Management Smartbook 5

Which should be included in a firm's business model?

-A description of the industry the firm is entering -The firm's expected revenues and expenses -How the firm will market to customers

What are advantages for a company that establishes deadlines?

-Deadlines aid in making quicker decisions. -Deadlines motivate employees to focus on the goal.

Which of these represent measurable goals?

-No more than 50% of cars should be sold below MSRP. -Customer service agents should improve customer relations by making 10 follow-up calls each week.

What are steps anyone can take to become a more proactive learner?

-Participate in professional conversations. -Focus on solutions rather than problems. -Set realistic goals. -Take initiative and rely on yourself.

A company's values statement expresses which of the following things?

-The company's core priorities -The values its employees embody -What its products contribute to the world -What the company stands for

Which of the following are true about long-term goals?

-They are also referred to as strategic goals. -They span one to five years. -They focus on achieving strategies in the company's strategic plan.

Which of the following are career readiness competencies?

-Understanding a business -Networking

Which of the following verbs would be appropriate for a results-oriented goal?

-decrease -acquire -complete

What are the types of goals in business?

-long term -short term

Place the steps of the planning/control cycle in the correct order, with step one listed first and step four listed last

1. Make the plan 2. carry out the plan 3. control the direction by comparing results with the plan 4. Control the direction by correcting deviations and/or improving future plans.

Operating plans accomplish which of the following?

Break long-term output into short-term targets or goals

______ help us to stay focused on the big picture, concentrate and make quicker decisions rather than putting them off, and ignore unimportant matters.

Deadlines

What is the second step in management by objectives?

The manager develops an action plan.

What are characteristics of SMART goals?

-Have target dates -Specific -Results-oriented -Measurable -Attainable

Which of the following are reasons that employers value a proactive learning orientation?

-It helps drive employee creativity and innovation. -It helps employees refine and enhance their skills sets throughout their careers.

Goals that are challenging but are realistic and achievable within the scope of the resources available to a company satisfy which aspect of SMART goal criteria?

Attainable

What is the first step in management by objectives?

Managers and employees jointly set objectives for the employee

Who is responsible for tactical planning?

Middle management

_____ planning is used to determine how to accomplish specific tasks with available resources within the next 1 -- 52 weeks.

Operational

The _______ process helps us to cope with uncertainty by formulating future courses of action designed to help achieve specified results.

Planning

A ______ goal is one that is specific, measurable, attainable, results-oriented, and has target dates.

SMART

A ______ sets the long-term goals and direction for an organization.

Strategy

What behavior would a proactive learner most likely exhibit?

Taking initiative

One of the characteristics of SMART goals is that they are stated in specific rather than vague terms. Match each goal below to indicate whether it is vague or specific.

Vague- As many planes as possible should arrive on time. Specific- Ninety % of planes should arrive within 15 minutes of their scheduled arrival time.

The vision statement should answer which of these questions?

What do we want to become?

What would occur in the third step of management by objectives?

You and your manager meet to review progress.

A business plan is a document that outlines ______.

a proposed firm's goals, strategy for achieving them, and standards for measuring success

A document that outlines a proposed firm's goals, its strategy for achieving those goals, and the standards for measuring success is known as a _______.

business plan

The process of ensuring that the strategic goals set at the top align with more specific short-term goals at lower organizational levels is known as ______ goals.

cascading

In terms of SMART goals, an "attainable" goal is ______.

challenging but achievable

A company's strategy can best be described as a(n) ______ about what long-term goals or direction to pursue for the survival or prosperity of the organization.

educated guess

Cascading goals is the process of ______.

ensuring that strategic goals at the top align with the short-term goals set at lower levels in the organization

Managers and subordinates jointly setting subordinate objectives is the ______ step in management by objectives.

first

Managers and subordinates meeting to appraise performance, discuss results, and allocate rewards is the ______ step in management by objectives.

fourth

In business, a specific commitment to achieve a measurable result within a stated period of time is called a ______.

goal

A means-end chain is used in planning to show ______.

how goals are connected across an organization

Strategic planning can help encourage new ideas by stressing the importance of ______ in achieving long-range success.

innovation

Short-term (tactical) goals are connected to long-term (strategic) goals in a hierarchy called the

means-end chain

A company's _____ is the purpose of the organization.

mission

The ______ statement expresses the purpose of an organization.

mission

A firm's business _______ should include a description of the need the firm will fill, the operations of the business, its components and functions, and the expected revenues and expenses.

model

The purpose of management by objectives (MBO) is to ______ subordinates.

motivate

Management by ______ is a four-step process in which managers and employees jointly set objectives, develop action plans, review performance, and appraise and reward employees.

objectives

It is the function of the ______ to take the strategic plan and develop actionable short-term goals that a business can achieve.

operating plan

First-line managers are typically responsible for performing ______ planning within the organization.

operational

The purpose of ______ is to set goals and decide on the courses of action that will be used to achieve them.

planning

You can use the continuous feedback loop known as the ______ cycle to ensure you're headed in the right direction once you've made plans.

planning/control

A(n) ______ learning orientation represents the desire to learn and improve one's knowledge, soft-skills, and other characteristics in pursuit of personal development.

proactive

To be an effective planner, you should be a(n) ____ learner in areas beyond the technicalities of your profession.

proactive

The "measurable" aspect of a SMART goal refers to its ability to be ______.

quantified

When stating a goal, it is a good idea to start with the word "To" and follow with an action-oriented verb such as "increase" or "acquire." This describes the ______ aspect of SMART goals.

results-oriented

Employees preparing action plans represents the ______ step in management by objectives.

second

The letter S in the acronym SMART goal stands for what aspect of a good goal?

specific

Top managers use _______ planning to determine what the organization's long-term goals should be for the next one to five years with the resources they expect to have available.

strategic

A(n) ______ provides a guide for a company's long-term goals

strategic plan

According to management scholar Gary Hamel, companies like Apple have succeeded because their spirit of _____ has allowed them to reinvent the basis of competition within an existing industry.

strategy innovation

Organizations use ______ planning to determine what contributions the departments or work units can make toward the organization's strategic priorities and policies during the next 6 -- 24 months.

tactical

The company's mission statement tells us ______.

the company's reason for being

The fourth and final step in management by objectives involves:

the manager making a performance appraisal and rewarding the employee according to the results.

The manager and employee periodically reviewing the employee's performance represents the ______ step in management by objectives.

third

Strategic planning is done by ______ managers.

top

One reason a company might create a bad strategic plan is because they make incorrect assumptions about what will happen in the market going forward.

true

A ______ statement expresses what the company stands for, its core priorities and what its products contribute to the world.

values

A company's ______ statement should provide a clear sense of the future and the actions needed to get there.

vision

Without having a plan in place, managers may focus only on ______ instead of keeping a long-range view and anticipating new opportunities.

whatever is in front of them

An organization's vision represents ______.

where the organization wants to go