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MGMT 301 exam 2
chapter 5 definitions
30
Management
Undergraduate 1
02/25/2013

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Term
planning
Definition
the process of setting performance objectives and determining how to get them done.
Term
Judging (personal Planning)
Definition
structural and formal (linear)
Term
Perceiving (personal planning)
Definition
unstructured and informal (decide as you go)
Term
Process of Planning (5 steps)
Definition
1. Define Objectives
2. compare current to objectives
3. compare future alternatives
4. Analyze alternatives/make plan
5. Implement and evaluate
Term
4 components of good planning
Definition
1. action oriented
2. priority oriented
3. advantage oriented
4. change oriented
Term
priorities-Big rocks
Definition
-priorities are key in planning
- must start with most important stuff first
Term
Planning hierarchy (5 components)
Definition
1. top mgmt obj
2. senior mgmt
3. middle mgmt
4. supervisory mgmt
5. workers
Term
long range
Definition
3 plus years
Term
short range
Definition
3-12 months
Term
strategic plan
Definition
identifies long-term directions for the organization
Term
operational/tactical planning
Definition
set out ways to implement a strategic plan
Term
functional planning
Definition
identifies how different parts of an enterprise will contribute to accomplishing, a strategic plan
Term
policies
Definition
a standing plan that communicates broad guidelines for decisions and actions
Term
procedures
Definition
rules that precisely describe actions to take in specific scenarios
Term
Budget
Definition
a plan that commits resources to projects or activites
Term
zero-based budget
Definition
allocates resources as if each budget was brand new (nothing guaranteed from past)
Term
Big 6 planning tools
Definition
1. forecasting
2. contingency
3. scenario
4. benchmarking
5. participatory
6. goal setting
Term
Forecasting (planning tool)
Definition
using statistical tools and intuition based on experience to predict a future state
Term
contingency planning (planning tool)
Definition
identifying actions to take when a strategic or tactical plan must change based on circumstances (good or bad)
Term
scenario planning (planning tool)
Definition
considering future scenarios and developing plans to address those issues
Term
benchmarking (planning tool)
Definition
comparing your company to outside organizations both in our industry and in other businesses
Term
participatory planning (planning tool)
Definition
including those impacted (customers) and or who will implement (employees) your plan in the process
Term
goal setting (planning tool)
Definition
developing clear quantified measures that guides an organization's and the individual's work
-must be specific, timely, attainable, challenging, measurable
Term
specific (goal setting component)
Definition
clearly target key results and outcomes to be accomplished
Term
timely (goal setting component)
Definition
linked to specific time-ables and due dates
Term
measurable (goal setting component)
Definition
described so results can be measured without ambiguity
Term
challenging (goal setting component)
Definition
include a stretch factor that moves towards real gains
Term
attainable (goal setting component)
Definition
although challenging, realistic and possible to achieve
Term
zynga
Definition
a mobile gaming company, trying to leave facebook by going to the web.
Term
know shanghai disney planning
Definition
lots of stuff
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