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Principals of Management
CLEP Chpt 2
60
Management
Undergraduate 2
08/31/2016

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Cards

Term
Primacy of Planning
Definition
Planning has to occur before the other management functions can take place.
Term
Planning Process
Definition
Forecasting future environment; clarifying or envisioning the mission of the organization; establishing goals; identifying/understanding problems and finding solutions/alternate courses of action/strategies; deciding between alternatives; developing operational plans; planning for contingencies; reviewing plans and the planning process.
Term
Hierarchy of Plans
Definition
Planning flows in a top-down sequence. etc. From mission to strategic (long-range plans) to operational (short-term plans).
Term
Mission Statement
Definition
Overall role or purpose of the organization.
Term
Goals
Definition
Desired end states which should be attained in order for the organization to carry out its mission.
Term
Key Results Areas
Definition

1. Market share.

2. Productivity

3. Profitability

4. Innovation

5. Resources

6. Worker performance and morale

7. Manager performance and development

8. Social responsibilities

Term
Market Share
Definition
Proportion or percentage of total sales in a region, country, or the world in an enterprise.
Term
Productivity
Definition
output divided by input
Term
Innovation
Definition
Intro to things that are new-technology, methods, ideas, and new products and services.
Term
Resources
Definition
Capital.
Term
Worker performance and morale
Definition
Productivity, product quality, and the reputation of the organization for its goods and services, also, a place to work.
Term
Manager performance and development
Definition
critical aspects of the firm-the quality of its management and the continous avaliability and updating of managerial competence.
Term
Social Responsibilities
Definition
To perform the organizations primary function that does not have harmful side effects to society.
Term
WOTS-UP analysis
Definition
Weakness, opportunities, threats and strengths underlaying planning.
Term
Strategic planning or long-range planning
Definition
Goals in the planning hierarchy.
Term
Strategy
Definition
How to achieve the organization's goals. Option or alternative form of action in a decision situation.
Term
Long-range plans
Definition
A period covering more than a one year period. Primary responsibilty of top management (assisted by staff)
Term
Operational Planning (action planning)
Definition
Detailed plans and assignments of responsibilities and authority required to execute strategic plans.
Term
Responsibility
Definition
An obligation to complete a task or achieve some goal.
Term
Objectives
Definition
Results, attainments, or accomplishments used as the end points for plans and actions.
Term
Management by Objectives
Definition
Brings the planning process down to the individual. Peter Drucker. System of performance planning and appraisal.
Term
Standing plans
Definition
Always in effect. Includes policies, procedures, and rules.
Term
Policy
Definition
Type of standing plan that includes thinkning, problem-solving and decision-making.
Term
Procedures
Definition
Step-bystep guides to action, thinkning or decision.
Term
Rules
Definition
Type of standing plan which prescribes (or prohibits) behavior in usually specific terms.
Term
Single-use plans
Definition
Intended for a specific, one-time purpose or to cover a fixed period of time. This includes programs, projects and budgets.
Term
Programs
Definition
Broad and fairly long-term, often covering a specified time period. Brings together a variety of actions and organizations for attainment of a common goal.
Term
Projects
Definition
Shorter time span than programs, and more narrowly focused. Could be components of a program.
Term
Budget
Definition
Plan for the use of resources, usually stated in monetary terms.
Term
Rolling plan
Definition
Involves long-range plans that are updated at regular intervals and extended into the future for the specified time period.
Term
Contingency plan
Definition
Part of the operational planning process. Expecting the unexpected.
Term
Forecasting
Definition
First step in the planning process, establishing the premises or assumptions that plans will be based on.
Term
Premises of Planning
Definition
Forecasts about the future environment which serve as the assumptions on which planning is based.
Term
Economic Forecasting
Definition
Predict general lvls of economic activity for a locality, region, country or the whole world.
Term
Technological Forecasting
Definition
Predicting the state of scientific and technological knowledge and the kind of machinery and skills that will exist.
Term
Delphi Method
Definition
Created in the RAND Corporation. Getting a collection of people to tell their judgements, review them, and then make a final judgement. Don't interact directly with one another, submit anonymous opinions or estimates.
Term
Sales Forecasting
Definition
Predicted demand for goods and services provided by the organization. Vital to operational nad production planning.
Term
Expert Opinion
Definition
Asking marketing executives what they expect will happen.
Term
Market Research
Definition
Techniques which can lead to forecasts of consumer tastes, likelihood of product acceptance, and sales or demand.
Term
Statistical Methods
Definition
Regression analysis, or correlations between variables, to predict one from the other.
Term
Intelligence
Definition
Gathering knowledge which leads to an understanding of what decisions will have to be made and the general nature of the problems facing the organization.
Term
Design
Definition
Deal with problems or opportunities are invented or discovered.
Term
Choice
Definition
Actual decision between alternatives is made.
Term
Problem-solving
Definition
Part of the planning process in which problems are defined, understanding of cause-and-effect relationships is acquired.
Term
Brainstorming
Definition
Technique of creative problem-solving most often used to generate alternatives.
Term
Steps in Problem-solving and Decision-making
Definition
Define problem. Analyze info and try to understand cause/effect relations. Generate other solutions. Identify criteria. Make decision using the criteria. Develop action and contingency plans.
Term
Decision criteria
Definition
Musts and NTH's (Nice to have's)
Term
Cost benefit analysis
Definition
Systematic comparison of what a system/program/activity or capital good will cost-usually over its useful life comapred with the revenues or benefits that will be generated.
Term
Certainty
Definition
Outcome or payoff for an alternative or choice.
Term
Risk
Definition
Probability of an event or state of nature is known or can be estimated from experience.
Term
Uncertainty
Definition
Probability of an event or state of nature is unkown and cannot be estimated from experience.
Term
States of Nature
Definition
Environment in which our alternatives are going to be operating. Depends on what you are interested in.
Term
Conditional Value
Definition
Choice/strategy/alternative is the payoff or benefit expectedu nder the conditions of a specified state of nature.
Term
Payoff Matrix
Definition
Tabular display of two or more strategies or choices; the conditional values of each under two or more possible states of nature.
Term
Expected Value
Definition
Contigent value of the choice/alternative multiplied by the probability of the relevant state of nature.
Term
Satisfices
Definition
Accepts the solution that meets his criteria rather than looks for the best possible solution.
Term
Bounded Rationality
Definition
Herbert Simon's idea that a real-world decision-maker has his thinking limited by such things as societal and orgazational norms and the impracticality of obtaining or processing all possible or even nice-to-know info about problem or alternatives.
Term
Heuristics
Definition
Rule of thumb
Term
Peter Drucker
Definition
Eight Key Results Areas; Management by Objectives
Term
Herbert Simon
Definition
Administrative man model of decsion-making; 3 phases of decision making (Nobel prize winner)
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