Chapter 5,6,7,8

Chapter 5,6,7,8 - Review Chap 5 Planning- choosing a goal...

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Review Chap 5 Planning - choosing a goal or developing a method S.M.A.R.T goals - specific, measurable, attainable, Realistic, Timely Goal Commitment- the determination to achieve a goal Action plan- lists the specific steps, how (steps), who (people), what (Resources), when (time) for accomplishing a goal Goals: Proximal goals- short term goals or sub-goals Distal goals- long-term or primary goals Option based planning: maintaining planning flexibility by making small, simultaneous investments in many alternative plans Slack resources- a cushion or resources, such as extra time, people, money, or production capacity Learning based planning - assumes that action plans need to be continually tested, changed, and improved as companies learn better ways of achieving goals Strategic plans- make clear how the company will serve its customers and position itself against competitors in the next 2 to 5 years Purpose Statement- statement of the company’s purpose or reason for existing Strategic objective- flows from the purpose, is a more specific goal that unifies company-wide efforts, stretches and challenges the organization and posses a finish line and time frame Management by Objective (MBO)- 1. Discuss their possible goals is a four step process in which managers and their employees 2. Collectively select goals that are challenging and obtainable 3. Jointly develop tactical plans
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4. Meet regularly to review progress towards goals Tactical plans- specifies how a company will use its resources, budgets, and people to accomplish specific goals related to its strategic objective for the next 5 years Operational plans: day to day plans for producing or delivering products and services over a 30 day to 6 month period Single-Use Plans- deal with unique, one-time only events Standing Plans- plans used repeatedly to handle frequently recurring events Policies o Why exist, what outcome is expected - a standing plan, which indicates the general course of action that should be taken in response to a particular event or situation Procedures o More specific - standing plan, that indicates the specific steps that should be taken in response to a particular event Rules and regulations o MOST specific, What must happen or not happen -standing plan, plans that describe how a particular action should be preformed Budgeting: quantitative planning through which managers decide how to allocate available money to best accomplishes company goals Decision making- Rational decision-making: a systematic process of defining problems, evaluating alternatives, and choosing optimal solutions is the process of choosing a solution from available alternatives 1. Define the Problem a. Problem- 2. Identify decision criteria which exists when there is a gap between a desired state and an existing state a. Decision criteria 3. Weight the criteria - the standards used to guide judgments and decisions
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a. Absolute comparisons- b. which each decision criterion is
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This note was uploaded on 02/28/2012 for the course MGT 3303 taught by Professor Bell during the Fall '08 term at Texas State.

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Chapter 5,6,7,8 - Review Chap 5 Planning- choosing a goal...

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