Lesson 3-5 Flashcards
is top level planning which involves making decisions about the organizations long term goals
Strategic Planning
-is middle-level
management planning which refers to procedures and transformation of strategic goals/plans with specific goals
Tactical Planning
-is lower-level management
planning which involves routine tasks repeatedly done by the firm’s lower
Operational Planning
CEOs, company presidents, or the organization’s senior executives develop and execute the said strategic plan.
Top-level Management Planning (Strategic Planning
It is focused on major actions that must be done by a unit in order to contribute its share for the achievement of the strategic plan
Middle-level Management Planning (Tactical Planning)
change in an attribute, condition, factor, parameter, or value that represents crossing a threshold and actuates or initiates a mechanism of reaction that may lead to a radically different state of affairs
Trigger point
an attempt to predict what may happen in the future
Forecasting
planning technique that involves comparison of company’s practices/technologies with those of other companies
Benchmarking
is a choice among possible alternative actions. Like planning. decision-making is a challenge and requires careful consideration for both types of decisions, namely:
A decision
a decision that is repetitive and can be handled using a routine approach.
Structured or programmed decision
applied to the res olution of problems that are new or unusual, and for which information sincomplete.
Unstructured or nonprogrammed decisions
ideal conditions in deciding problems, these are situations in which a manager can make precise decisions because the results of all alternatives are known.
Certainty conditions
a more common condition in deciding problerns.
Risk or uncertainty conditions
The Decision-making Process carding to ins and outer
Step 1. Identify the Problem
Step 2 Identify the Decision Criteria.
Step 3. Allocate Weights to the Criteria
Step 4 Develop Alternatives.
Step 5 Analyze the Alternatives
Step 6: Select an Atemative.
Step 7 Implement the Chosen Alternative.
Step 8 Evaluate Dechion Effectiveness.
TYPES OF DECISIONS
STRUCTURED, UNSTRUCTURED
The problem may be defined as a puzzling circumstance or a discrepancy between an existing and desired condition.
Step 1. Identify the Problem
These are important or relavant to resolving identified problem
Step 2 Identify the Decision Criteria.
This is done in order to give the decision maker the conect priority in making the decision.
Step 3. Allocate Weights to the Criteria
This step requires the decision maker to list down possible alternatives that could help resolve the identified problem
Step 4 Develop Alternatives.
Alternatives must be carefully evaluated by the decision maker using the ofteria identified in Step 2
Step 5 Analyze the Alternatives
This is the process of choosing the best alternative or the one which has the highest total points in Step 5.
Step 6: Select an Alternative.
This step puts the decision into action Changes in the environment must be observed and assessed, especially in cases of long term decisions, to see if the chosen alternative is still the best one
Step 7 Implement the Chosen Alternative.
This is the last step and involves the evaluation of the outcome or result of the decision to see if the problem was resolved. If the problem sol exists, the manager has to assess what went wrong and if needed.
Step 8 Evaluate Dechion Effectiveness.
