NWMSU Management: Chapter 6 Review
Planning/Control Cycle: Planning
Step 1. Formulating Plans Step 2. Carry out plans
Planning/Control Cycle
Step 1. Formulating Plans Step 2. Carry out plans Step 3. Compare plans Step 4. Take corrective action correct deviation (back to step 2) improve plan (back to 1 start over)
Planning/Control Cycle: Control
Step 3. Compare actions Step 4. Take corrective action corrective deviation (back to step 2) improve plan (back to 1 start over)
project
a temporary endeavor undertaken to achieve particular aim
prospectors
aggressively making things happen rather than waiting for them to happen "stay a step ahead of the competition"
project planning
cross-functional teams of people with different technical skills for temporary teams to complete these
Conceptualization
develop overall project goals, budgets, and schedule "big picture"
PERT Times
estimated times for the completion of PERT activities
PERT Networks
graphically sequencing and scheduling tools for complex projects
effect uncertainty
inability to predict the effects of a certain environmental change or __________ "not sure whether it will rain hard enough, if it does rain to make me quit before 9 holes"
PERT Event
is a performance milestone representing the start and finish of some activity
Break-Even Analysis
level of sales at which there is no profit or loss
measuring stick
objective are useful for measuring how well an organizational subunit or how individuals performed
defenders
primary technical and narrow production line and remain competitive "be very good at doing a few things"
PERT
program evaluation and review technology
Well-written objective
should state what is to be accomplished and when it is to be accomplished
state uncertainty
the environment, or portion of it, is unpredictable "is it going to rain?"
response uncertainty
unable to predict the consequences of a particular decision's organizational ________ "weighing your chances of making par if you have to adjust your choice of golf clubs to the poor conditions"
reactors
wait for adversity "if it isn't broken don't fix it"
PERT Activity
work in progress
analyzers
"me too" response to environmental uncertainty "follow the leader"
PERT Formula
(Tp+4Tm+To) / 6 = Te
Break-Even Equation
BEP= FC / (P-VC)
planning horizon
-the time that elapses between the formulation and execution of a planned activity (can overlap)
4 types of organizational responses to uncertainty
1) Defenders 2)Prospectors 3)Analyzers 4)Reactors
3 types of planing
1. strategic 2.intermediate 3.operations
Product Life-Cycle
1.conceptualization 2.planning 3.execution 4.termination
management by objective (MBOs)
-Drucker -a management system based on measurable and participatively set objectives 1) setting objective 2)developing action plans 3)periodic review 4)performance appraisal
Strategic Planning
-Top management 1-10 years -process of determining how to pursue long-term goals with AVAILABLE resources
planning
-acquire needed facilities and equipment -acquire needed personnel and assign duties (goal setting) -schedule and coordinate individuals and team efforts
developing action plans
-add action statements -complement each other
periodic review
-as plans turn to actions -monitoring performance
termination
-both "little details" and "big picture" -turn project over to client -identify new project opportunities
Objective
-commitment to achieve a measurable result within a specific time -target -measuring stick -commitment -motivate
setting objectives
-emphasize participation and involvement of people
performance appraisal
-final performance is compared to with the previously agreed-upon objectives -emphasize results NOT personalities or excuses
operational planning
-lower management 1 week- 1 year -process of determining how specific tasks can be accomplished on time with AVAILABLE resources
intermediate planning
-mid-management 6 months-2years -process of determining the contribution subunits can make with the ALLOCATED resources
execution
-monitor progress and take corrective action -satisfy client's expectations -complete project on time and under budget -implantation of plan *most financial/personnel ect.*