MGMT 320 Chapter 5 Connect
Strategic planning
1 to 5 years
Operational planning
1 week to 1 year
What is the usual span of time for a tactical goal?
12 months
Tactical planning
6 months to 2 years
Personal development
Attend time management training
Lack of clear long-range planning has recently greatly effected which of the following businesses and industries?
Borders bookstores, taxi services, newspapers
Place the steps of the planning/control cycle in the correct order, with the first step listed at the top and the final step listed at the bottom. Make the plan Carry out the plan Control the direction by correcting deviations and/or improving future plans Control the direction by comparing results with the plan
Make the plan Carry out the plan Control the direction by comparing results with the plan Control the direction by correcting deviations and/or improving future plans
A mission statement addresses which of the following questions?
What is our reason for being?
Which of the following would be included in a firm's business model?
a description of the industry the firm is entering, and the firm's expected revenues and expenses
Which of the following is developed for activities that are not likely to be repeated in the future?
a single-use plan
A(n) ___________ plan defines the course that is needed to achieve the stated goal.
action
A SMART goal is one that is specific, measurable, ______________, result-oriented, and has specific target dates.
attainable
Goals that are challenging but are realistic and achievable within the scope of the resources available satisfy which aspect of SMART goal criteria?
attainable
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(n) ___________.
business plan
Maintenance objective
continue current production rates on custom-printed jobs
Which of the following are the steps that make up the control portion in the planning/control cycle?
control the direction by comparing results with the plan and by taking corrective actions
Improvement objective
decrease scrap materials by 10% within the next quarter
Corey is creating a business to sell neckties. As part of his planning, he wants to set up a business model. The business model should _____________.
describe the basic operations of the business
Rule
designates specific required action
Which of the following is a representative description of a company's strategy?
educated guess
Based on the practice of management by objectives, how often should managers and subordinates meet to give performance appraisals and rewards?
every 6 to 12 months
True or false: Rather than ask her assembly line management team about the purchase of new equipment, Kerri decided to go ahead and make the purchase. She feels that the executive director of operations, she has the authority to make this type of decision without consulting other managers in the organization. This is an example of strategic management.
false
Which of the following would meet the SMART goal characteristic of specifying a target date?
file tax return by April 15 and lose 10 pounds by the end of the year
As a company undertakes strategic management, which three groups should be involved?
first-line managers, top managers, and middle managers
A values statement benefits companies in which of the following ways?
it guides employee behavior, and it reflects the organization's deeply held beliefs
Which three of the following are specific reasons why organizations should adopt planning and strategic management?
it provides direction and momentum, encourages new ideas, and helps the firm develop a sustainable competitive advantage
In the MBO process, cascading goals are structured from top to bottom management so that they become more specific at ____________ levels of the organization.
lower
The two planning/control cycle involve ______________.
making the plan and carry out the plan
What is the first step in management by objectives?
managers and employees jointly set objectives for the employee
Tactical planning is performed by _______________ management, who determine what contributions their departments or work units can make toward the organization's strategic priorities during the next 6 to 24 months.
middle
The ___________ statement expresses the purpose of an organization.
mission
The purpose of MBO is to _____________ rather than control subordinates.
motivate
First-line managers are typically responsible for performing ________________ planning within the organization, in which they determine how to accomplish specific tasks with available resources within the next year.
operational
________________ planning is performed by first-line managers.
operational
Policy
outlines the general response to a designated problem or situation
Procedure
outlines the response to particular problems or circumstances
______________ helps an organization prepare for situations that might occur.
planning
A(n) ___________ can be a broad statement such as "we do not condone bigotry of any kind" that gives employees a general idea of what is allowable, but that does not lay out specifics.
policy
A ____________ is a standing plan that outlines the response to particular problems or circumstances rather than giving general responses to situations.
procedure
A single-use plan encompassing a range of activities, such as all the various activities carried out by NASA for space exploration, is called a ________________.
program
Which of the following would be considered single-use plans?
programs and projects
Which of the following is a single-use plan that has less scope and complexity than a program?
project
Sustainable competitive advantage occurs when an organization is able to get ahead and stay ahead of its competitors in which of the following areas?
quality, effectiveness, innovation, and customer responsiveness
A goal that establishes a desired outcome, rather than the activities or tactics to achieve it, specifically meets which characteristic of a SMART goal?
results-oriented
A standing plan that designates specific required action, such as "Hardhats required beyond this point" is know as a _______________.
rule
In the ___________ step of the MBO process, managers prepare an action plan for attaining identified objectives.
second
Operating plans create which of the following?
short-term goals and action plans
A goal the is too vague, lacks detail, and is too general is missing which aspect of SMART goal criteria?
specificity
Several managers of a city messenger service wanted to improve the reliability of the service. Which of the following would correspond to creating a measurable goal?
stating that 85% of deliveries should be completed within 2 hours
What document guides long-term goals?
strategic plan
What are the three types of goals in business?
strategic, operational, and tactical
Which type of planning refers to determining what contributions departments or similar work units can make with their given resources during the next 6-24 months?
tactical
What are the three types of goals used in planning that become the hierarchy for the meansend chain?
tactical, strategic, and operational
What is the third step in management by objectives?
the manager and employee periodically review the employee's performance
Identify the advantages to establishing deadlines.
they are a great motivator, they provide a mechanism for giving ourselves feedback, and they help concentrate the mind to help you make quick decisions
Strategic planning is done by ____________ managers.
top
For management by objectives to be successful, which of the following must occur?
top management must be highly committed, objectives must cascade through the organization, and it must be applied organizational wide
Which of the following concepts appear in the VRIO framework?
value, rarity, and imitability
The _____________ statement answers the question, "What do we want to become?" and provides a clear sense of the future and the actions needed to get there.
vision
