Chapter 5 Summary.docx

Chapter 5 Summary.docx - Professor Noh MGT 250 15 February...

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Professor Noh MGT 250 15 February 2017 Planning - choosing a goal and developing a strategy to achieve that goal. Benefits of planning: Intensified effort, persistence, direction, and creation of task strategies. Pitfalls of planning: Can impede change and slow or prevent needed adaptation, create a false sense of certainty, and detach planners from the actual daily activities and implementation of the company. Steps in planning: Set goals Develop commitment Develop effective action plans Track progress toward goal achievement Maintain flexibility S.M.A.R.T goals - goals that are specific, measurable, attainable, realistic, and timely. Goal commitment - the determination to achieve a goal. Action plan - a plan that lists the specific steps, people, resources, and time period needed to attain a goal. Proximal goals - short-term goals or subgoals. Distal goals - long-term or primary goals. Options-based planning - maintaining planning flexibility by making small, simultaneous investments in many alternative plans. Slack resources - a cushion of extra resources that can be used with options-based planning to adapt to unanticipated changes, problems, or opportunities. Strategic plans - overall company plans that clarify how the company will serve customers and position itself against competitive over the next two to five years. These are made by top management. Purpose statement - a statement of a company’s purpose or reason for existing.
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