Chapter 6 - Management Roundtree Erica Shannon Definition...

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Management Chapter 6 – pgs. 180-184 Roundtree February 3, 2008 Erica Shannon Definition - Planning : coping with uncertainty by formulating courses of action to achieve specified results - State uncertainty : environment is unpredictable - Effect uncertainty : impacts of environmental changes are unpredictable - Response uncertainty : consequences of decisions are unpredictable - Plan : an objective plus an action statement - Strategic planning : determining how to pursue long-term goals with available resources - Intermediate planning : determining what contributions subunits can make with allocated resources - Operational planning : determining how to accomplish specific tasks with available resources - Planning horizon : time that elapses between planning and execution - Objective : commitment to achieve a measurable result within a specified period - Priorities : goals, objectives, or activities ranked in order of importance - 80/20 principle : a minority of causes, inputs, or effort tend to produce a majority
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Chapter 6 - Management Roundtree Erica Shannon Definition...

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