mgmt ch 7

situatuon analysis

Goals established during the planning process must be based upon the

situation analysis

Which of the steps in the formal p lanning process involves studying past events, examining current conditions and forecasting future trends

strategic plans

address questions of scope, resource deployment, competitive advantage, and synergy

decision making

cornerstone of planning, catalyst of the planning process

tactical plan

developed to implement specific parts of strategic plan, shorter time horizon, upper and middle managers, more specific focus

mission

organizations fundamental purpose

mission

purpose, premise,values, directions

operational goals

set by lower managers

tactical goals

set by middle managers

strategic plans

set by the board of directors and top management that have extended time horizon

goals

targets or ends managers want to reach

understanding the environment

first step of planning process

operational plans

focus on carrying out tactical plans to ache

strategic plans

general plan outling decisions of resource allocation, priorities and action steps necessary to reach strategic goals

strategic goals

goals set by top managers executives, long run vision

optimizing

managing multiple goals, involves balancing and reconciling possible conflicts among goals