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Mangement
Test 2
| Question | Answer |
|---|---|
| 1. The pitfalls of planning | It can impede change and prevent or slow down needed change. It can also create a false sense of security. 3. it can also create dis attachment it allows the boss to create plans for things they do not know or understand. |
| 2. How to make plans | first set goals - need to be specific and challenging. Always make S.M.A.R.T. Goals |
| How to make make plans part 2 | Develop Commitment to goals - that is determination to achieve goals. |
| How to make plans part 3 | Action plan- the specific steps to people and resources needed to accomplish a goal the 5 W's |
| How to make plans part 4 | Tracking progress- Two accepted methods- Proximal goals - are short term goals/ subgoals distal goals- are long term or primary goals. |
| What should a manger have? | A manger should have flexibility because action plans are sometimes poorly conceived. |
| Option based planning | is to keep options open while making small investments in many alternatives. |
| Slack resources | that is a cushion of resources such as time, people or money. |
| Planning from the top to Bottom | top management is responsible for developing overall strategic plan. |
| Strategic plan | overall company plans that clearly shows how the company will sell to customers - the vision and the purpose |
| A purpose statement - | which is often referred to as an organizational mission or vision is a statement or reason for existence. |
| A strategic objective | which flows from the purpose is a more specific goal that unifies the company's efforts |
| Bending in the middle | he middle management is responsible for developing and carrying out tactical plans to accomplish the organizations strategic objective. |
| Tactical plans | created and implemented by middle managers that specify how the company will use its resources or people within the next 6 months - 2 years to accomplish goals within its mission |
| Management by objective 4 step process | discuss possible goals 2. collectively select goals joint development of tactical plans 4. meet regularly to monitor progress. |
| Finishing at the bottom. | Operational plans - the day to day operations implemented by lower level managers. |
| Single Use plans | plans that cover unique, one time only events . North Carolina event |
| Types of single use plans | Policies, Procedures, Rules and Regulations |
| Policies | indicate the general course of action that company and mangers should take in response to a particular situation. |
| Procedures | are more specific than policies because they indicate the series or steps that must be taken in response to a particular event |
| Rules & Regulations | are even more specific than procedures because they specify what must not happen. |
| What is Rational Decision Making? 1st step | Define the problem |
| What is Rational Decision Making? 2nd step | Identify the decision criteria- the more criteria a potential solution meets the better the solution will do. |
| What is Rational Decision Making? 3rd step | weigh the criteria - absolute comparisons in which criteria is a compared to a standard or ranked in its own mark. |
| What is Rational Decision Making? 4th | defining the problem weigh the criteria, evaluate EACH alternative |
| What is Rational Decision Making? 5th | compute the optimal decision. |
| Steps and Limits to Rational Decision Making | Define the problem 2. Identify the Decision Criteria 3. Weight the Criteria. 4. Generate Alternative course of Action 4. Evaluate each Alternative 5. evaluate each alternative 6. Compute Optimal Decision. |
| advantages and pitfalls of group decision making | group think - occurs when people feel obligated to to agree with each other so they can approve a solution |
| Under what conditions does group think occurs? | group is insulated from others who might have different perspective , the leader expresses preference, no established procedure , group members have similar backgrounds. |
| Structured conflict - | c- type conflict - focuses on problem - and issue related differences of opinion. its all about business |
| a type conflict- | affective conflict- are based emotional when disagreements become personal rather than professional. |
| the devil advocacy approach- | can be used to create c-type conflict by assigning an individual or subgroup the role of critic. |
| How many steps are there in the devil advocacy approach | 5 |
| advocacy approach | generate the potential. assign a devils advocate to criticize and question the solution. present critique to key decision makers. gather additional relevant information. decided whether to use , change , or not use the originally proposed solution. |
| nominal group technique | in the name only" there are two down times first one you present your ideas after that you have the second one after that you rank the order of the ideas. |
| nominal group pitfalls | produces poorer decisions -- but most perfer over traditional groups. |
| delphi technique | the members of expert panels answer questions reaching an agreement. 2. create a questionnaire |
| What are the rules Brainstorming | the more ideas the better all ideas are accepted no matter how crazy. other ideas should be used to come up with more ideas criticism if ideas not allowed. |
