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BUAD309 Final
Chapter 2
| Question | Answer |
|---|---|
| What is planning? | - a primary managerial activity that involves: Defining the organization’s goals Establishing an overall strategy for achieving those goals Developing plans for organizational work activities |
| Why do managers plan? | Provides direction Reduces uncertainty Minimizes waste and redundancy Sets the standards for controlling |
| Formal planning | Specific goals covering a specific time period Written and shared with organizational members |
| Formal planning is associated with(planning and performance) | Higher profits and returns on assets Positive financial results The quality of planning and implementation affects performance more than the extent of planning The external environment can reduce the impact of planning on performance |
| Planning is often called | primary management function because it establishes the basis for all other functions. Planning involves two important elements: goals and plans. |
| Financial goals | - related to the expected internal financial performance of the organization. Increase net profits to $1M in calendar year 2013 |
| Strategic goals | related to the performance of the firm relative to factors in its external environment (e.g., competitors). Become #1 or #2 in each division in which we operate (General Electric under Jack Welch) |
| Strategic plans | Establish the organization’s overall goals Seek to position the organization in terms of its environment Cover extended periods of time |
| Operational Plans | Specify the details of how the overall goals are to be achieved Cover a short time period |
| Long term plans | Time frames extending beyond three years. |
| Short term plans | Time frames of one year or less |
| Specific plans | Plans that are clearly defined and leave no room for interpretation. Microsoft Project |
| Directional plans | Flexible plans that set out general guidelines and provide focus, yet allow discretion in implementation. |
| Single use plan | A one-time plan specifically designed to meet the need of a unique situation. |
| Standing plans | Ongoing plans that provide guidance for activities performed repeatedly. |
| Traditional goal setting | Broad goals are set at the top of the organization.Goals are then broken into sub-goals for each organizational level.Goals are intended to direct, guide, and constrain from above-lose clarity and focus as lower-level managers attempt to interpret and def |
| Management by objective | Specific performance goals are jointly determined by employees and managers. Progress toward accomplishing goals is periodically reviewed. Rewards are allocated on the basis of progress towards the goals. |
| MBO elements | goal specificity participative decision making an explicit performance/evaluation period feedback |
| Steps in goals setting | 1. Evaluate org's mission statement,2.evaluate available resources, 3. determine goals individually or with others,4. Write down the goals and communicate them, 5.Review results and whether goals are being met. |
Created by:
rbmooney
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