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Management c5 p3
ch5 Management
| Question | Answer |
|---|---|
| Mission statements answer the question, What is our reason for being? or | Why are we here? |
| A vision is a long-term goal describing "what" an organization wants to become. | It is a clear sense of the future and the actions needed to get there. |
| A vision should describe what's happening to the world you compete in and what you want to do about it. | It should guide decisions. |
| After formulating a mission statement, top managers need to develop a | vision statement, which expresses what the organization should become, where it wants to go strategically. |
| It is one thing to formulate a vision statement, however, and another to find concrete methods to manage and measure the performance that makes the vision a reality. | One survey found that 73% of organizations said they had a clearly articulated strategic direction, but inly 44% of them said they were able to communicate it well to the employees who must implement it. |
| Strategic planning by top management. Using their mission and vision statements managers do strategic planning | they determine what the organization's long-term goals should be for the next 1-5 years with the resources they expect to have available. |
| Strategic planning requires visionary and directional thinking. | It should communicate not only general goals about growth and profits but also ways to achieve them. |
| Tactical planning by middle management. The strategic priorities and policies are then passed down to middle managers who do tactical planning. | they determine what contributions their departments or similar work units can make with their given resources during the next 6-24 months. |
| Operational planning by first-linw management. Middle managers pass plans along to first-line managers to do operational planning | they determine how to accomplish specific tasks with available resources within the next 1-52 weeks. |
| Strategic planning. Long-term decisions about overall direction of organization. | Managers need to pay attention to environment outside the organization, be future oriented deal with uncertain and highly competitive conditions. |
| Tactical planning 6-24 months | Implement policies and plans of top management, supervise and coordinate activities of first-line managers below make decisions often without base of clearly defined information procedures |
| Operational planning 1-52 weeks | Direct daily tasks of nonmanagerial personnel; decisions often predictable, following well-defined set of routine procedures. |
| A goal also known as an objective is a | specific commitment to achieve a measurable result within a stated period or time. |
| As with planning, goals are of the same three types--strategic, tactical, and operational. Also, like planning, goals are arranged in a hierarchy known as a | means-end chain because in the chain of management (operational, tactical, strategic) the accomplishment of low-level goals is the means leading ti the accomplisment of high-level goals |
| The goal | should be followed by an action plan, which defines the course of action needed to achieve the stated goal, such as a marketing plan or sales plan. |
| The operating plan | which is typically designed for a 1-year period, defines how you will conduct your business based on the action plan: it identifies targets such as revenues, cashflow, and market share. |
| Standing plan | For activities that occur repeatedly over a period of time. |
| olicy | Outlines general response to a designated problem or situation. |
| Rule | Designates specific required action |
| Single-use-plan | For activities not likely to be repeated in the future. |
| Program | Encompasses a range of projects or activities. |
| Project | Has less scope and complexity than a program. |
| Standing plans | consist of policies, procedures, and rules |
| A policy is a standing plan that outlines the general response to a designated problem or situation. Example: | "This workplace does not condone swearing." This policy is a broad statement that gives managers a general idea about what is allowable for employees who use bad language, but gives no specifics. |
| A procedure (or standard operating procedure) is a standing plan that outlines the response to particular problems or circumstances. Example: | White Castle specifies exactly how a hamburger should be dressed, including the order in which the mustard, ketchup, and pickles are applied. |
Created by:
jamesstpatrick