Smartbook Reading Chapter 5 - Management

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

quantified

A _____ plan directs activity, such as a project, that is unlikely to be repeated.

single-use

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

What behavior would a proactive learner most likely exhibit?

taking initiative

The company's mission statement tells us

the company's reason for being.

An organization's vision represents

where the organization wants to go.

What are two advantages for a company that establishes deadlines?

1. Deadlines motivate employees to focus on the goal 2. Deadlines aid in making quicker decisions

What are the two types of goals in business?

1. Long-Term 2. Short-Term

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

mission

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 improving future plans

What is the first step in management by objectives? What is the second step in management by objectives?

1. Managers and employees jointly set objectives for the employee. 2. The employee develops an action plan.

Which of these represent measurable goals? (select all that apply)

1. No more than 50% of cars should be sold below MSRP 2. Customer service agents should improve customer relations by making 10 follow-up calls each week.

Critical thinkers

1. obtain and consider a wide range of information before passing judgment 2. don't make rash decisions during planning 3. consider alternative solutions to problems 4. remain open-minded when solving problems

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

1. take initiative and rely on yourself 2. participate in professional conversations 3. focus on solutions rather than problems 4. set realistic goals

Operating plans (select all that apply)

1. turn strategic plans into actionable short-term goals 2. break long-term output into short-term targets or goals

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

___ involves using sound reasoning to analyze situations, make decisions, and solve problems.

Critical Thinking

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

Deadlines

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

Goal

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

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

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

SMART goals (select all that apply).

S- Specific M- Measurable A- Attainable R - Results-Orientated T- Target Dates

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

Second

A _____ plan is developed for activities that occur repeatedly over time.

Standing

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 Managers

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

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.

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

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

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

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

operating plan

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