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Decision Making_Ch5_post - Planning and Decision Making MNO...

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Planning and Decision Making MNO 3370 (Honors)
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Management Workplace: Community Insurance Center Chapter Concepts Benefits of Planning Setting Goals Goal Commitment Distal Goals Flexibility in Planning
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Benefits of Planning Benefits of Planning Creation of Task Strategies Intensified Effort Direction Persistence
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Pitfalls of Planning Pitfalls of Planning Detachment of Planners Impedes Change and Adaptation False Sense of Certainty
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S.M.A.R.T. S.M.A.R.T. Specific Measurable Attainable Realistic Timely Setting Goals
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Examples of S.M.A.R.T. Goals? Starbucks: “In fiscal 2006, we plan to open approximately 1,800 net new stores globally.” Walgreen: “Second is to hire a significant number of people with disabilities in our South Carolina distribution center, scheduled to open in 2007, and achieve 20% productivity gains there.” UPS: “65% of drivers will have access to the new technology (implemented in 2004) by the end of 2005.” and “In 2005, we will increase operating profit in each of our 3 key businesses: domestic, int’l, supply chain.” Wrigley: “In 2005, the company will decrease the long-term rate of return assumption for the assets of its U.S. (pension) plans from 8.75 % to 8.5%.” Halliburton: “We estimate that 74% of the backlog existing on 12/31 will be eliminated the following fiscal year.” Martha Stewart Living Omnimedia: “In 2004 we will discontinue the Catalog for Living and its online product options, and sell remaining inventory in early fiscal 2005.”
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Developing Commitment to Goals The determination to achieve a goal is increased by: Setting goals participatively Making goals reasonable Making goals public Obtaining top management support
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8 Developing Effective Action Plans Specific Steps People Resources Time Period An Action Plan Lists…
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9 Tracking Progress Set… Proximal Goals Distal Goals Gather and provide… Performance Feedback
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10 Maintaining Flexibility Option-based planning keep options open by making simultaneous investments invest more in promising options maintains slack resources Learning-based planning plans need to be continuously adjusted
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