SU 4: Managerial Planning And Goal Settings

Question 1

What is a goal

Answer 1

A goal is a desired future state that the organization attempts to realize

Question 2

What is a plan

Answer 2

It is a blueprint for goal achievement and specifies the necessary resources, allocation, schedules, tasks and other actions

Question 3

What are the levels of goals and plans

Answer 3

• operational plans/goals
  lower management (departments, individuals)
• tactical plans/goals
  middle management (major divisions, functions)
• strategic plans/goals
  senior management (organization as the whole)
• mission statement

Question 4

What are the organizational planning process steps

Answer 4

1. Develop the plan
   Define mission vision & set goals
2. Translate the plan
   Define tactical plans and objectives, develop a strategy map
3. Plan operations
   Define operational goals and plans, select measures and targets
4. Execute the plan
   Use management by objective & performance dashboards
5. Monitor and learn
   Holding planning reviews & operational reviews

Question 5

Define organizational mission

Answer 5

It is the organizations reason for existence

Question 6

Define strategic goals

Answer 6

It is the official goals, broad statements describing the organizations future

Question 7

Define strategic plans

Answer 7

Defines the action steps the company will take

Question 8

Goals should be aligned using a ____

Answer 8

Strategy map

Question 9

Why do managers use operational planning

Answer 9

• Direct employees and resources
• guide toward efficient and effective performance
• includes planning approaches : management-by-objectives (MBO), single-use plans, standing plans

Question 10

What are characteristics of effective goals

Answer 10

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

Question 11

Model of the MBO process
(for major activities that make the MBO process successful)

Answer 11

step 1: set goals
step 2: develop action plans
step 3: review progress
step 4: appraise overall performance

Question 12

What are the MBO benefits

Answer 12

• Focuses manager and employee efforts on activities that will lead to goal attainment
• can improve performance at all company levels
• improves employees motivation
• Aligns individual and departmental goals with company goals

Question 13

Explain single use plans

Answer 13

-Achieve one time goals

Types of single use plans
-Programs: building new headquarters, converting paper files to digital
-Projects: renovating the office, setting up the new company intranet

Question 14

Explain standing plans

Answer 14

-Ongoing plans

Types of standing plans
-Policies: sexual harassment policies, internet and social media policies
-Rules: no eating rule in areas of company where employees are visible to public
-Procedures: procedures for issuing refunds, procedures for handling employee grievances

Question 15

What are the benefits and limitations of planning

Answer 15

Benefits
- provide a source of motivation and commitment
- guide resource allocation
- are a guide to action
- set a standard of performance

Limitations
- can create a false sense of certainty
- may be inflexible in a turbulent environment
- can get in the way of intuition and creativity

Question 16

What are three approaches that help an organization plan for a turbulent environment

Answer 16

• Contingency planning
  Planning for emergency’s, setbacks or unexpected conditions
• Building scenarios
  A forecasting technique to look at current trends and discontinuities and visualize future possibilities
• Crisis planning
  Cope with unexpected events that are sudden and devastating

Question 17

What are the two essential stages of crisis planning

Answer 17

1. Crisis prevention: build relationships with key stakeholders such as employees, customers, suppliers. Detect signals from the environment.
2. Crisis preparation: designate crisis management team and spokesperson. Create detailed crisis management plan & set up effective communication systems

Question 18

What are stretch goals

Answer 18

Stretch goals are reasonably yet highly ambitious goals that are so clear, compelling and imaginative. They require innovation and must be seen as achievable.

Question 19

What are Gantt charts used for

Answer 19

• keep track of progress on goals
• keep track of key metrics
• helps align goals across the Enterprise
• keeps team focused and aligned

Question 20

A gantt chart is an example of using _____

Answer 20

Performance dashboards