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Mangement

Test 2

QuestionAnswer
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.
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Created by: ray325
 

 



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