Chapter 5 - Principles Of Management - Vocab

Front 1

planning

Back 1

coping with uncertainty by formulating future courses of action to achieve specified results

Front 2

mission

Back 2

purpose or reason for being

Front 3

mission statement

Back 3

which expresses the purpose of the organization

Front 4

vision

Back 4

is a long-term goal describing "what: an organization want to become, it is a clear sense of the future and the actions needed to get there

Front 5

vision statement

Back 5

which expresses what the organization should become, where it wants to go strategically

Front 6

strategic planning

Back 6

they determine what the organizations' long-term goals should be for the next 1-5 years with the resources they expect have available

Front 7

tactical planning

Back 7

that is, they determine what contributions their depts. or similar work units can make with their given resources during the next 6-24 months

Front 8

operational planning

Back 8

they determine how to accomplish specific tasks with available resources with in the next 1-52 weeks

Front 9

goal, or objective

Back 9

is a specific commitment to achieve a measurable result within a stated period of time

Front 10

means-end chain

Back 10

in the chain of management (operational, tactical, strategic) the accomplish of low-level goals is the means leading to the accomplishment of high-level goals or ends

Front 11

strategic goals

Back 11

are set by and for top management and focus on objectives for the organization as a whole

Front 12

tactical goals

Back 12

are set by and for middle managers and focus on the actions needed to achieve strategic goals

Front 13

operational goals

Back 13

are set by and for first-line managers and are concerned with short-term matters associated with realizing tactical goals

Front 14

action plan

Back 14

which defines the course of action needed to achieve the stated goal

Front 15

operating plan

Back 15

is typically designed for a 1 year period, defines how you will conduct your business based on the action plan; it identifies clear targets such as revenues, cash flow, and market share

Front 16

standing plans

Back 16

are plans developed for activities that occur repeatedly over a period of time

Front 17

policy

Back 17

is a standing plan that outlines the general response to a designated problem or situation

Front 18

procedure

Back 18

is a standing plan that outlines the response to particular problems or circumstances

Front 19

rule

Back 19

is a standing plan that designates specific required action

Front 20

single-use plans

Back 20

are plans developed for activities that are not likely to be repeated in the future

Front 21

program

Back 21

is a single use plan encompassing a range of projects or activities

Front 22

project

Back 22

is a single use plan of less scope and complexity than an program

Front 23

SMART goal

Back 23

is one that is specific, measurable, attainable, results-oriented, and has target dates

Front 24

management by objectives (MBO)

Back 24

is a four step process in which managers and employees jointly set objectives for the employees, mangers develop action plans, mangers and employees periodically review the employees performance, and the manager makes a performance appraisal and rewards the employee according to results

Front 25

planning/control cycle

Back 25

has tow planning step and two control steps: make the plan. Carry out the plan. Control the direction by comparing results with the plan. Control the direction by taking corrective action in two ways-- namely by correcting deviations in the plan being carried out or by improving future plans

Front 26

- Planning requires you to set aside the time to do it

- you may have to make some decisions without a lot of time to Plan

Back 26

What are the major challenges to planning?