Introduction to Management

Corporate

A ____________ strategy identifies the set of businesses, markets, or industries in which the organization competes and the distribution of resources among those businesses

Standing Plan

A plan which focuses on ongoing activities designed to achieve an enduring set of goals and may become a more permanent policy or rule is called

SWOT Analysis

A technique that helps managers summarize relevant and important facts from the internal and external analyses of an organization to formulate strategy

Strategic Planning

The level of planning involving the longest time horizon, usually ranging from 3-7 years

Operational

In ________ planning, frontline managers usually focus on routine tasks such as production runs, delivery schedules, and human resource requirements.

Goals

In the context of the planning process, _______ are the targets of ends the manager wants to reach

They are linked to other organizational systems like budgets and rewards

In the context of the planning process, implementation of selected plans will be the most successful when

Managers must continually monitor the performance of their work units against the unit's goals and plans

In the context of the planning process, which of the following statements is true of the final step that involves monitoring and controlling performance?

Evaluation of goals and plans

In which step of the planning process do managers identify the priorities and trade-offs, among goals and plans?

Identification and diagnosis of planning assumptions, issues, and problems

The outcome of situational analysis is...

Operational Planning

The process of identifying the specific procedures and processes required at lower levels of the organization.

Tactical Planning

The process of translating broad strategic goals and plans into specific goals and plans relevant to a particular portion of the organization is known as

Strategic goals include fostering quantity and quality of outputs as well as increasing productivity

Which of the following is true of the strategic goals of an organization?

Analyzing the Situation

Which of the following steps in the formal planning process involves studying past events, examining current conditions, and forecasting future trends?

Evaluating goals and plans

Which stage of the planning process is Axis Corp. involved in if it is assessing how well alternative plans meet high-priority goals while considering the cost of each initiative and the likely investment return?