Planning, Controlling and Business Strategy Test Review Flashcards
(37 cards)
How does planning fit into the four functions of a manager?
Planning is the platform for other management functions, without planning the rest of the management process is less effective and much more difficult
It “Sets the Direction”
What is an objective? What is a plan?
An objective is a goal or a benchmark that a company works towards
A plan is a way to organize a way to reach said objective and make work more efficient by guiding all line of work towards the objective.
What is a SMART objective?
Specific - Measurable - Attainable - Referred to regularly - Timely
What are the 5 steps in the Planning Process?
- define objectives
2. Determine where you stand in relation to your objectives
3. Anticipate future events
4. Analyze alternatives and make a plan
5. Implement the plan and evaluate the results
What are the 6 benefits of planning?
Focus
Flexibility
Action Orientation
Coordination
Control
Time Management
Planning process activities:
How hard is it to create and implement a good plan? How successful have you been in your life? Which aspects of the process do you find most challenging?
What are some of the effects on a business that poor planning can have?
Whats short range plans?
Completed in year or less
Policies
Operational plans - day-to-day tasks
Outside in - Finds niche markets and exploits them
Inside out - focuses on current productions to tries to resch maximum productivity
Top-down - management sets broad goals and lower makes plans
Bottom-up - the opposite
Whats long range plans?
Longer than a year
Budgets
Strategic plans
Simulations
Forecasting
What are some examples of long term? Which do you use more often? How do you use them?
grow customer population - improve profit
What are some short term plans? Which do you use more often? How do you use them?
simply improving productivity with broad goals
What are the two aspects of planning approaches? Explain how all four approaches work.
Outside in - Finds niche markets and exploits them
Inside out - focuses on current productions to tries to resch maximum productivity
Top-down - management sets broad goals and lower makes plans
Bottom-up - plans are developed by lower level then passed up hierarchy and “buy in”
Explain some of the tools or techniques that managers use to plan?
Participatory planning
Benchmarking
Scenario Planning
Contingency Planning
Participatory planning
Just makes the plan with more feedback and “hands on deck” from the people who will actually be doing the work
Benchmarking
Observing other people and other companies preforming the same tasks to compare and incorporate new ideas
Scenario Planning
This is trying to predict and plan around possible hiccups in future stages of the plan
Contingency Planning
This is the creating back up plans during the scenario planning
What is the control process and why is it important?
The process of measuring performance and taking action to ensure desired results.
Controlling helps maintain the right path to achieve the objectives, make sure things happen the right way, and that all rules and procedures are followed
List the 4 steps in the control process – provide an example of the control process being used in your life
1.Establish Objectives and standards
2.Measure actual performance
3.Compare results with objectives and standards
4.Take corrective action
What are some examples of internal and external controls that are commonly used?
Internal: Goal Alignment occurs when individual and group goals are integrated in order to make them co-dependant, if individuals achieve their goals, the group will achieve its goal
Focusing on yourself and internally motiving and disiciping yourself
External: Controlling the employees using discipline and motivation
What are some examples of internal and that are commonly used?
Internal: Goal Alignment occurs when individual and group goals are integrated in order to make them co-dependant, if individuals achieve their goals, the group will achieve its goal
Focusing on yourself and internally motiving and disiciping yourself
What are some examples of external controls that are commonly used?
External: Controlling the employees using discipline and motivation
Outline some of the general concepts of the “Hot stove” Rules of discipline. Which rules do you believe are most important to follow for effective discipline.
The hot stove is just instant dicispine, so if someone messes something up or does something wrong they are instantly reprimanded - Instant action -
List and explain the 3 types of control systems. Explain how they work and provide examples of each.
FeedForward - Solves problems before they happen
Concurrent - Solve problems while they are happening
Feedback - Solve problems after they happen
FeedForward
Solves problems before they happen
