Quiz 2 book questions - Chapter 5-PLANNING PGS 132-148 Pg...

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Chapter 5-PLANNING PGS. 132-148 Pg. 132-Planning and strategic management Why not Plan? 1. Planning requires you to set aside the time to do it Pg. 133 2. You may have to make some decisions without a lot of time to plan How planning helps you: Four Benefits 1. Planning helps you check on your progress 2. Planning helps you coordinate activities 3. Planning helps you think ahead Pg. 134 4. Above all, planning helps you cope with uncertainty How organizations respond to uncertainty Four basic strategy types scholars Raymond E. Miles and Charles C. Snow 1. Defenders-“Stick with what we do best, avoid other involvement” Pg. 135 2. Prospectors-“Let’s create our own opportunities, not wait for them to happen” 3. Analyzers-“Let others take the risks of innovating & we’ll imitate what works best” 4. Reactors-“Let’s wait until there’s a crisis, then we’ll react” Pg. 136-The adaptive cycle Mission statement Vision statement Strategic planning Tactical planning Operational planning Mission statement-“What is our reason for being?”-Expresses the purpose Pg. 137-Vision statement-”what do we want to become?”-Expresses what the organization should become, where it wants to go strategically. Pg. 138-Three types of planning for three levels of management: Strategic (Top management), Tactical (middle management), & Operational (First-line management) Strategic- 1-5years Tactical- 6-24 months Operational- 1-52 weeks Pg. 139-Goals, Action plans and Operating Plans Goals-objective
The Action plan and the Operating plan Action plan defines the course of action Pg. 141- Types of plans: Standing plans and single-use plans Policy-standing plan outlines the general response Procedure- standing plan that outlines the response to particular problems or circumstances. Rule- Standing plan that designates specific required action Single use plans: Programs and Projects Program-Single-use plan encompassing a range of projects or activities Project-single use plan of less scope and complexity than a program. Pg. 142 SMART Goals Specific Measurable Attainable Results-Oriented Target dates Pg. 143-144 MBO Management by Objectives 1. Managers and employees jointly set objectives for the employee 2. Managers develop action plans 3. Managers and employees periodically review the employee’s performance 4. The manger makes a performance appraisal and rewards the employee according to results MOTIVIATE RATHER THAN CONTROL Pg. 145 –cascading objectives 1. top management must be committed 2. it must be applied organization-wide 3. objectives must be “cascade” Pg. 146 The importance of deadlines Pg. 147 the planning.comtrolling cycle 1. make the plan 2. carry out the plan 3. control the direction by comparing te results with the plan 4. control the direction in two ways: a. by correcting deviations in the plan being carried out b. by improvising future plans
Chapter 6-STRATEGIC MANAGEMENT Pgs 156-180 Pg. 156 Business plan-A document that outlines a proposed firm’s goals, the strategy for achieving them, and the standards for seasuring success

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