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21 Cards in this Set

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Strategic Planning
The process of establishing goals and making decisions that enable an organization to achieve its long-term and short-term objectives.
Mission Statement
A statement of the organization's basic philosophy, purpose, and reason for being.
Visioning
management's view of what the company should become; reflects the firm's core values, priorities, and goals.
Strategic Plan
Long-term plans developed by top management.
Management by Objectives (MBO)
A process in which the supervisor and employee jointly set the employee's objectives and the employee receives rewards upon achieving those objectives.
Standing Plans
Policies, procedures, methods, and rules that can be applied to recurring situations.
Policy
A standing plan that serves as a guide to making decisions.
Procedure
A standing plan that defines the sequence of activities to be performed to achieve objectives.
Method
A standing plan that details exactly how an operation is to be performed.
Rule
a directive that must be applied and enforced wherever applicable.
Single-Use Plans
Plans to accomplish a specific objective or to cover only a designated period.
Budget
A plan that expresses anticipated results in numerical, usually financial, terms for a stated period.
Program
A major single-use plan for a large undertaking related to accomplishing the organization's goals and objectives.
Project
A single-use plan for accomplishing a specific, nonrecurring activity.
Just-In-Time (JIT) Inventory-Control System
A system for sheduling materials to arrive precisely when they are needed in the production process.
Kanban
Another name for a just-in-time (JIT) inventory-control system.
Gantt Chart
A graphic scheduling technique that shows the activity to be scheduled on the vertical axis and necessary completion dates on the horizontal axis.
Program Evaluation and Review Technique (PERT)
A flowchart for managing large programs and projects that shows the necessary activities with estimates of the time needed to complete each activity and the sequential relationship of activities.
Total Quality Management (TQM)
An organizational approach involving all employees to satisfy customers by continually improving goods and services.
Knowledge Management
The systematic storage, retrieval, dissemination, and sharing of information.
Benchmarking
The process of identifying and improving the practices of leaders.