Week 7 Flashcards
What is scenario planning?
Identifies alternative future scenarios and makes plans to deal with each. In a fast-changing and unpredictable world, it is often necessary to have multiple scenarios for planning purposes.
What is a plan?
A statement of intended means for accomplishing objectives
What is a SMART model?
An approach to determining effective organisational objectives that requires that they be:
Specific - Objectives need to be clearly defined so that is easy to understand what is to be achieved and what will be considered successful.
Measureable - The exact measure must be stated and the objective must be able to be measured through some means
Actionable - An organisation needs to ensure that its business-unit managers have the authority and resources to take the actions necessary to attempt to achieve the objectives that are set.
Reasonable - There is no point setting unrealistic objectives. Unrealistic objectives are a disincentive for both managers and their employees.
Timetabled - Objectives should have milestone dates or deadlines at which progress towards achieving them will be measured
Short-range plans cover what period of time?
One year or less
Lower level management involved
Intermediate-range plans cover what period of time?
One to two years
Lower level management involved
Long-range plans cover what period of time?
3+ years into the future
Top management likely involved
What are strategic plans?
Define long-term needs and set action directions for the organisation. Tactical plans are developed and used to implement strategic plans
What are operational plans?
Describe what needs to be done in the short term to progress strategic objectives.
Typical operational plans in an organisation include:
- Production plans - dealing with the methods and tech needed by people in their work
- Financial plans - dealing with the money required to support various operations
- Facilities plans - dealing with the facilities and work layouts required to support task activities
- Marketing plans - dealing with the requirements of selling and distributing goods/services
- Human resource plans - dealing with the recruitment, selection and placement of people into various jobs
What is a policy?
Standing plan that communicates broad guidelines for decisions and action
What is a zero-based budget?
Allocates resources to a project or activity as if it were brand new.
What is management by objectives (MBO)?
A process of joint objective setting between a manager and a staff member.
What is participatory planning?
Includes the people who will be affected by plans and/or whose help is needed to implement them.
