Management Test 2 Review

Management Test 2 Review -...

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Chapter 5—Managerial Planning and Goal Setting 06/10/2010 18:52:00 Overview of Goals and Plans Goal     —a desired future state that an organization attempts to realize Plan     —a blueprint specifying the resource allocations, schedules, and other actions necessary for  attaining goals Planning     —the act of determining the organization’s goals and the means for achieving them o Mission Statement o Strategic Goals/Plans (senior management, organization as a whole) o Tactical Goals/Plans (middle management, major divisions, functions) o Operational Goals/Plans (lower management, departments, individuals) Purposes of Goals and Plans:  legitimacy, source of motivation and commitment, resource  allocation, guides to action/sense of direction, rationale for decisions, standard of  performance Goals in Organizations Mission     —the organization’s reason for existence Mission statement     —a broadly stated definition of the organization’s basic business scope and  operations that distinguish it from similar types of organizations Strategic goals     —broad statements of where the organization wants to be in the future; they  pertain to the organization as a whole rather than to specific divisions or departments Strategic plans     —the action steps by which an organization intends to attain strategic goals Tactical goals     —goals that define the outcomes that major divisions and departments must  achieve for the organization to reach its overall goals Tactical plans     —plans designed to help execute major strategic plans and to accomplish a specific  part of the company’s strategy Operational goals     —specific, measurable, results expected from departments, work groups, and  individuals within the organization Operational plans     —plans developed at the organization’s lower levels that specify action steps  toward achieving operational goals and that support tactical planning activities Strategy map     —a visual representation of the key drivers of an organization’s success that shows  the cause-and-effect relationships among goals and plans
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Operational Planning Criteria for Effective Goals Specific and measurable Defined time period Cover key result areas Challenging but realistic Linked to rewards Management by Objectives (MBO)     —a method of management whereby managers and  employees define goals for every department, project, and person and use them to monitor subsequent  performance 1. Set goals 2. Develop action plan 3. Review progress
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This note was uploaded on 04/07/2011 for the course MGT 300 taught by Professor Dr.michaelshaner during the Fall '10 term at Saint Louis.

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Management Test 2 Review -...

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