Plans differ in their time horizons the periods of time over which they are intended to apply or endure Managers usually distinguish among the

Plans differ in their time horizons the periods of

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Plans differ in their time horizons, the periods of time over which they are intended to apply or endure. Managers usually distinguish among the following:Long-term plans have a time horizon of five years or more. Typically corporate and business-level goals and strategies require long-term plans.Intermediate-term plans have a time horizon between one and five years. Corporate and business level goals require intermediate-term plans. Functional-level goals and strategies also require intermediate-term plans.Short-term plans have a time horizon of one year or less. Functional-level goals and strategies require short-term plans.time horizon? 20 / 20 pts Question 4Your Answer: Identify the advantages and disadvantages of group decision making. Group decision making is offers many advantages. When managers work as a team to make decisions and solve problems their choices of alternatives are less likely to fall victim to the biases and errors. They are able to draw on the combined skills, competencies, and accumulated knowledge of group members and thereby improve their ability to generate feasible alternatives and make good decisions. Group decision making also allows managers to process more information and to correct one another’s errors. When a group of managers make a decision the probability that the decision will be implemented successfully increases.Some disadvantages are associated with group decision making. Groups often take much longer than individuals to make decisions. Getting two or more managers to agree to the same solution can be difficult
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because mangers’ interest and preferences are often different. In addition, just like group decision by individual managers, group decision making can be undermined by biases. The advantages of group decision making include:It is less likely to be biased and make judgment errors,It can draw on combined knowledge and skills of all group members.It can process more information.It can correct each others' errors.Groups increase the probability of implementation.The disadvantages of group decision making include:It generally takes longer.In group decision making, gaining agreement may be difficult.A major source of group bias known as groupthink.20 / 20 pts Question 5Your Answer: Explain briefly the three levels and three steps in the planning and strategy-making process. Also mention how they are linked with each other. Three Levels of Planning: 1. Corporate-Level Strategy-Selection of business in which the company should compete. 2.Business-Level Strategy –Developing and sustaining a competitive advantage for the goods and services that are produced. 3. Functional-Level Strategy-The level of operating divisions and departments. Three steps in the planning process:1. Determining the Organization’s Mission and Goals - Through an analysis of information gathered during environment analysis, managers can determine the direction in which an organization should move. 2. Formulating Strategy (Tactical Plan) – Analyze the current situation and develop strategies.Strategy formulation requires a series of steps performed in sequential order. The steps must be taken in order because they build upon one another. 3.
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