)

A

Defined in 1954 by Peter drucker.

Method for defining goals and monitoring performance

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15
Q

MBO process

A 
1. Set goals 
• corporate strategic goals
• department goals
• individual goals
2. Develop action plans
3. Review progress
• take corrective action
4. Appraise overall performance
16
Q

MBO benefits

A
  • focuses manager and employee efforts on activities that will lead to goal attainment
  • can improve performance at all company levels
  • improves employee motivation
  • aligns individual and departmental goals with company goals
17
Q

Single-use plans

A

Achieve one-time goals, programs, and projects

18
Q

Standing plans

A

Ongoing plans

Policies, rules, procedures

19
Q

Contingency planning

A

Planning for emergencies, setbacks, or unexpected conditions

20
Q

Building scenarios

A

A forecasting technique to look at current trends and discontinuities and visualize future possibilities

21
Q

Crisis planning

A

Planning for unexpected events that may be sudden and devastating

22
Q

Stretch goals

A

Highly ambitious, clear, compelling, and imaginative goals.

Require innovation but are achievable.

23
Q

Strategic management

A

Decisions and actions used to formulate and execute strategies that will provide competitively superior fit between the organization and its environment to achieve organizational goals

24
Q

Explicit strategy

A

The plan of action

25
Q

Competitive advantage

A

The organizations distinct edge for meeting customer needs

26
Q

Strategies should:

A

Exploit core competencies
Build synergy
Deliver value
Target customer

27
Q

SWOT analysis

A

Internal Strengths and Weaknesses

External Opportunities and Threats

28
Q

The BCG matrix

A

Organizes business along two dimensions: business growth rate and market share

29
Q

Benefits of planning

A
  • provide a source of motivation and commitment
  • guide resource allocation
  • guide to action
  • set a standard of performance
30
Q

Limitations of planning

A
  • creates a false sense of certainty
  • may cause rigidity in a turbulent environment
  • can get in the way of intuition and creativity
31
Q

Essential stages of crisis planning

A

Prevention

Preparation

32
Q

Prevention

A
  • build relationships

* detect signals from the environment

33
Q

Preparation

A
  • designate crisis management team and spokesperson
  • create detailed crisis management plan
  • set up effective communications system

Management And Leadership (6 decks)

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