Mngmnt 320 Ch 5 SB
operational planning
1 week to 52 weeks
strategic planning
1 year to 5 years
Place the steps of the planning/control cycle in the correct order, with step one listed first (at the top) and step four listed last (at the bottom)
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
tactical planning
6 months to 24 months
Operating plans accomplish which of the following?
Break long-term output into short-term targets or goals
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
performance objective
express the objective as an outcome or end-result
behavioral objective
express the objective as the behaviors needed to achieve an outcome
learning objective
express the objective in terms of acquiring knowledge or competencies
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
What is the first step in management by objectives?
managers and employees jointly set objectives for the employee
In the strategic management process, the organization's strategies and strategic goals are formulated and implemented using ______.
managers from all parts of the organization
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
first-line management
operational planning
An action plan ______.
outlines the tactics that will be used to achieve a goal
An organization has a sustainable competitive advantage when, for an extended period of time, it can ______.
produce goods and services more effectively than its competitors do
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
Tactical goals are considered _____-term goals.
short
A(n) ______ provides a guide for a company's long-term goals.
strategic plan
top management
strategic planning
middle management
tactical planning
What behavior would a proactive learner most likely exhibit?
taking initiative
The company's mission statement tells us ______.
the company's reason for being.
What is the second step in management by objectives?
the employee develops an action plan
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
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.
Which of the following verbs would be appropriate for a results-oriented goal?
- complete - acquire - decrease
What are the control steps in the planning/control cycle?
- control the direction by taking corrective actions - control the direction by comparing results with the plan
What are advantages for a company that establishes deadlines?
- deadlines aid in making quicker decisions - deadlines motivate employees to focus on the goal
What are steps anyone can take to become a more proactive learner?
- focus on solutions rather than problems - participate in professional conversations - take initiative and rely on yourself - set realistic goals
For goal setting to be successful, what must occur?
- goals must be applied organization wide - top management must be highly committed - goals must cascade through the organization
Which should be included in a firm's business model?
- how the firm will market to customers - a description of the industry the firm is entering - the firm's expected revenues and expenses
What are characteristics of effective vision statements?
- idealism - future focus - clarity
What are specific reasons why organizations should adopt planning and strategic management?
- it encourages new ideas - it helps the firm develop a sustainable competitive advantage - it provides direction and momentum
Which of the following statements about strategic planning are true?
- it should communicate general goals and ways to achieve them - it requires visionary and directional thinking
What groups should be involved in the strategic management process?
- middle managers - top managers - first-line managers
Which types of objectives used in management by objectives (MBO)?
- performance - behavioral - learning
A company's values statement expresses which of the following things?
- the company's core priorities - what its products contribute to the world - the values its employees embody - what the company stands for
Which of the following statements are true about short-term goals?
- they are also known as tactical goals - they are connected to strategic goals - they are also known as operational goals
Which of the following are true about long-term goals?
- they span one to five years - they are also referred to as strategic goals - they focus on achieving strategies in the company's strategic plan
top and middle management must be committed
Average gains in productivity are significantly higher when there is buy-in to the goal setting process from upper levels of management
A ______ goal is one that is specific, measurable, attainable, results-oriented, and has target dates.
SMART
What are characteristics of SMART goals?
Specific, Measurable, Attainable, Results-oriented, Have target dates
Goals must be applied organization-wide
The goal setting program cannot be applied in only some divisions or departments; it must be put in place throughout the whole company
Goals must cascade
The strategic goals set at the top must align downward with more specific, short-term goals set at lower organizational levels
The vision statement should answer which of these questions?
What do we want to become
A mission statement addresses which question?
What is our reason for being?
A business plan is a document that outlines ______.
a proposed firm's goals, strategy for achieving them, and standards for measuring success
In terms of SMART goals, an "attainable" goal is ______.
challenging but achievable
______ help us to stay focused on the big picture, concentrate and make quicker decisions rather than putting them off, and ignore unimportant matters.
deadlines
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
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
Short-term (tactical) goals are connected to long-term (strategic) goals in a hierarchy called the _______.
means-end chain
Who is responsible for tactical planning?
middle management
A company's _____ is the purpose of the 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
The document that details how a company's goals are to be met is called a(n) ______.
plan
Making the plan and carrying out the plan represent the two ______ steps in the planning/control cycle.
planning
The _______ process helps us to cope with uncertainty by formulating future courses of action designed to help achieve specified results.
planning
The purpose of ______ is to set goals and decide on the courses of action that will be used to achieve them.
planning
Three benefits of ______ are that they can provide a company with direction and momentum, encourage new ideas, and help the company develop a sustainable competitive advantage.
planning and strategic management
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 management team gave the IT department until October 15 to complete the software installation. Which aspect of SMART goals does this deadline demonstrate?
target dates
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.