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BAMG 350 Chapter 5

Planning and Decision Making

Planning Choosing a Goal and developing a strategy to achieve that goal
S.M.A.R.T. Goals goals that are Specific, Measurable, Attainable, Realistic, Timely
Goal Commitment the determination to achieve a goal
Action Plan a plan that lists the specific steps, people, resources, and time period needed to attain a goal
Proximal Goals short-term goals or subgoals
Distal Goals long-term or primary goals
Options-Based Planning maintaining planning flexibility by making small, simultaneous investments in many alternative plans
Slack Resources a cushion of extra resources that can be used with options-based planning to adapt to unanticipated changes, problems, or opportunities
Strategic Plans overall company plans that clarify how the company will serve customers and position itself against competitors over the next two to five years
Purpose Statement a statement of company's purpose or reason to be existing
Strategic Objective a more specific goal that unifies company-wide efforts, stretches and challenges the organization, and possess a finish line and a time frame
Tactical Plans plans created ad implemented by middle managers that specify how the company will use resources, budgets, and people over the next six months to two years to accomplish specific goals within its mission
Management by Objectives (MBO) a four-step process in which managers and employees discuss and select goals, develop tactical plans, and meet regularly to review progress toward goal accomplishment
Operational Plans day-to-day plans, developed and implemented by lower-lever managers, for producing or delivering the organization's products and services over a thirty-day to six-month period
Single-use Plans plans that cover unique, one-time-only events
Standing Plans plans used repeatedly to handle frequently recurring events
Policies standing plans that indicate the general course of action that should be taken in response to a particular event or situation
Procedures standing plans that indicate the specific steps that should be taken in response to a particular event
Rules and Regulations standing plans that describe how a particular action should be performed or what must happen or not happen in response to a particular event
Budgeting quantitative planning through which managers decide how to allocate available money to best accomplish company goals
Decision Making the process of choosing a solution from available alternatives
Rational Decision Making a systematic process of defining problems, evaluating alternatives, and choosing optimal solutions
Problem a gap between a desired state and an existing state
Decision Criteria the standards used to guide judgements and decisions
Absolute Comparisons a process in which each decision criterion is compared to a standard or ranked on its own merits
Relative Comparisons a process in which each decision criterion is compared directly with every other criterion
Maximize choosing the best alternative
Satisficing choosing a "good-enough" alternative
Groupthink a barrier to good decision making caused by pressure withing the group for members to agree with each other
C-Type Conflict (Cognitive Conflict) disagreement that focuses on problem- and issue-related differences of opinion
A-type Conflict (Affective Conflict) disagreement that focuses on individuals or personal issues
Devil's Advocacy a decision-making method in which an individual or a subgroup is assigned the role of critic
Dialectical Inquiry a decision-making method in which decision makers state the assumptions of a proposed solution (thesis) and generate a solution that is the opposite of that solution (antithesis)
Nominal Group Technique a decision-making method that begins and end by having group members quietly write down and evaluate ideas to be shared with the group
Delphi Technique a decision-making method in which members of a panel of experts respond to questions and to each other until reaching and agreement on an issue
Brainstorming a decision-making method in which group members build on each others' ideas to generate as many alternative solutions as possible
Electronic Brainstorming same as brainstorming but computers are used to generate the solutions
Production Blocking a disadvantage of face-to-face brainstorming in which a group member must wait to share an idea because another group member is presenting an idea
Evaluation Apprehension fear of what others will think of your ideas
What is MBO? 4 step process in which managers and employees discuss and select goals, develop tactical plans, and meet regularly to review progress toward goal accomplishment
What is MBO's Process discuss and select goals, develop tactical plans, and meet regularly to review progress toward goal accomplishment
Who Selects and Develops Goals in MBO? Collective/ joint managers/employees
Bounded Rationality humans are not able to make completely rational decisions because we are all bounded by some cognitive limitations and other parameters
Availability Heuristic decision making based on biased assumptions of frequency of events and only easily available information
Escalation of Commitment continuing on a downward path because you believe trying again may turn things and regain what you lost or you may not want to admit you made a poor decision
Created by: 1229955762
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