CHAPTER 5 - CHAPTER 5 Planning Choosing a goal and...

This preview shows page 1 - 3 out of 5 pages.

CHAPTER 5PlanningChoosing a goal and developing a strategy toachieve that goal.S.M.A.R.T goalsGoals that are Specific, Measurable, Attainable,Realistic, & TimelyGoal commitmentThe determination to achieve a goal.Action PlanA plan that lists the specific steps, people,resources, and time period needed to attain agoal.Proximal goalsShort-term goals or subgoals.Distal goalsLong-term or primary goals.Options-based planningMaintaining planning flexibility by makingsmall, simultaneous investments in manyalternative plans.Slack resourcesA cushion of extra resources that can be usedwith options-based planning to adapt tounanticipatedchange,problems,oropportunities.Strategic plansOverall company plans that clarify how thecompany will serve customers and positionitself against competitors over the next two tofive years.Purpose statementA statement of a company's purpose or reason toexist.
Strategic objectiveA more specific goal that unifies company-wideefforts, stretches and challenges theorganization, and possesses a finish line and atime frame.

Upload your study docs or become a

Course Hero member to access this document

Upload your study docs or become a

Course Hero member to access this document

End of preview. Want to read all 5 pages?

Upload your study docs or become a

Course Hero member to access this document

Term
Fall
Professor
CARLIN
Tags
Management, Decision Making, Chapter 5, Five years, Delphi, 6 Month, 30 day

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture

  • Left Quote Icon

    Student Picture