| what is the goal of most organizational strategies.? | to create and sustain a competitive advantage . |
| sustainable advantage | when other companies can not duplicate |
| what is a competitive advantage | a competitive advantage is sustained advantage eqivalent to " We give up you win" |
| in order for a company to sustain a competitive advantage it must have? | rare resources -- ipod for example better hard drive, battery life |
| stratergy making process | 1. assessing the need for a strategic change. - |
| success usually leads from to ? | competitive inertia- a reluctance to change strategies or competitive practices that have been successful in the past. |
| what can managers do in spite of competitive inertia ? | they can actively look for signs of dissonance -- id s discrepancy between a company's intended strategy and the strategic the actions taken when implementing that strategy |
| strategy making -- process - 2nd step | situational analysis- can also help managers determine the need for strategic change. |
| what is a situational analysis also known by? | SWOT |
| SWOT | Strengths, weaknesses , opportunities, threats . an assessment of the S & W of the INTERNAL environment |
| SWOT can help a company | maximize their INTERNAL strengths, minimize their internal W while maximizing their external O and minimizing their external T |
| internal environment can be assessed with | oftn begins with an assessment of its distinctive competence -- |
| what is distintive competence | is something that a company can , make or do better than its competitors |
| third step in strategy making process | choosing strategic alternative |
| strategic reference points | are the targets that managers use to measure whether their firm has developed core competencies that it needs to acheive a sustainable advantage. |
| Corporate level strategies | is the overall organizational strategy that addresses the question what business or business are we in ? |
| Portfolio strategy | one of the standard strategies for stock market investors is diversification |
| what is diversification | owning own stocks in a variety of companies in different industries. |
| Portfolio strategy? | a corporate level strategy that minimizes risk by diversifying investment among various businesses or product line |
| unrelated diversification | creating or acquiring companies in completely unrelated businesses |
| BCG matrix | a portfolio strategy developed by the Boston Consulting firm that categorizes a corporation's businesses growth rate and relative market share . |
| what are stars? | a company with a large share of fast growing market |
| what are question marks ? | a company with a small share of a fast growing market |
| what are cash cows ? | a company with a large share of a slow growing market |
| what is a dog> | a company with a small share of a slow growing market |
| what is a grand strategy | is a broad strategic plan used to help an organization achieve in strategic goals. |
| what are the kinds of grand strategies? | Growth, stability, retrenchment/ recovery |
| what is the purpose of a growth strategy? | a strategy that focuses on increasing profits, revenues , market share or the number of places in which a company does business |
| stability strategy | a strategy that focuses on improving the way in which the company sells the same products to the same customers |
| retrenchment strategy | is to turn around very poor company performance the size or scope of business y shrinking |
| industry level strategies industry forces 1 | character of the rivalry - is a measure of the intensity of competitive behavior between in an industry. |
| what are threat of new entrants ? | is a measure of the degree to which barriers to entry make it easy or difficult for new companies to get started in an industry |
| the threat of new substitute product | is a measure of the ease with which customers can find subs for s product or service |
| bargaining power of suppliers | a measure if the influence that suppliers of parts materials and service to firms in an industry have on the price of these inputs |
| bargaining power of buyers | a measure of the influence that customers have on their firms prices. |
| firm level strategies | Direct competition , |
| what is organizational innovation | is the successful implementation of creative ideas in an organization . |
| what is a s- curve path | charaxterized by slow initial progress then rapid progress and then slow progress again as technology matures and reaches its limits |
| what are the components of creative work environments | supervisory encouragement, work group encouragement, organizational encouragement, freedom, challenging work, lack of organzational impediments |
| what are the steps to managing innovation? | you have to manage the sources of innovation -- create a creative work environment... Managing innovation during a discontinous change// uncertain environment /.. goal reduce uncertanity |
| a creative work environment requires? | three kinds of encouragement- organizational, supervisory and work group encouragement. |
| v |
Created by:
ray325
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