Term
| the 4 benefits of planning |
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Definition
1) checks your progress
2) helps coordinate activities or events
3) to plan for the future or think ahead
4) allows you to plan for contingencies (the unexpected) |
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Definition
TRUE or FALSE
Planning is a systematic process. |
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Term
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Definition
The following (1-7) is ___
1) define the present situation
2) establish goals and objectives
3) forecast aids & barriers to goals and objectives
4) develop action plans to reach goals and objectives
5) develop budget
6) implement the plan
7) control the plan |
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Term
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Definition
| what is the last step in the framework for planning that loops back to step 1? |
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Term
1) classical model
2) administrative model
3) political model |
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Definition
| What are the 3 models of decision making? |
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Term
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Definition
| normative; defines how a decision maker should make decisions; ideal model |
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Term
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Definition
| describes how managers actually make decisions |
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Term
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Definition
| closely resembles the real environment; complex decisions involving many people |
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Definition
| The ___ model is based on economic assumptions. Managers are expected to make decisions that are economically sensible and in the organization's best interest. |
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Term
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Definition
| The ___ model describes how managers actually make decisions in difficult situations (i.e. non-programmed decisions, decisions characterized by uncertainty and ambiguity). |
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Term
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Definition
| In this decision making model, managers are unable to make economically rational decisions even if they want to. |
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Term
1) bounded rationality- people have limits on how rational they can be
2) satisficing- Aiming to achieve only satisfactory results because the satisfactory position is familiar, hassle-free, and secure, whereas aiming for the best-achievable result would call for costs, effort, and incurring of risks. |
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Definition
| What two concepts proposed by Herbert A. Simon shape the administrative model? Explain each one. |
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Term
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Definition
"What is our reason for being?"
An organization's ___ is its purpose or reason for being; it is determined by top management and the board of directors. |
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Term
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Definition
| what expresses the purpose of the organization? It identifies the goods/services an organization provides and will provide. Sometimes it also gives reasons for providing them (i.e. humanitarian efforts, to make a profit, etc.). |
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Term
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Definition
"what do we want to become?"
A ___ 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; it should guide decisions and explain what is happening to the world you compete in and what you want to do about it |
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Definition
| ___ is developed after the mission statement. It expresses what the organization should become and where it wants to go strategically. |
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Term
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Definition
| Both of these company messages are EXTERNAL |
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Term
1) strategic planning
2) tactical (intermediate) planning
3) operational planning |
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Definition
| Name the 3 internal messages of a company.. |
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Term
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Definition
| long-range (2-5 years) overall master plan |
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Term
| tactical (intermediate) planning |
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Definition
| short-term (6 months-2 years) goals and objectives |
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Term
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Definition
| (30 days-6 months) day-to-day actions; what are we going to do NOW? |
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Term
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Definition
| what 2 things serve to help a company track its progress? |
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Term
1) short-term or proximal goals
2) long-term or distal goals |
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Definition
| what are the 2 horizons that describe planning? |
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Term
1) mission
2) vision
3) strategic planning |
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Definition
| which planning messages are long-term in nature? |
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Term
1) tactical (intermediate) planning
2) operational planning |
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Definition
| which planning messages are short-term in nature? |
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Term
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Definition
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Term
an alternative plan
[ex. weather --> plan to deal w/hurricanes, tornadoes, etc.] |
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Definition
| define contingency plan and give an example.. |
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Term
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Definition
| ________ focuses on solving plans as they happen; it recognizes that there are no simple guides to running businesses and that all management theories have limitations |
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Term
1) operating plans
2) policies
3) procedures
4) rules |
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Definition
| What 4 things are needed to consistently implement strategic plans? (they are designed by the organization and executed by managers) |
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Term
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Definition
means through which strategic plans alter the destiny of a firm
USE: establish 1-year objectives within departments to support overall strategy |
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Term
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Definition
general guidelines to follow in making decisions and taking action
USE: establish long-term guidelines for all employees in an organization
[ex. personnel manual] |
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Term
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Definition
customary methods for handling activities; guides action not thinking; steps are involved
USE: standardizes critical procedures within an organization to assure compliance to quality, safety, laws, or to achieve cost or time savings, etc. |
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Term
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Definition
specific course of action that must be followed; the simplest type of plan; can support procedures or stand alone
USE: short or long-term required action to address specific issues within departments or work areas |
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Term
| department or first-line managers |
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Definition
| who initiates operating plans? |
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Term
| departments or managers and then approved by the Board; becomes a part of the policy manual |
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Definition
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Term
| managers at all levels; most prominent in first-level management; becomes a part of an employee handbook or job description |
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Definition
| who initiates procedures? |
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Term
| recommended by anyone within the company and approved by the responsible manager |
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Definition
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Term
| Management by Objectives (MBO) |
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Definition
| a systematic application of goal setting and planning to help individuals and firms be more productive |
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Term
| managers and employees (jointly) |
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Definition
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Term
| management by objectives (MBO) |
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Definition
| ____ is a process of agreeing upon objectives. |
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Term
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Definition
1) establish organization goals
2) establish unit objectives
3) review group members' proposals
4) negotiate or agree on objectives
5) create action plans to achieve objectives
6) review performance |
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Term
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Definition
| a set of plausible stories or scenarios that are alternative ways of thinking about the future; planning for the future without considering the past |
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Term
| "the tyranny of the present" |
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Definition
| we are strongly influenced by the world around us and we have a culturally conditioned mindset |
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Term
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Definition
| ____ are plausible, pertinent, alternative stories of the future; they are powerful tools for addressing what is both fundamentally significant and profoundly unknowable--the future. |
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Term
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Definition
| biases that influence projections |
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Term
| 5 steps in scenario planning |
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Definition
1) identify the current mind map; write down current influences that might affect any future vision
2) list the driving forces that shape the environment
3) write a plausible story or story line based on each driving force
4) write an outline of each influence and consequence for each story; create the relevant plots and then stories, including their dynamics (driving forces); be factual and detailed
5) compare reality to each story; check off each driving force as it becomes reality; identify the strongest story for a basis for future planning and decision making |
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Term
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Definition
| master plan that slopes the firm's destiny; implemented by senior management |
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Term
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Definition
| specific goals and plans most relevant to a particular organizational unit; implemented by middle management |
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Term
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Definition
| specific procedures and actions required at lower organizational levels; implemented by lower management |
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Term
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Definition
| makes a complicated project visual; events listed in column; events compared to a time-line; single events shown w/a milestone; shows events that are over/completed; tells which events are scheduled [ex. COB 300 Master Schedule] |
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