Midterm 2 Notes.docx - Goal is a desired future...

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Goal is a desired future circumstance or condition that the organization wants to realize. Planning is the act of determining goals and defining the means of achieving them. A plan is a blueprint (for a goal) specifying the resource allocations, schedules, and other actions necessary for attaining goals. Mission : the organization s reason for existence. The mission describes the organization s values, aspirations, and reason for being. A well-defined mission is the basis for development of all subsequent goals and plans. mission statement is a broadly stated definition of purpose that distinguishes the organization from others of a similar type. Strategic goals : official goals, broad statements describing the organization s future. Strategic plans define the action steps the company will take. Goals should be aligned using a strategy map. Tactical goals and plans are the responsibility of middle managers, such as the heads of major divisions or functional units. After strategic goals are formulated, the next step is to define tactical goals, which are the results that major divisions and departments within the organization intend to achieve. tactical plans are designed to help execute the major strategic plans and to accomplish a specific part of the company s strategy. The outcomes that major divisions and departments must achieve for the organization to reach its overall goals are called tactical goals. The results expected from departments, work groups, and individuals are the operational goals. Operational goals are specific, measurable results that are expected from departments, work groups, and individuals. Operational plans specify the action steps toward achieving operational goals and support tactical activities. A strategy map is a visual representation of the key drivers of an organization s success, showing the cause and-effect relationship among goals and plans. Characteristics of Effective Goals: Specific and measurable, linked to rewards, have defined time period, challenging but realistic, cover key result areas. MBO Process: 1. Set Goals; corporate strategic goals, departmental goals, individual goals. 2. Develop Action Plans. 3.Review progress, take corrective action. 4. Appraise Performance (appraise overall performance). Management-by-objectives (MBO) is a method whereby managers and employees define goals for every department, project, and person and use them to monitor subsequent performance. MBO includes the steps of setting goals, developing action plans, reviewing progress, and appraising performance. A recent approach that focuses people on the methods and processes used to attain results, rather than on the results themselves, is called management by means (MBM). Single-use plans are plans that are developed to achieve a set of goals that are unlikely to be repeated in the future. Standing plans are ongoing plans that are used to provide guidance for tasks that occur repeatedly in the organization. One example of a standing plan is a social media policy. Benefits of planning
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