chapter7

chapter7 - Chapter 7 MANAGERIAL PLANNING AND GOAL SETTING...

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Unformatted text preview: Chapter 7 MANAGERIAL PLANNING AND GOAL SETTING Learning Objectives  Define goals and plans and explain the relationship between them.  Explain the concept of organizational mission and how it influences goal setting and planning.  Describe the types of goals an organization should have and why they resemble a hierarchy.  Define the characteristics of effective goals. Learning Objectives (contd.)  Describe the four essential steps in the MBO process.  Explain the difference between single-use plans and standing plans.  Describe and explain the importance of the three stages of crisis management planning.  Summarize the guidelines for high-performance planning in a fast- changing environment. The Importance of Goals and Plans Guides to action Rationale for decisions Standard of performance Goals and Plans Source of motivation and commitment Resource allocation Legitimacy Legitimacy  An organization’s mission describes what the organization stands for and its reason for existence  It symbolizes legitimacy to external and internal audiences such as investors, customers, and suppliers Source of motivation and commitment  Facilitate employees’ identification with the organization  Help motivate employees by reducing uncertainty and clarifying what they should accomplish Resource allocation  Goals help managers decide whether they need to allocate resources, such as employees, money, and equipment Guides to action  Goals and plans provide a sense of direction by focusing attention on specific targets and directing employee efforts toward important outcomes. Rationale for decision  Through goal setting and planning, managers learn what the organization is trying to accomplish and they can then make decisions that align with the plan. Standard of performance  Because goals define desired outcomes for the organization, they also serve as performance criteria  Provide a standard of assessment Benefits of Planning  Intensified Effort  Persistence  Direction  Creation of Task Strategies Planning Pitfalls  Impede change and slow or prevent adaptation  Create a false sense of security  Detachment of planners Goals and Plans  Goal: A desired future state that the organization attempts to realize  Planning: A blueprint specifying the resource allocation, schedules, and other actions necessary for attaining goals....
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This note was uploaded on 07/30/2011 for the course FIN 202 taught by Professor Hung during the Spring '11 term at Keuka.

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chapter7 - Chapter 7 MANAGERIAL PLANNING AND GOAL SETTING...

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