Management Principles- Module 9 (chapter 6)

8 Characteristics of Appropriate Goals 1. _____ are better. 2. Measures should be linked to the factors needed for _____—key business drivers. 3. Measures should be a mix of past, present, and ____ to ensure the organization is concerned with all three perspectives. 4. Measures should be based around the needs of ____, shareholders, and other key stakeholders.

1) Fewer 2) success 3) future 4) customers

1) For personal objectives and performance measures to be most effective, you might try seeing how they measure up to ____ criteria. •One way to think about implementing your own Balanced Scorecard is through the plan-do-act-dare cycle

1) SMART

Goals and Objectives 1) Goals are outcome statements that define what an organization is trying to _______, both programmatically and organizationally. •For example, Wal-Mart might state a financial goal of growing its revenues 20% per year or have a goal of growing the international parts of its empire.

1) accomplish

Best Practices for Performance Appraisals 1. Decide what you are hoping to ___ from the system. 2. Develop goals and objectives that inspire, challenge, and stretch people's ____. 3. Ensure you have commitment from the ____. 4. Ensure that all key staff are involved in the development of the performance management processes from the ____ phases.

1) achieve 2) capabilities 3) top 4) early

Performance Management 1) Setting goals using a top ___ process to ensure strategic ____ throughout all levels of the organization 2) Set goals at the beginning of the year, use a ____ plan to monitor and measure results 3) Expectations for employee performance acts as a tool for accountability •_______ •Continuous improvement

1) down; alignment 2) performance 3) Coaching

Management By Objectives (MBO) 1) MBO is a systematic and organized approach that allows management to focus on achievable ____ and to attain the best possible ____ from available resources

1) goals; results

Measurement There are three general failings that we can see across organizations related to measurement. 1. many organizations still emphasize _____ financial goals and objectives 2. financial outcomes are often short term in nature, so they omit other key factors that might be important to the ____-term viability of the organization. 3. goals and objectives are often not tied to _____ and ultimately to vision and mission.

1) historic 2) longer 3) strategy

1) vision and mission is relatively ____ and relatively ____ 2) operating goals and objectives are relatively ____ and relatively ____

1) long; broad 2) short, specific

Measurement 1) Measures are the actual ____ used to gauge performance on ____. 2) For instance, the objective of improved financial performance can be measured using a number metrics, ranging from improvement in total sales, profitability, efficiencies, or stock price.

1) metrics; objectives 2)

Personal Balanced Scorecard Personal Goals and Key Roles 1) your needs and aspirations about ____ 2) goals that you have in relation to other individuals or society at large 3) goals related to your ____ and well-being 4) your skills, abilities, and aims with regard to personal and professional learning and ____

1) money 2) 3) health 4) growth

Employee Performance Evaluation 1) A performance evaluation is a constructive process to acknowledge an employee's ____. 2) Most organizations conduct employee performance evaluations at least once a ___ 3) Performance reviews help managers feel more ____ in their relationships with their subordinates and feel better about themselves in their supervisory roles. 4) Subordinates are assured clear understanding of what goals and objectives are expected from them, their own personal ____ and areas for development, and a solid sense of their relationship with their supervisor. •Avoid rating errors

1) performance 3) year 3) honest 4) strengths

Planning and Goals Broadly speaking, goals and objectives serve to: 1) Gauge and report ____ 2) Improve performance 3) Align ___ 4) Manage accountabilities

1) performance 2) 3) effort 4)

Personal Balanced Scorecard 1) Apply the scorecard to your personal and ____ objectives. Personal Mission, Vision and Strategy 2) Mission reflects your ____ and philosophy of life. 3) Vision captures what you want to ____.

1) professional 2) values 3) achieve

MBO involves 1. setting company-wide goals derived from corporate _____ 2. determining team- and department-level ____ 3. collaboratively setting _____-level goals that are aligned with corporate strategy 4. developing an ____ plan 5. periodically reviewing performance and revising goals 6) linking employee ____ to company-wide goals is a powerful idea that benefits organizations

1) strategy 2) goals 3) individual 4) action 5) 6) goals

Using the Balanced Scorecard The Balanced Scorecard relies on four processes to bind short-term activities to long-term objectives: 1. Translating the ____. the scorecard forces managers to come to agreement on the ____ they will use to translate their lofty visions into everyday realities. 2. _____ and linking. When a scorecard is disseminated up and down the organizational chart, strategy becomes a tool available to everyone. Tying these targets to individual performance and compensation systems yields "_____ scorecards."

1) vision; metrics 2) Communicating; personal

1) Balanced Scorecard Approach: a framework designed to translate an organization's mission and ____ statements and overall business ____ into specific, quantifiable goals and objectives and to monitor the organization's performance in terms of achieving these ____.

1) vision; strategy; goals

Using the Balanced Scorecard 3. ____ planning. Most companies have separate procedures for strategic planning and ____. This forces companies to integrate the two functions, thereby ensuring that financial budgets indeed support strategic ____. 4. ____ and learning. By supplying a mechanism for strategic feedback and review, the Balanced Scorecard helps an organization foster a kind of learning often missing in companies: the ability to reflect on inferences and ____ theories about cause-and-effect relationships.

3) Business; budgeting; goals 4) Feedback; adjust

Corporate Social Responsibility (CSR) 3. Customer and Product: Fostering loyalty by investing in ____ relationship management, and product and service innovation that focuses on technologies and systems, which use financial, natural, and social resources in an efficient, effective, and ____ manner over the long term. 4. Governance and Stakeholder: Setting the highest standards of corporate governance and stakeholder engagement, including corporate codes of _____ and public ____. 5. Human: Managing human resources to maintain workforce capabilities and employee ____ through best-in-class organizational learning and knowledge management practices and remuneration and ____ programs.

3) customer; economic 4) conduct; reporting 5) satisfaction; benefit

Best Practices for Performance Appraisals 5. If the performance management system is not linked to salary, be sure employees are ____ of it. 6. Provide additional ____ for supervisors on how to conduct the midyear and year-end performance reviews. 7. Plan to ___ the performance management system over time, starting with goals and objectives, to meet your organization's changing needs.

5) aware 6) training 7) modify

8 Characteristics of Appropriate Goals 5. Measures should start at the top and flow ____ to all levels of employees in the organization. 6. Multiple indicators can be combined into a single _____ to give a better overall assessment of performance. 7. Measures should be changed or at least adjusted as the environment and your strategy ____. 8. Measures need to have targets or objectives established that are based on ____ rather than arbitrary numbers.

5) down 6) index 7) changes 8) research

Corporate Social Responsibility (CSR) a) CSR is about how companies manage their business processes to produce an overall ____ effect on society •The Dow Jones Sustainability Index looks at competence in five areas: 1.Strategy: Integrating long-term _____, environmental, and social aspects in their business ____ while maintaining global competitiveness and brand reputation. 2.Financial: Meeting shareholders' demands for sound ____ returns, long-term economic growth, open communication, and transparent financial ____.

a) positive 1) economic; strategies 2) financial; accounting

Goals and Objectives a) Objectives are very ____, time-based, measurable actions that support the completion of a ____. Objectives typically must: 1. be related directly to the ____ 2. be clear, ____, and understandable 3. be stated in terms of ____ 4. begin with an action verb 5. specify a ____ for accomplishment be measurable

a) precise; goal 1) goal 2) concise 3) results 4) 5) date