Managerial planning and goal setting Flashcards
1
Q
What’s a goal
A
A desirable future state that the organisation is committed to realising
2
Q
What’s a plan
A
A blueprint for goal achievement
3
Q
What’s planning
A
Determining goals and plans to reach them
4
Q
Why plan
A
- legitimacy
- motivation
- resource allocation
- leads decisions
- maintain performance
5
Q
What’s business
A
The relationship between industry and the market
6
Q
What are the three main roles of management
A
- Informational (monitor and inform)
- Decisional (handles issues, negotiates and allocates resources)
- Interpersonal (leader and figurehead, liaison with other companies)
7
Q
What are the levels of goals/plans
A
- mission statement (external message)
- strategic goals (senior management)
- tactical goals (middle management)
- operational goals (lower management)
8
Q
Components of a mission statement
A
- customers
- markets
- survival, growth and profit
- philosophy
- public image
- products and services
- tech
- ‘self-concept’ (advantages)
- employee wellbeing
9
Q
Compare the types of goals
A
- strategic goals are broad statements
- tactical goals help to execute strategies
- operational goals have specific expected results
10
Q
What’s MBO
A
management by objective
11
Q
What are the 4 steps of management by objective
A
- set goals
- develop plans
- review progress
- appraise performance
12
Q
Benefits of manangement by objective
A
- focus on the goals
- performance improved at all levels
- employee motivation
- tactical and operational goals are aligned with company goals
13
Q
Give 2 single-use plans
A
- program (large task)
- project (smaller task)
14
Q
Give 3 standing plans
A
- policy (decision guidelines)
- rules
- procedure (SOPs, set process)
15
Q
3 ways to prepare for problems
A
- contingency planning (preparing for problems and oppertunities)
- building scenarios (forecast cash-flow, stock, production etc.)
- crisis planning
(planning a response to problems)
