management ch 5

objectives

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. goals means mission objectives

cascading

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 SMART divisional organization-wide

planning

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

motivate

The purpose of management by objectives (MBO) is to ______ subordinates. motivate scrutinize control organize

true

True or false: 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 False

long-term short-term

What are the two types of goals in business? nonspecific long-term short-term noncommittal

single-use

A _____ plan directs activity, such as a project, that is unlikely to be repeated. tactical rocket standing single-use

standing

A _____ plan is developed for activities that occur repeatedly over time. process single-use standing tactical

are measurable are results-oriented have target dates are specific are attainable

SMART goals (select all that apply). are measurable are results-oriented are impossible have target dates are specific are attainable have sustainability

where the organization wants to go.

An organization's vision represents what the organization cares most about. where the organization wants to go. the values the organization wants to emphasize. the organization's purpose.

goal

In business, a specific commitment to achieve a measurable result within a stated period of time is called a _____. goal tactic plan strategy

operating plan

It is the function of the _____ to take the strategic plan and develop actionable short-term goals that a business can achieve. operating plan mission statement vision statement tactical plan

whatever is in front of them

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 emerging opportunities for expansion overall company strategy competitors' movements

deadlines

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

mission

A company's _____ is the purpose of the organization. strategy plan vision mission

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

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 motivating employees by properly appraising goal-directed performance gaining strong top and middle management commitment to the goal setting process implementing the management by objectives program organization-wide

turn strategic plans into actionable short-term goals break long-term output into short-term targets or goals

Operating plans (select all that apply) are also referred to as means-end chains turn strategic plans into actionable short-term goals break long-term output into short-term targets or goals

should communicate general goals and ways to achieve them requires visionary and directional thinking

Strategic planning (select all that apply) focuses primarily on the organization's short-term goals should be done approximately every ten years should communicate general goals and ways to achieve them requires visionary and directional thinking

top

Strategic planning is done by _____ managers. first-line middle operations top

mission

The ______ statement expresses the purpose of an organization. mission operational vision values

planning

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

the company's reason for being.

The company's mission statement tells us what the company wants to become. the company's reason for being. what the company cares most about. where the company wants to go strategically.

plan

The document that details how a company's goals are to be met is called a(n)_____. plan mission investment vision